189 pages; Light wear to cover edges. Yellowing (light) to pages. Very Good overall condition otherwise. No other noteworthy defects. No markings.; - We re committed to your satisfaction. We offer free returns and respond promptly to all inquiries. Your item will be carefully wrapped in bubble wrap and securely boxed. All orders ship on the same or next business day. Buy with confidence. First Paperback Edition; Second Printing.

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Bibliographic Details

Title: Individual Strategy and Social Structure An Evolutionary Theory of Institutions
Publisher: Princeton University Press, Princeton, NJ
Publication Date: 2001
Language: English
ISBN 10: 0691086877
ISBN 13: 9780691086873
Binding: Paperback
Edition: 1st Edition
Condition: Very Good

About this title

Synopsis

Neoclassical economics as-sumes that people are highly rational and can reason their way through even the most complex economic problems. In Individual Strategy and Social Structure, Peyton Young argues for a more realistic view in which people have a limited understanding of their environment, are sometimes short-sighted, and occasionally act in perverse ways. He shows how the cumulative experiences of many such individuals coalesce over time into customs, norms, and institutions that govern economic and social life. He develops a theory that predicts how such institutions evolve and characterizes their welfare properties.

The ideas are illustrated through a variety of examples, including patterns of residential segregation, rules of the road, claims on property, forms of economic contracts, and norms of equity. The book relies on new results in evolutionary game theory and stochastic dynamical systems theory, many of them originated by the author. It can serve as an introductory text, or be read on its own as a contribution to the study of economic and social institutions.

About the Author

H. Peyton Young is Scott and Barbara Black Professor of Economics at The Johns Hopkins University and Codirector of the Center
on Social and Economic Dynamics at the Brookings Institution. He is the author of Equity: In Theory and Practice (Princeton).

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