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This book uses game theory to analyse the creation, evolution and function of economic and social institutions. The author illustrates his analysis by describing the organic or unplanned evolution of institutions such as the conventions of war, the use of money, property rights and oligopolistic pricing conventions. Professor Schotter begins by linking his work with the ideas of the philosophers Rawls, Nozick and Lewis. Institutions are regarded as regularities in the behaviour of social agents, which the agents themselves tacitly create to solve a wide variety of recurrent problems. The repetitive nature of the problems permits them to be described as a recurrent game or 'supergame.' The agents use these regularities as informational devices to supplement the information contained in competitive prices. The final chapter explores the applicability of this theory, first by relating it to previous work on the theory of teams, hierarchies, and non-maximizing decision theory, and then by

Economics is a living science--and you can make a contribution. Dr. Schotter's new MICROECONOMICS: A MODERN APPROACH shows you how to go beyond studying theory and effectively apply what you learn to

The Foundations of Positive and Normative Economics: A Handbook is the first book in a new series by Andrew Caplin and Andrew Schotter. There is currently no guide available on the rapidly changing m

The Foundations of Positive and Normative Economics: A Handbook is the first book in a new series by Andrew Caplin and Andrew Schotter. There is currently no guide available on the rapidly changing me

The Handbook of Experimental Economic Methodology, edited by Guillaume R. Frechette and Andrew Schotter, aims to confront and debate the issues faced by the growing field of experimental economics. Fo

The Fourth Edition of The Longman Anthology of British Literature, Volume 1A, The Middle Ages and Volume 1B, The Early Modern Period, continue their tradition of presenting works in the historical co