- Addresses formal and informal institutions, the impact of alternative institutions, and institutional change and evolution.
- Presents a framework open to changing preferences, bounded rationality, and evolution.
- Explains how to form empirically testable hypotheses using experiments, case studies, and econometrics.
- Includes numerous practice and discussion questions.
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"Right from the beginning, Schmid's magnificent volume hasindividuals interacting with historically-given institutions. Thereis no isolated Robinson Crusoe here. Schmid's book is asuperb overview of the modern literature on human agency in aninstitutional setting; it is the best and most comprehensiveintroduction to this cutting-edge literature in moderneconomics." Geoffrey Hodgson, University ofHertfordshire
"I strongly recommend the book both as a teaching resourceand as a new broad statement of institutionalisttheory."
Land Economics








