What is Institutional Theory?

Decision-making and Valuation

 
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Francesca Dunn
Manager, United Kingdom
Has anyone got any information or pointers to this theory? Thanks... (...) Read more? Sign up for free

  Evgenia
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Institutional Economics

Institution
The rules of the game: the humanly devised constraints that structure human interaction. They are made up of formal constraints (such as rules, laws, constitutions), informal constraints (such as norms of behavior, conventions, self-imposed codes of conduct), and their enforcement characteristics.
The term "institution" refers to the rules of the game, whereas "organization" refers to players of the game.
Social embeddedness
In sociology it is almost an assumption that the relevant agents are ultimately embedded in their society - phenomena are described at the social level and their impact on individual behaviour is sometimes considered. Cognitive science has the opposite perspective - the individual's behaviour and processes are primitive and the social phenomena may emerge as a result of such individuals interacting.
Institutional Economics // American Economic Review, vol. 21 (1931), pp.648-657. By John R. Commons

 

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