As credibility theory is predicated upon endogeneity – i.e. dependent and independent variables mutually influence each other – there seems little cause for modeling institutional change. It is why it is difficult to propagate endogeneity as a principle albeit evident when observing real-life phenomena. Yet, the contrary is true. It depends on the premises of the model. If that starts from endogeneity (such as agent-based modeling) much is possible.
What about modeling?