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Institutions, rules and equilibria: a commentary
Published online by Cambridge University Press: 30 December 2014
Abstract:
This brief note is a commentary on Hendriks and Guala's (2014) unification of the institutional theories of Lewis, North, and Searle. It argues that the equilibrium theory of Lewis is fundamental and that the kind of equilibrium best suited in this role remains the orthodox notion of Nash.
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- Copyright © Millennium Economics Ltd 2014
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