Individual Decision-making Model of Institutional Change

DOI

10.2991/jahp-18.2018.27How to use a DOI?

Keywords

transaction cost; institutional change; individual decision model

Abstract

The mainstream new institutional economists takes transaction costs as the core to analyze the evolution of the economic system from equilibrium to non-equilibrium to a new equilibrium, namely the process of institutional change. This kind of analytical framework relies too much on the concept of transaction costs. Due to the inherent problems in the concept of transaction costs, this theoretical framework is not perfect. However, through a detailed analysis of the issues involved in this framework analysis process, key variables such as subject rationality, interest structure, resource constraints, technical constraints, and institutional constraints can be abstracted. Based on these variables, a new integrated model of individual decision-making in institutional change can be constructed preliminarily.

Copyright

© 2018, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Xiaoyan Lv
PY  - 2018/08
DA  - 2018/08
TI  - Individual Decision-making Model of Institutional Change
BT  - Proceedings of the 3rd International Conference on Judicial, Administrative and Humanitarian Problems of State Structures and Economic Subjects (JAHP 2018)
PB  - Atlantis Press
SP  - 130
EP  - 134
SN  - 2352-5398
UR  - https://doi.org/10.2991/jahp-18.2018.27
DO  - 10.2991/jahp-18.2018.27
ID  - Lv2018/08
ER  -