Working Papers, Department of Economics, Lund University
Carl Hampus Lyttkens
Abstract: This paper introduces the notion of surprising
institutions. Because we often carry incorrect beliefs about the world
surrounding us and we are therefore often mistaken about the nature of the
institutional structure facing us. The story told in this paper shows that
an institution may come as a surprise, even though its origins lies some
500 years back, and that the information we receive as feedback on our
actions does not necessarily improve our understanding of the institutional
structure. It turns out that it is possible for an “ordinary citizen” to
win a case against a multinational corporation, and against a government
agency with more than 350 years on its neck (what a surprise!) but it also
transpires that even if you win, you lose (not quite a surprise).
Keywords: institutions; beliefs; surprise; feedback; property rights; (follow links to similar papers)
JEL-Codes: H11; K11; (follow links to similar papers)
14 pages, October 24, 2012
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- This paper is published as:
Lyttkens, Carl Hampus, (2015), 'Surprising Institutions' in Bitros, George C. and Nicholas C. Kyriazis (eds.) Essays in Contemporary Economics. A Festschrift in Memory of A. D. Karayiannis, chapter 8, pages 103-117, Springer.
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