Avner Greif
Quotes From
“The Birth of Impersonal Exchange: The Community Responsibility System and Impartial Justice” (2006)
- Decisions regarding the boundaries of the firm and its internal organization are arguably influenced by the fact that a firm’s customers consider it as a unit of collective responsibility.#
“The Fundamental Problem of Exchange” (2000)
- Examining institutions does not lend itself to statistical analysis because the effectiveness of contract enforcement institutions is usually best judged like that of peacetime armies – by how little they must be used.#
Posts About
Strategies Are Not Algorithms
Institutions in economics are commonly modeled as repeated games, and strategies in repeated games are modeled as algorithms. Algorithms are explicit sequences of instructions that map from an input to an output. But in a world of open-ended affordances, Goodhart’s law implies no finite-length algorithm can maintain cooperation in large . . .