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The social ‘rules’ which emerge correspond to behavior which is endogenously motivated – constrained, enabled, and guided – by self-enforcing beliefs, norms and expectations. In addition, for an institution to be perpetuated, its constituent elements must be (1) confirmed (not refuted or eroded) by observed outcomes (2) reinforced by those outcomes (in the sense that its ability to be self-enforcing does not decline over time) and (3) inter-temporally regenerated by being transmitted to newcomers.
Williamson 2000), informal institutions change only over a period of centuries or millennia, so they may safely be taken as exogenous and fixed, while others, such as Roland, hold that gradual changes in informal rules are often an important part of the story of institutional change. Ultimately, therefore, the institutions-as-rules approach is limited in its ability to explain institutional change because a key element inhibiting and shaping the Institutions: Rules or Equilibria? 25 direction of institutional change, informal rules, originates outside the analytical framework.
From the institutions-as-rules perspective, the standard answer would be that the police and motorists must be following an “informal rule” – for example, that the true speed limit is 75 mph. But this invokes an exogenous and adhoc explanation for precisely what we would most like to explain. Focusing on motivation complicates the analysis, however. One reason is that regularities of behavior are often caused by the net effect of multiple, and possibly conflicting, motivating factors. The fear of legal sanctions might motivate a teenage driver to slow down, but social pressure from his peers might have the opposite effect.