Working Paper Series
Kaushik Basu and Jörgen W. Weibull
Punctuality - A Cultural Trait as Equilibrium
Abstract: A people's culture, norms and habits are important
determinants not just of the quality of social life but of economic
progress and growth. In this paper we take the view that while the
importance of culture is undeniable, the innateness of culture is not. We
work here with a single example and demonstrate how a human trait which is
widely believed to be cultural is at the same time a matter of choice. The
example that we shall work with concerns punctuality. We show that
punctuality may be simply an equilibrium response of individuals to what
they expect others to do. The same society can get caught in a punctual
equilibrium or a non-punctual equilibrium.
Keywords: Punctuality; Coordination Games; (follow links to similar papers)
JEL-Codes: C62; C72; D29; D71; (follow links to similar papers)
18 pages, June 10, 2002
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- This paper is published as:
Basu, Kaushik and Jörgen W. Weibull, (2003), Punctuality - A Cultural Trait as an Equilibrium, in R. Arnott et al. (eds.), Economics for an Imperfect World: Essays in Honor of Joseph Stiglitz, MIT Press, Cambridge USA.
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