Modeling institutional evolution
| dc.citation.epage | 16 | en_US |
| dc.citation.issueNumber | 1 | en_US |
| dc.citation.spage | 1 | en_US |
| dc.citation.volumeNumber | 37 | en_US |
| dc.contributor.author | Neyapti, B. | en_US |
| dc.date.accessioned | 2016-02-08T09:40:18Z | |
| dc.date.available | 2016-02-08T09:40:18Z | |
| dc.date.issued | 2013 | en_US |
| dc.department | Department of Economics | en_US |
| dc.description.abstract | This paper proposes a formal framework to analyze the process of institutional evolution in relation with economic progress. Institutions have both formal (F) and informal (N) aspects that may exhibit varying processes of change. N is hypothesized to evolve with the level of capital stock, as in learning by doing, whereas F is chosen optimally by a government that maximizes output subject to social and political costs. F and N together define the production technology and affect the income level. Consistent with evidence, simulations of the model's solution reveal that optimum F exhibits a punctuated pattern. | en_US |
| dc.identifier.doi | 10.1016/j.ecosys.2012.05.004 | en_US |
| dc.identifier.eissn | 1878-5433 | |
| dc.identifier.issn | 0939-3625 | |
| dc.identifier.uri | http://hdl.handle.net/11693/21052 | |
| dc.language.iso | English | en_US |
| dc.relation.isversionof | http://dx.doi.org/10.1016/j.ecosys.2012.05.004 | en_US |
| dc.source.title | Economic Systems | en_US |
| dc.subject | Growth | en_US |
| dc.subject | Institutional evolution | en_US |
| dc.subject | Punctuated path | en_US |
| dc.title | Modeling institutional evolution | en_US |
| dc.type | Article | en_US |
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