Individual Strategy and Social Structure
An Evolutionary Theory of Institutions
By (author) H. Peyton Young
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Individual Strategy and Social Structure by H. Peyton Young
Book DescriptionNeoclassical economics as-sumes that people are highly rational and can reason their way through even the most complex economic problems. In Individual Strategy and Social Structure, Peyton Young argues for a more realistic view in which people have a limited understanding of their environment, are sometimes short-sighted, and occasionally act in perverse ways. He shows how the cumulative experiences of many such individuals coalesce over time into customs, norms, and institutions that govern economic and social life. He develops a theory that predicts how such institutions evolve and characterizes their welfare properties. The ideas are illustrated through a variety of examples, including patterns of residential segregation, rules of the road, claims on property, forms of economic contracts, and norms of equity. The book relies on new results in evolutionary game theory and stochastic dynamical systems theory, many of them originated by the author. It can serve as an introductory text, or be read on its own as a contribution to the study of economic and social institutions.
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Book DetailsISBN: 9780691086873
(229mm x 152mm x 13mm)
Imprint: Princeton University Press
Publisher: Princeton University Press
Publish Date: 3-Jan-2001
Country of Publication: United States
Books By Author H. Peyton Young
Strategic Learning and its Limits, Hardback (November 2004)
Suggests a conceptual framework for studying strategic learning, one of the key theoretical developments in modern economics. This work discusses interactive learning problem; reinforcement and regret; equilibrium; conditional no-regret learning; prediction, postdiction, and calibration; fictitious play and its variants; and hypothesis testing.
Social Dynamics, Paperback (March 2004)
This collection of essays presents a variety of approaches to understanding the dynamics of human interaction.
Fair Representation, Paperback (August 2001)
Using US history as a guide, this text develops a theory of fair representation that establishes various principles for translating state populations - or vote totals of parties - into a fair allocation of congressional seats.
Equity, Paperback (August 1995)» View all books by H. Peyton Young
Governments and institutions, perhaps even more than markets, determine who gets what in our society. This title offers a systematic explanation of what we mean by fairness in distributing public resources and burdens, and applies the theory to actual cases.
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Author Biography - H. Peyton Young
H. Peyton Young is Scott and Barbara Black Professor of Economics at The Johns Hopkins University and a Visiting Fellow at the Brookings Institution. He is the author of Equity: In Theory and Practice (Princeton).
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