HiPhiS Seminar “Emerging phenomena in economics – the case of institutions”

Tuesday, June 20, 2017, from 5:30 p.m. to 7:30 p.m.
, IAE, Robert Reix Lecture Hall, Building 29, Triolet Campus.
Inter-university seminar on the History and Philosophy of Science, 2017 cycle “Causes, Foundations, Origins.”
Lecture presented by Bernard Walliser, economist, emeritus CNRS researcher, Paris Sciences Économiques, ENS Paris.

Summary:

Emergence phenomena, in physical or social sciences, refer to the difficulty of modeling macroscopic phenomena based on the properties of underlying microscopic entities. This difficulty may be epistemic in nature or, more profoundly, ontological in nature, at the level of concepts as well as relationships. Such a phenomenon can be illustrated by the spontaneous emergence of institutions in a society, such as the market or currency. The role of an institution is to coordinate the actions of agents in the face of failures that can be analyzed within the framework of game theory. Any institution then appears as a behavioral norm that supports a particular equilibrium in a game. This equilibrium can arise through education (via the sophisticated reasoning of agents alone) or through evolution (via the learning processes of agents).
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