A Research On Bounded Rationality And Institution

in the last several decades, more and more economist realized that institution plays a important role in the economy system. Since the American institutionalisms took institution as an important object of economy, the study of institution origin, evolution and the function of institution on the economy system has become common practice. Because of the big difference of different storytellers, it' s difficult to clean up the skeleton of the development of institutionalism. The object of this article is to use the concept "paradigm" ,which was first used by Kuhn to summon up the way of science of evolution, to do some attempt in this field.The arrangement of the article is as follows. First we' 11 talk about the concept of "paradigm" and its meaning, also the reason why it' s so important in the study of the evolution of institution study. Then we' 11 illustrate why we' 11 focus on the study of bounded rationality and the relationship between bounded rationality and institution.Then we' 11 talk about the neo-institutionalism and figure out its shortage based on the theory of" bounded rationality" . Then we' 11 talk other institutional isms' theories, summon up their characteristic and the problems in these studies.The forth part of the article will deeply discuss the relationship between "bounded rationality" and institution theory and focus an opinion that the cognition study plays an important role in the institution study.As a conclusion, the last chapter discusses one philosophy problem why it' s necessary and important to study the psychology and behavior of the actor in the institution study.The main viewpoint of the article is: the neoinstitutionalism surpass the standpoint about the rationality of the neoclassical theory, but though they stress the limitation of rationality, but they believe thatbounded rationality is compatible with the maximum hypothesis; but heterodoxy institution theory breakthrough the maximum hypothesis and fiercely suspect the idea that actors can maximize their utility and price mechanism can solve all the problems, they bring more connotation into human behavior theory and the institution theory of theirs are dynamic and full of evolve connotation. Following these thoughts ,we can bring more matters into institution theory, but we have to do further works to develop it.