Ulric B. and Evelyn L. Bray Social Sciences Seminar
Abstract: In many economic situations, neither prices nor authority rules. Rather, individual behavior is governed by social norms that specify what is allowed(socially acceptable) and what is forbidden (socially unacceptable). These norms can emerge in a decentralized way and can serve as a method to bring order to economic situations. The key component of our solution concept is a uniform permissible set which plays a role parallel to that of a price system in competitive equilibrium. The concept is analysed and applied to a variety of economic and social settings.
Written with Michael Richter. Professor Rubinstein will be joined by guests Xiaosheng Mu and Rakesh Vohra.
How to view the seminar:
Sign up for a free twitch.tv account, and tune in on Wednesdays at noon pacific time on twitch.tv/caltechecontheory. You will be able to ask questions on the twitch chat.