English, Article, Journal or magazine article edition: Social Norms H. Peyton Young

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Bookmark: http://trove.nla.gov.au/version/20998
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Social Norms
Author
  • H. Peyton Young
Physical Description
  • preprint
Notes
  • The function of a social norm is to coordinate people`s expectations in interactions that possess multiple equilibria. Norms govern a wide range of phenomena, including property rights, contracts, bargains, forms of communication, and concepts of justice. Norms impose uniformity of behavior within a given social group, but often vary substantially among groups. Over time norm shifts may occur, prompted either by changes in objective circumstances or by subjective changes in perceptions and expectations. The dynamics of this process can be modeled using evolutionary game theory, which predict that some norms are more stable than others in the long run.
  • Norms, Institutions, Equilibrium Selection
  • RePEc:oxf:wpaper:307
Language
  • English
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