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Conduct, rules and the origins of institutions

  • VERNON L. SMITH (a1)

This paper supports the effort by Hindriks and Guala (2014) to integrate the prevailing accounts of institutions. I illustrate with traffic narratives how we can think of their concept of rules-in-equilibrium as evolving from universal elementary forms. These conceptions resonate fully with Smith (1759) who saw rule-following conduct as the basis of human sociality and action.

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Burke, E. (1796; 1999), Select Works of Edmund Burke. Vol 3, Letters On a Regicide Peace, Indianapolis: Liberty Fund.
Hindriks, F. and Guala, F. (2014), ‘Institutions, Rules, and Equilibria: A Unified Theory’, Journal of Institutional Economics, published online: 16 October 2014, DOI: 10.1017/S1744137414000496, 122.
Hume, D. (1896; 2014), ‘A Treatise of Human Nature, Reprinted from the Original Edition in three volumes and edited, with an Analytical Index’, in Selby-Bigge, L. A. (ed.), Oxford: Clarendon Press, 1896.
Smith, A. (1759; 1976), The Theory of Moral Sentiments, Raphael, D. D. and Macfie, A. L. (eds.), Indianapolis: Liberty Fund.
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Journal of Institutional Economics
  • ISSN: 1744-1374
  • EISSN: 1744-1382
  • URL: /core/journals/journal-of-institutional-economics
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