Individual Strategy and Social Structure: An Evolutionary Theory of Institutions

Abstract

Suggests a reorientation of game theory in which players are not hyper-rational and knowledge is incomplete; postulates a simple adaptive learning process; and applies this framework to the study of social and economic institutions. Discusses learning; dynamic and stochastic stability; adaptive learning in small games; variations on the learning process; local interaction; equilibrium and disequilibrium selection in general games; bargaining; and contracts. Young is Scott and Barbara Black Professor of Economics at Johns Hopkins University. Bibliography; index.