CEU Electronic Theses and Dissertations, 2007
| Author | Schmidt, Martin |
|---|---|
| Title | Laws, morality and efficiency of institutional equilibria |
| Summary | This paper develops a model that embodies an interaction mechanism between law and social norms derived from empirical findings. The analysis allows studying the impact of morality, in the form of social norm abidance, on economic equilibria and effciency while agents with largely contrasting interests try to influence the institutional framework of the economy. My results show that the presence of social norms in economic activity has a considerable impact on economic outcomes, i.e. economic equilibria, and economic efficiency. Standard approaches of economic and sociological analyses appear in the analysis as extreme cases of an initial fraction of norm abiders. Finally, an application of this model to the problem of legal transplants is presented. |
| Supervisor | Grajzl, Peter |
| Department | Economics MA |
| Full text | https://www.etd.ceu.edu/2007/c05scm01.pdf |
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