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An Essay in Modeling of Institutional Change

In: The Socio-Economic Transformation

Author

Listed:
  • Leonid Hurwicz

Abstract

Economic analysis carried out with the help of models has been suffering from a lack of expression of institutional settings. Yet institutional change is at the heart of numerous transition processes around the globe. This chapter illustrates a way of modelling institutional arrangements through the game theoretic framework, involving utility functions and game-forms. Illustrative analysis is provided for a well-defined classical case of land tenure institutions. Then, the chapter gives an analysis of a broader domain involving law-making, its effectiveness and enforcement. The chapter implies that the limits to market mechanisms ought to be taken into account when designing the institutional frameworks for the transition societies and economies.

Suggested Citation

  • Leonid Hurwicz, 2007. "An Essay in Modeling of Institutional Change," Palgrave Macmillan Books, in: Zbigniew Nahorski & Jan W. Owsiński & Tomasz Szapiro (ed.), The Socio-Economic Transformation, chapter 0, pages 3-15, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37903-9_1
    DOI: 10.1057/9780230379039_1
    as

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