The efficiency of institutions, understood in the neoclassical sense, i.e., as the result of constraint optimization of a neoclassical economy is pointless from the perspective of the New Institutional Economics, because the latter assumes incomplete foresight. For such a world one cannot use...

We explore how risk-taking in the card game contract bridge, and in a financial gamble, correlate with variation in the dopamine receptor D4 gene (DRD4) among serious tournament bridge players. In bridge risk-taking, we find significant interactions between genetic predisposition and skill....

Both institutional quality and institutional stability have been argued to stimulate economic growth. But to improve institutional quality, a country must endure a period of institutional change, which implies at least a little and possibly a lot of institutional instability. We investigate the...