Market selection of constant proportions investment strategies in continuous time

This paper studies the wealth dynamics of investors holding self-financing portfolios in a continuous-time model of a financial market. Asset prices are endogenously determined by market clearing. We derive results on the asymptotic dynamics of the wealth distribution and asset prices for constant proportions investment strategies. This study is the first step towards a theory of continuous-time asset pricing that combines concepts from mathematical finance and economics by drawing on evolutionary ideas.     

Who Do Heterodox Economists Think They Are?1

This paper attempts to engage with the established debate on the nature of heterodox economics. However, it starts from the position that previous attempts to classify and identify heterodox economics have been biased towards a priori definition. The paper aims to inform the discussion of the nature of heterodoxy with some empirical analysis. The paper examines survey data collected from a small/medium‐sized sample of AHE members on the core concepts in economics. The paper applies factor analysis to the data. It also applies principles of biological taxonomy, and thence cluster analysis to the problem. The paper finds that within the self‐identified community of self‐identified heterodox economists there is little agreement as to whether members are pluralist, or what their attitude is to the mainstream. Indeed, there is little agreement on any core concepts or principles. The paper argues that there is little structure to heterodox economics beyond that provided by pre‐existing (or constituent) schools of thought. Based on this study, heterodox economics appears a complex web of interacting individuals and as a group is a fuzzy set. These results would lead us to question further strict distinctions between heterodox, mainstream and pluralist economists.     

The Market, the Firm, and the Economics Profession

The mathematical and statistical complexity of economic research increased remarkably over the past century. While criticisms of the trend abound, the "wisdom of crowds" argument creates a presumption that the profession's acceptance of increasing mathematical sophistication is a net improvement. I provide a contrasting "market failure" argument for the excessive mathematization of economics. Academic research is not a cash-based economy, and this limits economists' ability to contract for assistance with technical research. Consequently, production of mathematical and statistical research must use the firm—the department—instead of the market. This alters the composition of the faculty and ultimately the economics curriculum, and the resulting level of sophistication may be greater than optimal.     

Constructive and computable Hahn–Banach theorems for the (second) fundamental theorem of welfare economics

The Hahn–Banach Theorem plays a crucial role in the second fundamental theorem of welfare economics. To date, all mathematical economics and advanced general equilibrium textbooks concentrate on using non-constructive or incomputable versions of this celebrated theorem. In this paper we argue for the introduction of constructive or computable Hahn–Banach theorems in mathematical economics and advanced general equilibrium theory. The suggested modification would make applied and policy-oriented economics intrinsically computational.     

Economics,Darwinism, and the Case of Disciplinary Imports

The problem of causality in economics is still contended by various epistemological alternatives. The article builds on the received view of Darwinism in economics and examines the way in which economics and biology find common ground in concepts and assumptions that reflect causal commonalities of the natural and the social world. We claim that the role the contingent pattern plays in understanding socioeconomic change provides reasons to concede corrections to a rule‐based causal mechanism. The article concludes on the merits of advancing the ontological equivalent of interdisciplinary studies as one possible standard in reference to which to judge the epistemic adequacy of any import.     

VARIATIONS ON THE THEME OF CONNINGa IN MATHEMATICAL ECONOMICS

Abstract The mathematization of economics is almost exclusively in terms of the mathematics of real analysis which, in turn, is founded on set theory (and the axiom of choice) and orthodox mathematical logic. In this paper I try to point out that this kind of mathematization is replete with economic infelicities. The attempt to extract these infelicities is in terms of three main examples and one general discussion: dynamics, policy and rational expectations and learning are the examples; a game theory without ‘subjectivism’, based on the axiom of determinateness, is discussed in general terms. The focus is on the role and reliance of standard fixed‐point theorems in orthodox mathematical economics.     

MAKING UP HISTORY: A COMMENT ON PRATTEN1

Stephen Pratten's critique of mathematical formalism in the discipline of economics does not provide an adequate definition of formalism and his use of the term bears little resemblance to common mathematical usage. Furthermore, Pratten abuses the history of economics by inventing an imaginary tradition of opposition to formalism among Cambridge economists.     

高中数学基本概念教学研究——浅谈高中新课程的数学基本概念的教学

概念教学是课堂教学的组成部分,在中学数学教学中占有很重要位置。为了促进中学数学概念教学质量的提高,要切实搞好新课程数学概念教学的以下几个方面研究:(1)充分挖掘数学概念产生的知识背景,让学生在体验概念产生过程中学习数学概念;(2)重视问题性;(3)重视创设体现数学概念的思想方法的情境;(4)注重概念联系性;(5)注重应用性。     

重构流通经济学:基于商务经济学的视角

流通经济学研究的贫困问题不容忽视。主要原因在于学科的基本概念模糊、学科定位不准、没有一个科学的研究范式。但是,流通经济学贫困不能否定流通经济学科的存在。构建商务经济学是解决流通经济学贫困的出路,因为它拓宽了流通经济学的研究领域和研究空间,使得流通、贸易、商业等术语使用混乱的状况得到改善。商务经济学可以加速内外贸学科一体化,突出电子商务的作用。     

Beyond Twin Deficits

A bstract This paper outlines new developments in the sociology of money. It highlights certain aspects of Post Keynesian monetarism and explores Keynesian concepts of emotions relative to economics and economic sociology. Gunnar Myrdal's work on time and money contributes to the discussion. Underdeveloped areas of discourse in both sociology and economics are identified and the resulting superficiality of references to money are examined. Sociology, for example, has historically neglected concepts of future time and money, while economics has paid little attention to emotions and organizations. Removing these orthodox barriers allows economics to be informed by concepts previously relegated to sociology, such as emotions of trust and confidence. This process may induce the disaffected from both disciplines to draw from each other, creating an alternative, and ultimately more satisfactory understanding of money.     

COMBINING REVEALED AND STATED PREFERENCE DATA TO ESTIMATE THE NONMARKET VALUE OF ECOLOGICAL SERVICES: AN ASSESSMENT OF THE STATE OF THE SCIENCE

Abstract This paper reviews the marketing, transportation and environmental economics literature on the joint estimation of revealed preference (RP) and stated preference (SP) data. The RP and SP approaches are first described with a focus on the strengths and weaknesses of each. Recognizing these strengths and weaknesses, the potential gains from combining data are described. A classification system for combined data that emphasizes the type of data combination and the econometric models used is proposed. A methodological review of the literature is pursued based on this classification system. Examples from the environmental economics literature are highlighted. A discussion of the advantages and disadvantages of each type of jointly estimated model is then presented. Suggestions for future research, in particular opportunities for application of these models to environmental quality valuation, are presented.     

Classical Surplus Theory and Heterodox Economics

It has recently been suggested that heterodox economics can benefit from an engagement with classical surplus theory. However, caution is often recommended due to the ideological concepts that are embedded in classical political economy. This article argues that many of the ideological concepts that are often attributed to classical political economy are actually not part of classical political economy, but rather of a “vulgar” form of political economy, a project that emerged after Ricardo. This vulgar project, often termed as “Ricardian economics,” is often mistakenly taken to be a development of classical political economy, but it is actually a rupture with the classical political economy of Petty, Smith, and Ricardo, as Marx, and later Sraffa, argued. Once this is acknowledged, the relationship between classical political economy and heterodox economics becomes clearer.     

CLASSIFYING MONETARY ECONOMICS: FIELDS AND METHODS FROM PAST TO FUTURE

Abstract We propose a simple, yet sufficiently encompassing, classification scheme of monetary economics. It comprises three fundamental fields and six recent areas that expand within and across these fields. The elements of our scheme are not found together and in their mutual relationships in earlier studies of the relevant literature; neither does this attempt aim to produce a relatively complete systematization. Our intention in taking stock is not finality or exhaustiveness. We rather suggest a viewpoint and a possible ordering of the accumulating knowledge. Our purpose is to promote discussion on the evolving nature and internal consistency of monetary economics at large.     

Research productivity patterns in the organizational behavior and human resource management literature

Closely following the analysis approach used for similar studies in the economics and finance literature, we present the first study to examine if there exists an empirical regularity in the bibliometric patterns of research productivity in the organizational behavior (OB) and human resource management (HRM) literature. Our results present strong evidence that there indeed exists a distinct empirical regularity. It is the so-called Generalized Lotka's Law of scientific productivity pattern: The number of authors publishing n papers is about 1/n^c of those publishing one paper. The observed pattern in the OB and HRM area is interestingly very consistent with those in much older, related business disciplines.     

Dualizing optimization problems in mathematical economics

In this paper it is shown how the duality theory of mathematical programming can be applied to many kinds of optimization problems in mathematical economics, even if no objective functions is available, and the usual definition of optimality is replaced by so-called weak optimality. In the latter case only a slight reformulation of the Lagrange problem is required. Two theorems are shown for abstract time-lagged optimization problems over a countably infinite number of periods. The first one is concerned with introducing themultipliers all at once, leading to the consideration of purely finitely additive multipliers, whereas the second one is concerned with introducing them one by one. In general the paper stresses the method of obtaining duality results.     

数学期望在经济学中的简便应用

数学期望在很多领域,都有着非常广泛的应用,本文通过一些具体实例,讨论概率统计学中的"数学期望"在经济保险,经济管理决策,经济预测等几个经济学问题中的应用。     

Feminist Economics: Theoretical and Political Dimensions

Feminist economics is a school of economic thought and political action that gained important visibility during the 1990s, although its origins can be dated back to the mid‐19^th century. Since then, feminist economics has developed its own concepts, analytical frameworks, and methodologies. With gender as a central category, it seeks a more integral and humane comprehension of the economy and of the processes of inclusion and exclusion taking place in it. In addition, feminist economics has grown into a political practice that aims at improving the functioning of the economic system so that all people can have access to a dignified life on the basis of equality. This article presents a general systematization of these theoretical and political dimensions, particularly focusing on the critique of the neoclassical paradigm and its political correlates. We connect the epistemological, methodological, and conceptual contributions of feminist economics, as well as its propositions for transformative action, to specific debates on economic issues, such as the ecological emergency, crisis and austerity, the commodification of life, and the liberalization of trade.     

The CAPITAL in Social Capital: An Austrian Perspective

In recent decades economists started discovering the importance of the social dimension of economic interactions. Contemporary economics has borrowed several sociological concepts for its own use, among the most important being the concept of social capital. However, this transfer within disciplines did not occur without a loss—the nature of social capital in economics remains confused and obscure. The purpose of this article is to clarify it, specify the possibilities for its use, and discuss their limits. It is argued that economics once also possessed a view of human beings that was more “socialized” than the modern neoclassical Homo oeconomicus, and that this more “socialized” view still exists in the Austrian school of economics. Because this tradition of economic thought has also developed an elaborate capital theory, it can serve as an ideal source where we can look for inspiration in the current social capital debate. First, social capital is (re)defined along these lines as an individual's asset connected with recognized reciprocity (as opposed to interactions usually classified as “altruistic”). Then major critical claims about the relation between social and physical capital are answered and the connection between social capital, trust, and social norms is described.     

System economics: Overcoming the pitfalls of forecasting models via a multidisciplinary approach

In areas from medicine to climate change to economics, we are faced with huge challenges and a need for accurate forecasts, yet our ability to predict the future has been found wanting. The basic problem is that complex systems such as the atmosphere or the economy can not be reduced to simple mathematical laws and modeled accordingly. The equations in numerical models are therefore only approximations to reality, and are often highly sensitive to external influences and small changes in parameterisation — they can be made to fit past data, but are less good at prediction. Since decisions are usually based on our best models of the future, how can we proceed? This paper draws a comparison between two apparently different fields: biology and economics. In biology, drug development is a highly inefficient and expensive process, which in the past has relied heavily on trial and error. Institutions such as pharmaceutical companies and universities are now radically changing their approach and adopting techniques from the new field of systems biology to integrate information from disparate sources and improve the development process. A similar revolution is required in economics if models are to reflect the nature of human economic activity and provide useful tools for policy makers. We outline the main foundations for a theory of systems economics.