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Toward a Comparative Institutional Analysis : Comparative Institutional Analysis - Masahiko Aoki

Toward a Comparative Institutional Analysis

Comparative Institutional Analysis

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Markets are one of the most salient institutions produced by humans, and economists have traditionally analyzed the workings of the market mechanism. Recently, however, economists and others have begun to appreciate the many institution-related events and phenomena that have a significant impact on economic performance. Examples include the demise of the communist states, the emergence of Silicon Valley and e-commerce, the European currency unification, and the East Asian financial crises.In this book Masahiko Aoki uses modern game theory to develop a conceptual and analytical framework for understanding issues related to economic institutions. The wide-ranging discussion considers how institutions evolve, why their overall arrangements are robust and diverse across economies, and why they do or do not change in response to environmental factors such as technological progress, global market integration, and demographic change.

Industry Reviews

"This book has an outstanding intellectual sweep, covering game theory and abstract economics on the one hand, and a wide diversity of anthropological examples and illustrations from the real world, on the other." --Kaushik Basu, Professor of Economics and Carl Marks Professor, Cornell University; "In this book Professor Aoki does a remarkable job of animating recent developments in the theory of contracts and institutions. This theory is used to explain the form and structure of diverse institutions, ranging from the regulation of irrigation systems in Tokugawa, Japan, to the rise of Silicon Valley. This book is an astounding achievement that is sure to become a classic." --W. Bentley MacLeod, Professor of Economics and Law, University of Southern California

What Are Institutions? How Should We Approach Them?p. 1
Three Views of Institutions in a Game-Theoretic Perspectivep. 4
Aspects of Institutions: Shared Beliefs, Summary Representations of Equilibrium, and Endogenous Rules of the Gamep. 10
Organization of the Bookp. 21
Customary Property Rights and Community Normsp. 35
Customary Property Rights as a Self-organizing Systemp. 35
Community Norms as a Self-enforcing Solution to the Commons Problemp. 43
History versus Ecology as a Determinant of a Norm: The Case of Yi Koreap. 55
The Private-Ordered Governance of Trade, Contracts, and Marketsp. 59
Traders' Normsp. 62
Cultural Beliefs and Self-enforcing Employment Contractsp. 68
Private Third-Party Governance: The Law Merchantp. 73
Moral Codesp. 76
Overall Market Governance Arrangementsp. 78
Money as an Evolutive Conventionp. 91
Organizational Architecture and Governancep. 95
Organizational Building Blocks: Hierarchical Decomposition, Information Assimilation, and Encapsulationp. 98
Types of Organizational Architecturep. 106
Governance of Organizational Architecture: A Preliminary Discussionp. 118
The Co-evolution of Organizational Conventions and Human Asset Typesp. 129
Types of Mental Programs: Individuated versus Context-Oriented Human Assetsp. 131
The Evolutionary Dynamics of Organizational Conventionsp. 135
The Interactions of Organizational Fields and Gains from Diversityp. 140
The Relevance and Limits of the Evolutionary Game Modelp. 147
States as Stable Equilibria in the Polity Domainp. 151
Three Prototypes of the Statep. 153
Various Forms of the Democratic and Collusive Statesp. 160
A Game-Theoretic Concept of Institutionsp. 185
Exogenous Rules of the Game and Endogenous Action-Choice Rulesp. 186
The Institution as a Summary Representation of an Equilibrium Pathp. 197
Feedback Loops of Institutionalizationp. 202
The Synchronic Structure of Institutional Linkagep. 207
Social Embeddednessp. 208
Linked Games and Institutional Linkagesp. 213
Institutional Complementarityp. 225
Subjective Game Models and the Mechanism of Institutional Changep. 231
Why Are Overall Institutional Arrangements Enduring?p. 233
Subjective Game Models and General Cognitive Equilibriump. 235
The Mechanism of Institutional Change: The Cognitive Aspectp. 239
Diachronic Linkages of Institutionsp. 245
Overlapping Social Embeddednessp. 247
The Reconfiguration of Bundlingp. 260
Diachronic Institutional Complementarityp. 267
Comparative Corporate Governancep. 279
Governance of the Functional Hierarchyp. 282
Codetermination in the Participatory Hierarchyp. 287
Relational-Contingent Governance of the Horizontal Hierarchyp. 291
Types of Relational Financing and the Value of Tacit Knowledgep. 307
A Generic Definition of Relational Financing and Its Knowledge-Based Taxonomyp. 310
The Institutional Viability of Relational Financingp. 314
Institutional Complementarities, Co-emergence, and Crisis: The Case of the Japanese Main Bank Systemp. 329
The Main Bank Institution as a System of Shared Beliefsp. 331
Institutional Emergence: Unintended Fitsp. 333
Endogenous Inertia, Misfits with Changing Environments, and a Crisis of Shared Beliefsp. 340
Institutional Innovation of the Silicon Valley Model in the Product System Developmentp. 347
Information-Systemic Architecture of the Silicon Valley Modelp. 349
The VC Governance of Innovation by Tournamentp. 360
Norms and Values in the Silicon Valley Modelp. 366
The Stylized Factual Background for Modelingp. 371
Epilogue: Why Does Institutional Diversity Continue to Evolve?p. 377
Some Stylized Models of Overall Institutional Arrangementsp. 377
Self-organizing Diversity in the Global Institutional Arrangementp. 386
Notesp. 395
Referencesp. 433
Indexp. 457
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780262011877
ISBN-10: 0262011875
Series: Comparative Institutional Analysis
Audience: Professional
For Ages: 18+ years old
Format: Hardcover
Language: English
Number Of Pages: 560
Published: 9th November 2001
Country of Publication: US
Dimensions (cm): 23.6 x 18.5  x 2.9
Weight (kg): 0.99