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Collective intentionality in economics: making Searle's theory of institutional facts relevant for game theory

Author

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  • Cyril Hédoin

    (REGARDS - Recherches en Économie Gestion AgroRessources Durabilité Santé- EA 6292 - URCA - Université de Reims Champagne-Ardenne - MSH-URCA - Maison des Sciences Humaines de Champagne-Ardenne - URCA - Université de Reims Champagne-Ardenne)

Abstract

Economic theories of team reasoning build on the assumption that agents can sometimes behave according to beliefs or preferences attributed to a group or a team. In this paper, I propose a different framework to introduce collective intentionality into game theory. I build on John Searle's account, which makes collective intentionality constitutive of institutional facts. I show that as soon as one accepts that institutions (conventions, social norms, legal rules) are required to solve indetermination problems in a game, it is necessary to assume a form of collective intentionality that comes from what I call a common understanding of the situation among the players. This common understanding embodies the epistemic requirements for an institution to be a correlated equilibrium in a game. As a consequence, I question recent claims made by some economists according to which game-theoretic accounts of institutions do not need to assume collective intentionality.

Suggested Citation

  • Cyril Hédoin, 2013. "Collective intentionality in economics: making Searle's theory of institutional facts relevant for game theory," Post-Print hal-02866225, HAL.
    • Handle: RePEc:hal:journl:hal-02866225
    DOI: 10.23941/ejpe.v6i1.117
    as

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    Cited by:

    1. Dorian Jullien, 2013. "intentional apple-choice behaviors: when amartya sen meets john searle," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 65, pages 97-128.

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