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The Social Context of Economic Decisions

George J. Mailath
University of Pennsylvania - Department of Economics

Andrew Postlewaite
University of Pennsylvania - Department of Economics

September 20, 2002

PIER Working Paper No. 02-035

Abstract:
The social context can have a large impact on economic decisions. The theoretical challenge is to formulate a model that encompasses both social and economic decisions in a meaningful manner. We discuss the incorporation of social context into neoclassical economic models using social institutions. We also discuss the relationship between social institutions, social capital, and the social value of assets (introduced by Mailath and Postlewaite (2002).

Keywords: Social Capital, Social Assets, Social Institutions

JEL Classifications: Z13

Working Paper Series

Date posted: October 14, 2002 ; Last revised: October 14, 2002

Suggested Citation

Mailath, George J. and Postlewaite, Andrew, The Social Context of Economic Decisions (September 20, 2002). PIER Working Paper No. 02-035. Available at SSRN: http://ssrn.com/abstract=335760 or doi:10.2139/ssrn.335760

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Contact Information

Andrew Postlewaite (Contact Author) University of Pennsylvania - Department of Economics ( email ) 3718 Locust Walk Philadelphia, PA 19104 United States 215-898-7350 (Phone) 215-573-2057 (Fax) HOME PAGE: http://www.econ.upenn.edu/~apostlew
George J. Mailath University of Pennsylvania - Department of Economics ( email ) 3718 Locust Walk Philadelphia, PA 19104 United States 215-898-7749 (Phone) 215-573-2057 (Fax) HOME PAGE: http://www.ssc.upenn.edu/~gmailath

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