To trust or to control: Informal value transfer systems and computational analysis in institutional economics
This paper illustrates the usefulness of computational methods for the investigation of institutions. As an example, we use a computational agent-based model to study the role of general trust and social control in informal value transfer systems (ITVS). We find that, how and in which timeline general trust and social control interact in order to make ITVS work, become stable and highly effective. The case shows how computational models may help (1) to operationalize institutional theory and to clarify the functioning of institutions, (2) to test the logical consistency of alternative hypotheses about institutions, and (3) to relate institutionalist theory with other paradigms and to practice an interested pluralism.
Year of publication: |
2017
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Authors: | Gräbner, Claudius ; Elsner, Wolfram ; Lascaux, Alex |
Publisher: |
Linz : Johannes Kepler University Linz, Institute for Comprehensive Analysis of the Economy (ICAE) |
Subject: | agent-based computational economics | evolutionary-institutional economics | informal value transfer systems | general trust | social control |
Saved in:
freely available
Series: | |
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Type of publication: | Book / Working Paper |
Type of publication (narrower categories): | Working Paper |
Language: | English |
Other identifiers: | 1011426501 [GVK] hdl:10419/179437 [Handle] RePEc:ico:wpaper:74 [RePEc] |
Classification: | C63 - Computational Techniques ; C72 - Noncooperative Games ; D02 - Institutions: Design, Formation, and Operations ; F33 - International Monetary Arrangements and Institutions ; G23 - Pension Funds; Other Private Financial Institutions |
Source: |
Persistent link: https://www.econbiz.de/10011853954
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