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Communities and Markets in Economic Development$
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Masahiko Aoki and Yujiro Hayami

Print publication date: 2001

Print ISBN-13: 9780199241019

Published to Oxford Scholarship Online: August 2004

DOI: 10.1093/0199241015.001.0001

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Community Norms and Embeddedness: A Game‐Theoretic Approach

Community Norms and Embeddedness: A Game‐Theoretic Approach

(p.97) 4 Community Norms and Embeddedness: A Game‐Theoretic Approach
Communities and Markets in Economic Development

Masahiko Aoki (Contributor Webpage)

Oxford University Press

This chapter presents a basic analytical logic of community-mechanisms from a game-theoric perspective. It formulates the basic structure of an economic domain in game form, and distinguishes between exogenous rules of the game (e.g. technology, statutory law) and community norms as endogenous rules of the game. The endogenous formation of clientship or business networks that regulate exchanges in the context of initially impersonal exchange domain (random matching) is discussed. The possible roles of a community norm and structure in the transition of a rural community to contractual relationships with outsiders to the community, and those of replication of a community norm in the context of a modern industrial organization are examined.

Keywords:   community norms, game theory, embeddedness, replication, rural community

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