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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. …
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Institutions are important for proper economic performance, but are replaceable by trust or other social norms. We show that when proper institutions and trust are missing, integrity of the individuals can replace them. We construct a model of a transactions-based economy with contracts...
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Institutions are important for proper economic performance, but are replaceable by trust or other social norms. We show that when proper institutions and trust are missing, integrity of the individuals can replace them. We construct a model of a transactions-based economy with contracts...
Persistent link: https://www.econbiz.de/10013157500
We analyze investment decisions when information is costly, with and without delegation to an agent. We use a rational-inattention model and compare it with a canonical signal-extraction model. We identify three "investment conditions". In "sour" conditions, no information is acquired and no...
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diverse factors might affect people’s institutional confidence in China and Taiwan. The empirical results reveal that Chinese … have higher degrees of trust toward both public and private institutions. Additionally, Chinese have higher confidence in … ones. We also find that Chinese confidence in public institutions is associated with younger generation, better education …
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