Individual Strategy and Social Structure [Hardcover]

H. Peyton Young (Author), Peyton H. Young (Author)

Book Description

Publication Date: July 13, 1998

In this volume, the author argues for a realistic view in which people have a limited understanding of their environment. He seeks to show how the cumulative experiences of many individuals coalesce over time into customs, norms and institutions that govern economic and social life. He develops a theory that predicts how such institutions evolve and characterizes their welfare properties.

Editorial Reviews

Review

[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. -- Review

From the Inside Flap

"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

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Product Details

• Hardcover: 208 pages
• Publisher: Princeton University Press (July 13, 1998)
• Language: English
• ISBN-10: 069102684X
• ISBN-13: 978-0691026848
• Product Dimensions: 9.3 x 6.3 x 0.8 inches
• Shipping Weight: 1 pounds
• Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #2,399,398 in Books (See Top 100 in Books)

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20 of 29 people found the following review helpful:

5.0 out of 5 stars only one word: excellent!, August 3, 1999

By A Customer

This review is from: Individual Strategy and Social Structure (Hardcover)

A wonderful survey of the author's contributions to evolutionary games and their implications for institutional changes. The reader will learn from this book how random perturbation theory of Freidlin and Wentzell is applied to such an increasingly important field in both game theory and macroeconomics. I like chapter 6 "Local Interaction" the most and, of course, the other chapters are also great!