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Gianluigi Guido M. Irene Prete Alessandro M. Peluso R. Christian Maloumby-Baka Carolina Buffa 《International Review of Economics》2010,57(1):79-102
The aim of the present study is to examine the role of ethical dimensions and product personality in the purchasing intention
of organic food products. The Prospect method (Caprara et al. in Test Psicomet Metodol 7(3–4):113–128, 2000), which integrates the Five factors model of personality (cf. Digman in Annu Rev Psychol 41(1):417–440, 1990) and the Theory of planned behavior (Ajzen in Organ Behav Hum Decis Process, 50(2):179–211, 1991) extended to an ethical dimension, was employed, by using a Structural Equation Modeling approach. Results showed that moral norms—i.e., personal beliefs regarding what is right or wrong (Parker et al. in Br J Soc Psychol, 34(2):127–137, 1995)—can be considered the main motivator of purchasing intention, and they are, in turn, affected by subjective norms and product personality traits of Naturalness and Authenticity. Marketing implications for firms operating in the organic food industry are discussed, in their intent to shift from a “niche”
market to a broader diffusion of these products. 相似文献
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This paper, which builds on Chipman (The economist’s vision. Essays in modern economic perspectives, 131–162, 1998), analyzes a simple model formulated by Hurwicz (Jpn World Econ 7:49–74, 1995) of two agents—a polluter and a pollutee—and two commodities: “money” (standing for an exchangeable private good desired
by both agents) and “pollution” (a public commodity desired by the polluter but undesired by the pollutee). There is also
a government that issues legal rights to the two agents to emit a certain amount of pollution, which can be bought and sold
with money. It is assumed that both agents act as price-takers in the market for pollution rights, so that competitive equilibrium
is possible. The “Coase theorem” (so-called by Stigler (The theory of price, 1966) asserts that the equilibrium amount of pollution is independent of the allocation of pollution rights. A sufficient condition
for this was (in another context) obtained by Edgeworth (Giorn Econ 2:233–245, 1891), namely that preferences of the two agents be “parallel” in the money commodity, whose marginal utility is constant. Hurwicz
(Jpn World Econ 7:49–74, 1995) argued that this parallelism is also necessary. This paper, which provides an exposition of the problem, raises some questions
about this result and provides an alternative necessary and sufficient condition. 相似文献
4.
Gerald H. Lander 《International Advances in Economic Research》2006,12(4):475-490
I investigate the mean reversion tendency of small growth stocks. Using a carefully articulated research design employing established and empirically tested principles, my findings should support or refute the anecdotal evidence that small growth stocks make superior investments. The primary motivation for the study springs from the documented differential preference among investors for value and growth stocks. Despite evidence that value stocks tend to outperform growth stocks, investors retain strong interest in growth stocks. Yet in examining the performance of Business Week’s (BW), smaller capitalization companies (called “Hot Growth Companies”) with respect to the overall financial market, Bauman et al. [2002] found positive excess returns in the pre-publication period but negative excess returns in the post-publication period. A limitation of their study is that their analyses relied on only three criteria: sales, BW rank and return on capital, which do not represent completely a firm’s financial health. I replicate Bauman et al.’s study but use a more robust and representative variable set to test the mean reversal hypothesis — Forbes’ financial criteria — and I focus on six variables. In the current study, I look at 4,200 companies listed in Forbes from 1980 to 2000. The results of the expanded study substantiate Bauman et al.’s [2002] study showing that there are positive excess returns in the pre-publication period, but negative excess returns in the post-publication period. An expanded future study will look at five additional variables to see if they make a significant difference on the effects of the returns of small growth stocks. 相似文献
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We run an experiment where 97 subjects could retrieve records of completed past auctions before placing their bids in current
one-bid, two-bid, and auction-selection games. Each subject was asked to participate in 3 current auctions; but could retrieve
up to 60 records of completed (past) auctions. The results reveal a positive relation between the payoffs earned by the subjects
and their history-inspection effort. Subjects act as if responding to the average bidding-ratios of the winners in the samples
that they have retrieved. They apply intuitive signal-dependent stopping rules like “sample until observing a winner-value close to my won” or “find a close winner-value and try one more history” when sampling the databases. History-inspection directs bidders with relatively high private-valuations to moderate bidding
which increases their realized payoffs. (JEL C9 D4 D8)
Electronic Supplementary Material Supplementary material is available in the online version of this article at
.
JEL Classification C93, D44, D83 相似文献
6.
Anthony Evans and Steven Horwitz readily admit that their own understanding of monetary theory is imperfect, and do not even
“attempt a rebuttal of [our] claims.” George Selgin accepts that some of the arguments we put forward in Bagus and Howden
(2010) make for “interesting theory”. He fails to rebuff our claim that precautionary reserves are unable to constrain credit creation
in a fractional reserve free banking system. While calling for us to provide historical evidence to validate the quibbles
we put forward, Selgin himself overstates the evidence. He also claims that we have distorted what he has written, and that
we use incorrect monetary theory. These allegations are false. 相似文献
7.
This paper examines data from the Norwegian television game show Joker, where contestants make well-specified choices under risk. The game involves very large stakes, randomly drawn contestants,
and ample opportunities for learning. Central models of risk choice, including expected utility theory, give a simple prediction
of choice under weak conditions, as one decision is always first-order stochastically dominating. We document frequent, systematic
and costly violations of dominance. Many contestants appear to have a systematic expectation bias that can be related to Tversky
and Kahneman’s (Cogn. Psychol. 5(2):207–232, 1973) “availability heuristic”. In addition, contestants seem to make systematic calculation errors that are well captured by
the so-called Fechner model. 相似文献
8.
Robert F. GarnettJr. 《The Review of Austrian Economics》2011,24(1):71-76
Peter Boettke (2007) argues that economists need not act pluralistically in order for pluralism to thrive in the marketplace of economic ideas.
From a market process perspective, Boettke sees intellectual diversity and openness as catallactic outputs, not inputs—emergent
by-products of academic specialization and trade. To expect individual scholars to behave in a pluralistic manner is unnecessary
and “completely inappropriate” since it detracts from their central task: “to commit themselves to an approach and pursue
it doggedly, even in the face of great doubt and resistance by one’s peers” (Boettke 2007). This paper proposes a Smithian revision of Boettke’s position. The author argues that scholarly pluralism is best understood
as a constitutional rule of academic life—a virtue ethic that promotes learning and intellectual freedom by mitigating tyranny
and autarky in the republic of science. Drawing from the writings of Adam Smith, Friedrich Hayek, Deirdre McCloskey, Bruce
Caldwell, James Buchanan, Don Lavoie, and Boettke himself, the author argues that scholarly pluralism has been, and continues
to be, a necessary condition for the flourishing of Austrian economists as free, responsible, efficacious thinkers. 相似文献
9.
This paper describes algorithms for finding all Nash equilibria of a two-player game in strategic form. We present two algorithms
that extend earlier work. Our presentation is self-contained, and explains the two methods in a unified framework using faces
of best-response polyhedra. The first method lrsnash is based on the known vertex enumeration program lrs, for “lexicographic reverse search”. It enumerates the vertices of only one best-response polytope, and the vertices of the
complementary faces that correspond to these vertices (if they are not empty) in the other polytope. The second method is
a modification of the known EEE algorithm, for “enumeration of extreme equilibria”. We also describe a second, as yet not implemented, variant that is space
efficient. We discuss details of implementations of lrsnash and EEE, and report on computational experiments that compare the two algorithms, which show that both have their strengths and weaknesses. 相似文献
10.
Günther Rehme 《Journal of Economics》2007,91(1):1-40
Many models show that redistribution is bad for growth. This paper argues that in a non-cooperative world optimizing, redistributing
(“left-wing”) governments mimic non-redistributing (“right-wing”) policies for fear of capital loss if capital markets become
highly integrated and the countries are technologically similar. “Left-right” competition leads to more redistribution and
lower GDP growth than “left-left” competition. Efficiency differences allow for higher GDP growth and more redistribution than one's opponent. Irrespective of efficiency differences, however, “left-wing” governments have higher
GDP growth when competing with other “left-wing” governments. The results may explain why one observes a positive correlation
between redistribution and growth across countries, and why capital inflows and current account deficits may be good for relatively
high growth. 相似文献
11.
Erik J. Balder 《Economic Theory》2011,48(1):47-65
For games with discontinuous payoffs Simon and Zame (Econometrica 58:861–872, 1990) introduced payoff indeterminacy, in the form of endogenous sharing rules, which are measurable selections of a certain payoff
correspondence. Their main result concerns the existence of a mixed Nash equilibrium and an associated sharing rule. Its proof
is based on a discrete approximation scheme “from within” the payoff correspondence. Here, we present a new, related closure
result for games with possibly noncompact action spaces, involving a sequence of Nash equilibria. In contrast to Simon and
Zame (Econometrica 58:861–872, 1990), this result can be used for more involved forms of approximation, because it contains more information about the endogenous
sharing rule. With such added precision, the closure result can be used for the actual computation of endogenous sharing rules
in games with discontinuous payoffs by means of successive continuous interpolations in an approximation scheme. This is demonstrated
for a Bertrand type duopoly game and for a location game already considered by Simon and Zame. Moreover, the main existence
result of Simon and Zame (Econometrica 58:861–872, 1990) follows in two different ways from the closure result. 相似文献
12.
It is widely recognized that industrialized countries’ commitments under the Kyoto Protocol to reduce their greenhouse-gas
emissions will be far less costly to achieve if they can be met at least in part through investment in cheap abatement options
available in developing countries, as is permitted under the Protocol’s Clean Development Mechanism. Developing-country NGOs
and others involved in the policy debate on the CDM have frequently raised concerns, however, about the so-called “low-hanging
fruit” problem. The standard characterization of this problem is that if developing countries allow their cheap abatement
options to be used now, they may find themselves worse off in future when they take on emissions-reduction commitments of
their own, because only expensive abatement options will remain. We show that under plausible CDM-market imperfections a low-hanging
fruit problem may indeed arise, but that the standard characterization of the problem is incorrect. We also present a potential
solution, based on mandating a “virtual” option clause in CDM-investment contracts. 相似文献
13.
We perform an experiment on a pure coordination game with uncertainty about the payoffs. Our game is closely related to models
that have been used in many macroeconomic and financial applications to solve problems of equilibrium indeterminacy. In our
experiment, each subject receives a noisy signal about the true payoffs. This game (inspired by the “global” games of Carlsson
and van Damme, Econometrica, 61, 989–1018, 1993) has a unique strategy profile that survives the iterative deletion of strictly dominated strategies (thus a unique Nash
equilibrium). The equilibrium outcome coincides, on average, with the risk-dominant equilibrium outcome of the underlying
coordination game. In the baseline game, the behavior of the subjects converges to the theoretical prediction after enough
experience has been gained. The data (and the comments) suggest that this behavior can be explained by learning. To test this
hypothesis, we use a different game with incomplete information, related to a complete information game where learning and
prior experiments suggest a different behavior. Indeed, in the second treatment, the behavior did not converge to equilibrium
within 50 periods in some of the sessions. We also run both games under complete information. The results are sufficiently
similar between complete and incomplete information to suggest that risk-dominance is also an important part of the explanation.
相似文献
14.
Coordinating activity among members is an important problem faced by organizations. When firms, or units within firms, are
stuck in bad equilibria, managers may turn to the temporary use of simple incentives—flat punishments or rewards—in an attempt
to transition the firm or unit to a more efficient equilibrium. We investigate the use of incentives in the context of the
“minimum-effort,” or “weak-link,” coordination game. We allow groups to reach the inefficient equilibrium and then implement
temporary, flat, “all-or-none” incentives to encourage coordination on more efficient equilibria. We vary whether incentives
are positive (rewards) or negative (penalties), whether they have substantial or nominal monetary value, and whether they
are targeted to a specific outcome (the efficient equilibrium) or untargeted (apply to more than one outcome). Overall, incentives
of all kinds are effective at improving coordination while they are in place, but there is little long-term persistent benefit
of incentives—once incentives are removed, groups tend to return to the inefficient outcome. We find some differences between
different kinds of incentives. Finally, we contrast our results to other recent work demonstrating greater long-term effectiveness
of temporary incentives.
相似文献
15.
The artificial context “Target the Two” has been used in experiments to explore some of the features of routinization and
learning. Two agents must learn to coordinate their actions to achieve a common goal, without being allowed to use verbal
communication. This article reports an experiment, in which we compare the degree of routinization and the performance of
players in two treatments. Each treatment submits players to the same sequence of starting configurations, but differs in
terms of the payoff function. In the first treatment (A), the payoff is based on the number of moves required to achieve the
goal, whereas in the second treatment (B) the payoff depends on the time required for completion. We observe that (1) in treatment B subjects tend to play in a more “routinized” way and (2) treatment B reduces the time spent on play, but does not decrease the resources (the number of moves) used, relative to treatment A. 相似文献
16.
Corporate social responsibility and the ‘game of catallaxy’: the perspective of constitutional economics 总被引:1,自引:0,他引:1
Viktor J. Vanberg 《Constitutional Political Economy》2007,18(3):199-222
The paper examines the issue of corporate social responsibility (CSR) from the perspective of constitutional economics, focusing
on the distinction between a political community’s constitutional choice of the rules of the “market game,” and the market
players’ sub-constitutional choice of strategies within these rules. Three versions of CSR-demands are identified and discussed,
a “soft,” a “hard”, and a “radical” version. The soft version is concerned with the issue of how “socially responsible” corporations ought to play the market game within existing
rules. The hard version is about how the rules of the market ought to be changed in order to induce “socially responsible” corporate behavior.
And the radical version questions the compatibility of CSR and the logic of the market game, calling in effect for adopting some alternative
economic regime.
相似文献
Viktor J. VanbergEmail: |
17.
Global warming is now recognized as a significant threat to sustainable development on an international scale. One of the
key challenges in mounting a global response to it is the seeming unwillingness of the fastest growing economies such as China
and India to sign a treaty that limits their emissions. The aim of this paper is to examine the differential incentives of
countries on different trajectories of capital growth. A benchmark dynamic game to study global warming, introduced in Dutta
and Radner (J Econ Behav Organ, 2009), is generalized to allow for exogenous capital accumulation. It is shown that the presence of capital exacerbates the “tragedy
of the common”. Furthermore, even with high discount factors, the threat of reverting to the inefficient “tragedy” equilibrium
is not sufficient to deter the emissions growth of the fastest growing economies—in contrast to standard folk theorem like
results. However, foreign aid can help. If the slower growth economies—like the United States and Western Europe—are willing
to make transfers to China and India, then the latter can be incentivized to cut emissions. Such an outcome is Pareto improving
for both slower and faster growth economies. 相似文献
18.
Virgil Henry Storr 《The Review of Austrian Economics》2010,23(3):293-298
In The Invisible Hook, Leeson argues that by devising a complex system of rules (called the “pirate code”) and procedures for electing their leaders,
pirate societies created governance structures where the leaders were strong enough to “control the governed” but were not
strong enough to break the constraints that bound them. There is, however, a “hidden catch” within The Invisible Hook. There are important differences between pirate crews and societies, between pirate captains and political leaders, and between
the pirate code and constitutions. Moreover, understanding these differences is critical for understanding how criminal bands
were able to accomplish a feat that still proves problematic for many societies. 相似文献
19.
Pavel Pelikan 《Journal of Evolutionary Economics》2012,22(1):1-8
I thank Geoffrey Hodgson and Thorbj?rn Knudsen for their thought-provoking response to my latest generalization of Darwinism,
and welcome their proposal to cooperate, after many years of our independent searches. I agree with them that our searches
contain more similarities than both they and I had previously seen, but consider our remaining differences—especially in the
terms employed and in the definitions of the terms we both employ, including “information,” “instructions,” “programs,” and
“Lamarckism”—more important than they do. Their response also exaggerates or distorts some of my arguments. All this needs
to be clarified before our cooperation can start. 相似文献
20.
J. Suedekum 《Journal of Economics》2007,92(3):209-228
The home market effect (HME) is a distinguishing feature of the “new” trade theory. It is customarily defined as disproportionate
positive causation from expenditure to production. Recently it has been argued that this dynamic definition of the HME is problematic in a multi-country framework, because it neglects third country effects. In this paper,
we show that more than one exogenous parameter change is needed to overturn the dynamic HME. An isolated increase in the size
of the home country will unambiguously lead to an over-proportional domestic industry expansion. We then illustrate with some
specific scenario what type of third country effects can “swamp” the HME.
相似文献