ECONOMIC INSTITUTIONS AND SOCIAL NORMS-EVOLUTION AND TRANSFORMATION

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This project was designed to analyze the evolution of a new institutional norms in the globalized market economy, where the mechanism of generating, transmitting and exchanging information is rapidly changing. The theoretical framework of analysis is a newly evolving non-consequentialist social choice theory and general equilibrium theory. It started as an international collaborative research between Hitotsubashi University and EHESS in France, and this feature persisted throughout the whole project, Several participants from both ends had an opportunity to visit the counterpart country and pursue vigorous joint reasearch. What are produced through these interactive research activities are typified by the following results, all of which either already appeared in the professional academic journals or are scheduled to appear in the near future.1 We developed a non-welfaristic and sometimes no-consequrentialist normative economics, which are not only novel, but also conducive to new theo … More retical insights in the context of social and individual choice in general, and of the Arrovian impossibility theorems in particular.2 We succeeded in developing a new mathematical framework which enabled us to analyze the optimality (competitiveness) of transaction networks involving stochastic transfers.3 We analysed successfully the methods of lexicographically combining two principles in resource allocation theory, viz., the equity principle and the efficiency principle. This is a sharp departure from the traditional normative economics, where these two principles have been deemed contradictory under the name of "equity-efficiency trade-off."In addition to these published or forthcoming research articles, we are in the final stage of a book on Amartya Sen's economics and ethics. This is the first book which analyses Sen's contribution to economics and ethics in academic depth. Furthermore, there are many DPs on individual and social choice theory, which are also concerned with the non-consequentialism and its implications. Less