The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
The Economics of Convention
Abstract
The purpose of conventions is to coordinate people's expectations in economic and social interactions that have multiple equilibria. Conventions often emerge endogenously from the accumulation of many precedents, a process that can be modeled as a stochastic dynamical system. The theory leads to specific predictions about the ways in which conventions form and are displaced, and identifies key properties of conventions that are most likely to withstand the test of time. The theory is illustrated by the evolution of left-wing driving conventions in Europe and patterns of sharecropping contracts in agriculture.
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Citations
Cites
Young, H. P. (1993) · Econometrica · doi:10.2307/2951778 · Cited by 2,399
Self-citationSocial Norms and Economic Theory
Elster, J. (1989) · Journal of Economic Perspectives · doi:10.1257/jep.3.4.99 · Cited by 2,071
Cited by
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Wood, E. J. (2003) · doi:10.1017/cbo9780511808685 · Cited by 1,644
Dissecting the Social: On the Principles of Analytical Sociology
Hedstrom, P. (2005) · doi:10.1017/cbo9780511488801 · Cited by 816
(2005) · Cited by 772
Young, H. P. (2015) · Annual Review of Economics · doi:10.1146/annurev-economics-080614-115322 · Cited by 497
Self-citationComparing theories of institutional change
KINGSTON, C., & CABALLERO, G. (2009) · Journal of Institutional Economics · doi:10.1017/s1744137409001283 · Cited by 254
Metadata
- Authors
- Young, H. P.
- Venue
- Journal of Economic Perspectives
- Publisher
- American Economic Association
- Published
- 1996-05-01
- Volume
- 10
- Issue
- 2
- Pages
- 105-122
- ISSN
- 0895-3309 (ISSN-L)
- OpenAlex
- W2111282827
- Cited by
- 535
- References
- 2
- FWCI
- 35.23
- Type
- journal article
- Language
- en
- Open access
- closed
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