Description
Peyton Young's study puts the evolution of institutions on the basis of individual choices in an adaptive and adapting environment. It puts a firm foundation under the vague idea of 'spontaneous order.' The exposition is extraordinarily clear; Young introduces and explains the mathematical tools he uses in his brilliant synthesis and development, which combines ideas from evolutionary theory and the study of learning. The book is accessible to the beginner in the field and yet no one, no matter how expert, will fail to learn something. -- Kenneth J. Arrow, Stanford University, 1972 Nobel Laureate in Economics Individual Strategy and Social Structure makes a convincing case for an adaptive, low-rationality, probabilistic approach to game theory and to economics and social science in general. -- Alvin E. Roth, Harvard University In this well written and elegant volume, Peyton Young takes a large step in redirecting the theory and the problems that game theorists deal with. Rather than asking what is the proper equilibrium notion for a game played by fully rational agents capable of making all necessary calculations, he asks what types of conventions of behavior or social institutions will intelligent but not omniscient agents create for themselves when they repeatedly face the same problem that needs to be solved. Clearly this is what the real world looks like and Young brings us closer to it. -- Andrew Schotter, New York University
About the Author
H. Peyton Young is Scott and Barbara Black Professor of Economics at The Johns Hopkins University and a Visiting Fellow at the Brookings Institution. He is the author of Equity: In Theory and Practice (Princeton).
Reviews
"[Individual Strategy and Social Structure] should be a valuable resource for all interested in this extremely valuable and flexible technique. Self-contained and pleasant to read."--Journal of Economics
Book Information
ISBN 9780691086873
Author H. Peyton Young
Format Paperback
Page Count 208
Imprint Princeton University Press
Publisher Princeton University Press
Weight(grams) 312g