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This paper investigates two different approaches to the analysis of institutions using game theory and discusses their … methodological and theoretical implications for further research. Starting from von Neumann and Morgenstern's theory, we investigate … method to investigate institutions as the unplanned outcome of self-interested individual behavior? While the game theory …
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The challenge of rendering monetary exchange intelligible within a Walrasian general equilibrium framework is well known. Perhaps less well known is the difficulty of integrating monetary and exchange economies in decentralized conceptions of equilibrium, of which the evenly rotating economy of...
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