共查询到20条相似文献,搜索用时 15 毫秒
1.
Derek K. Yonai 《Constitutional Political Economy》2007,18(3):161-176
The social norm literature in law and economics fails to account for the differences between the two major conceptions of
property rights. The differences between the two conceptions affect people’s utility function by affecting how increases in
property rights are perceived. This paper discusses how the modern, in rem, conception evolved from an older, in personam, conception; it also discusses how economics has absorbed the modern, in rem, conception. The paper demonstrates that if people do not perceive the benefits of modern property rights, they will follow
their social norms if the government or planner imposes modern property rights on them. In the end, this allows one to make
a fuller discussion of why norms economize information. This discussion has various consequences ranging from developmental
economics to financial market economics and cannot be ignored.
相似文献
Derek K. YonaiEmail: |
2.
Dalibor Roháč 《Constitutional Political Economy》2008,19(2):111-128
This paper analyses the role of the unanimity rule—known as liberum veto—in medieval Poland. We argue that the primary effect of the liberum veto was that it secured religious freedom and established domestic peace in an otherwise deeply divided and fractionalised country.
What is more, this institution succeeded in doing so during an era which was characterised by violent religious conflicts
and rise of absolutist monarchies throughout the European continent. Even after 1652, when the liberum veto seemed to have practically paralysed the decision-making of Polish-Lithuanian parliament, there were still reasons—related
to religious issues—why its use could have been preferable to less inclusive voting rules. It can be argued, however, that
the use of unanimity was not warranted in questions related to defence, especially in situations of national emergency, although
it is questionable to which extent the sole presence of the liberum veto was susceptible to bring about the demise of the Polish-Lithuanian Republic.
相似文献
Dalibor RoháčEmail: |
3.
Geoffrey Brennan 《The Review of Austrian Economics》2009,22(2):131-143
This paper is an assessment of Besley’s attempt to orchestrate a rapprochement between public choice theory and conventional
public economics—with its characteristic normative orientation towards public policy. In this paper, I first try to set the
Besley enterprise in the context of earlier work—focussing on my own work with Buchanan (The Power to Tax and The Reason of Rules). I then direct attention to three aspects of the Besley enterprise: whether selecting for competence depends on having solved the motivation problem (either by incentive or selection means), how selection mechanisms might be supported institutionally and the possibility
that selection processes might create incentives at the ‘dispositional’ level.
相似文献
Geoffrey BrennanEmail: |
4.
A simple note on herd behaviour 总被引:4,自引:0,他引:4
In his ‘Simple model of herd behaviour’, (Banerjee A (1992) A simple model of herd behaviour. Q J Econ CVII:797–817) shows
that—in a sequential game—if the first two players have chosen the same action, player 3 and all subsequent players will ignore
his/her own information and start a herd, an irreversible one. In this paper, we analyse the role played by the tie-breaking
assumptions in reaching the equilibrium. We show that: players’ strategies are parameter dependent—an incorrect herd may be
reversed; a correct herd is irreversible.
相似文献
Andrea MoroneEmail: |
5.
Price-setting behavior of Austrian firms 总被引:1,自引:1,他引:0
This paper explores nominal rigidities by investigating price-setting behavior of Austrian firms based on survey evidence.
Distinguishing between two stages of price setting—first the price reviewing phase and second the price changing phase—our
results suggest that the main obstacles to price flexibility lie on the second stage. Our main result is that firms postpone
price adjustments, because they are afraid to antagonize customers with frequent price changes. Thus, customer relationships
- especially those with consumers—are a major source of price stickiness in the Austrian economy.
相似文献
Josef Baumgartner (Corresponding author)Email: |
6.
Hardy Hanappi 《Journal of Evolutionary Economics》2008,18(2):275-289
The goal of this paper is to highlight the importance of the concept of choice. To do so, a synopsis of the most important
contributions to this topic—featuring an eclectic set of scholars across disciplines—is provided. As central to the argument,
John von Neumann’s contributions, game theory and simulation techniques on von Neumann machines, are identified. Innovation
(economic and theoretic) as the driving force behind human evolution seems to head for a new scientific paradigm based on
von Neumann’s ideas.
相似文献
Hardy HanappiEmail: |
7.
Bryan Caplan 《The Review of Austrian Economics》2008,21(1):45-59
Ludwig von Mises argues that public opinion, not the form of government, is the ultimate determinant of policy. The implication
is that, holding public opinion constant, democracies and dictatorships will have the same policies—a result I call Mises’
Democracy–Dictatorship Equivalence Theorem. According to Mises, dictators have to comply with public opinion or else they
will be overthrown. I argue that he seriously overestimates the power of revolution to discipline dictators. Mises was perceptive
to note that, in practice, “dictatorially imposed” policies are often democratically sustainable, but he neglected several
mechanisms—all more plausible than the threat of revolution—capable of explaining this fact.
相似文献
Bryan CaplanEmail: |
8.
Lefteris Tsoulfidis 《International Review of Economics》2009,56(1):29-45
The widespread idea among economists is that monopolistic or imperfect competition is a set of realistic models that were
invented in the 1930s and their purpose was to fill the gap between the polar and, at the same time, hypothetical models of
perfect competition and pure monopoly. The main argument of this paper is that the monopolistic competition revolution set
in motion a reaction—partly driven by methodological considerations, partly ideological—that ultimately led to the restoration
of perfect competition, as the benchmark for evaluating market outcomes. In the end, monopolistic competition eclipsed, and
perfect competition from the fridges of economic analysis that was up until the 1920s was placed to the very core of microeconomic
model-building.
相似文献
Lefteris TsoulfidisEmail: |
9.
Alain Marciano 《Constitutional Political Economy》2009,20(1):42-56
This article discusses the methodological foundations of Buchanan’s constitutional political economy. We argue that Buchanan
is a constitutional economist because he is an economist or a political economist. In other words, Buchanan is a constitutional economist—he insists on the necessity
of focusing on constitutions and to analyze the “rules of the social game”—because he defines economics as a science of exchange.
Buchanan’s definition of economics is not only specific, it is also opposed to the definition of economics that other economists
retain and, above all, opposed to the definition of economics that many public choice theorists use. The latter have, in effect,
adopted the Robbins 1932 definition of economics as a science of choice that Buchanan criticizes and rejects. Buchanan’s constitutional
economics can be a branch of public choice only under certain conditions.
相似文献
Alain MarcianoEmail: |
10.
Nathan D. Griffith 《Constitutional Political Economy》2006,17(1):15-29
Existing theories of regional integration do not satisfactorily explain European legal integration. Like the bears’ porridge,
one explains too much, another too little, and yet another requires unnecessary information. Constitutional economics, viewing
regional integration as a process producing a constitution, is able to explain both momentum toward and resistance to legal
integration in a parsimonious fashion. Further, it produces a unique analysis of the current circumstances of European legal
integration, revealing that the Kompetenz–Kompetenz debate addresses the fundamental dilemma of compound republics. This also discloses that European integration has produced
a novel answer to this old question.
相似文献
Nathan D. GriffithEmail: |
11.
This study examines the impact of a stamp tax rate increase on market behavior, using data from two stock exchanges in China. We find that when the tax rate increases from 0.3 to 0.5% (which implies that the transaction cost increases by about 1/3) trading volume decreases by 1/3. This implies an elasticity of turnover with respect to a stamp tax of −50% and an elasticity of turnover with respect to transaction cost of −100%. The markets’ volatility significantly increases after the increase in the tax rate. Furthermore, the change in the volatility structure indicates that the markets become less efficient in the sense that shocks are less quickly assimilated in the markets.
相似文献
Badi H. Baltagi (Corresponding author)Email: |
Dong LiEmail: |
Qi LiEmail: |
12.
We analyse forecasts of professional forecasters for Germany regarding the time span from 1970 to 2004. This novel panel data set renders it possible to assess the accuracy and efficiency of growth and inflation forecasts more efficiently than in previous studies. We argue that the forecasts are, on average, unbiased and weakly—but not strongly—efficient. Using model confidence sets suggested by Hansen et al. (2004), we find that, besides the effect of diverging forecasting dates, no other substantial differences in forecasting quality among forecasters exist. Nevertheless, on the basis of a direction-of-change analysis we argue that it is not always advisable to listen to the majority of forecasters.
相似文献
Ulrich Fritsche (Corresponding author)Email: |
13.
Jens Meierhenrich 《Constitutional Political Economy》2008,19(4):277-300
This article analyzes the administration of lustration—what Arthur Stinchcombe termed the “social basis of constitutionalism”—and
its unintended consequences in comparative and international law and politics. It is concerned with the social function of
animating ideas in the evolution of institutions. The article demonstrates that in the case of Iraq, the commitment of institutional engineers
and transitional administrators to the idea of purifying the state, and their concomitant willingness to watch the institution
of lustration naturally evolve in respect of that central idea, has had disastrous consequences for the foundations of constitutionalism. These consequences
flowed from the institutional design of the U.S. occupation more generally. By reconstructing, for the very first time, the
evolution of debaathification in contemporary Iraq, this article deepens our understanding of the foundations of constitutionalism.
Aside from its contribution to the theory of institutional design, the article also speaks to the ongoing debate over the creation of governments, regimes, and states
in the international system. In the context of this debate, which has important implications for the practice of institutional design, the administration of lustration—from within or from without—is an insufficiently understood phenomenon,
making it a worthy subject for institutional analysis.
相似文献
Jens MeierhenrichEmail: |
14.
In a haystack-type representation of a heterogeneous population that is evolving according to a payoff structure of a prisoner’s
dilemma game, migration is modeled as a process of ‘swapping’ individuals between heterogeneous groups of constant size after
a random allocation fills the haystacks, but prior to mating. Migration is characterized by two parameters: an exogenous participation-in-migration
cost (of search, coordination, movement, and arrangement-making) which measures the migration effort, and an exogenous technology—of
coordinating and facilitating movement between populated haystacks and the colonization of currently unpopulated haystacks—which
measures the migration intensity. Starting from an initially heterogeneous population that consists of both cooperators and
defectors, a scenario is postulated under which ‘programmed’ migration can act as a mechanism that brings about a long-run
survival of cooperation.
相似文献
Yong WangEmail: |
15.
Professional team sports provide an ideal real world experiment to explore the effect of top executive replacement due to
the availability of excellent performance data. This paper investigates how replacing the coach affects the performance of
football teams. Analyzing almost 2,000 matches of the Austrian premier football league by ordinal (probit) regression techniques
we find that a new coach tends to enhance team performance in home matches but to weaken it in away matches. However, neither
of these effects turns out to be statistically significant. Nevertheless, the much discussed coach effect—ousting an underperforming
coach in order to improve team performance at least temporarily—may make sense despite the costs involved by providing stronger
ex-ante incentives for effort.
相似文献
Franz WirlEmail: |
16.
The paper constructs an asymmetric information model to investigate the efficiency and equity cases for government mandated benefits. A mandate can improve workers’ insurance, and may also redistribute in favour of more ‘deserving’ workers. The risk is that it may also reduce output. The more diverse are free market contracts—separating the various worker types—the more likely it is that such output effects will on balance serve to reduce welfare. It is shown that adverse effects can be reduced by restricting mandates to larger firms. An alternative to a mandate is direct government provision. We demonstrate that direct government provision has the advantage over mandates of preserving separations.
相似文献
John T. AddisonEmail: Phone: +1-803-7774608Fax: +1-803-7776876 |
17.
Economic integration and similarity in trade structures 总被引:2,自引:0,他引:2
In this paper, we look at the similarity of the trade structures toward the EU market between four CEECs and the EU15. We
evaluate the appropriateness of different indices to compare export flows—correlation indices and distance metrics—opting
for the use of the Bray-Curtis semi-metric. We examine both how the export composition of a country has changed over time
and how the export composition has changed with respect to the EU15 export composition. Finally, we test if the dynamics of
sectoral distribution of the CEECs’ exports is related to the role acquired by processed trade in the 1990s. We give evidence
that processed trade is crucial in explaining changes in the overall structure of exports of transition countries, and that
greater economic integration in terms of trade flows and processing trade does not always lead to greater export similarity.
相似文献
Lucia TajoliEmail: |
18.
This paper examines economic policy interactions in the Economic and Monetary Union when the assessment of cyclical conditions
in real time is surrounded by uncertainty. On the basis of a simple stylised model it shows that with a Nash-type of interaction
different views about the output gap on the side of the policy players—the Council of the European Union, the European Commission
and the European Central Bank—can give rise to excessive activism with policy players pushing economic variables into opposite
directions. It argues that the costs of such policy conflicts can be reduced by agreeing on a common assessment of the cycle,
by constraining policy variables, and/or by increasing the weight of fiscally conservative institutions. An alternative option
to sidestep policy conflicts ensuing from diverging views of the cycle is to take policy decisions sequentially, as is the
case in a Stackelberg-type of interaction. The paper shows that for a given misperception of the cycle, the impact on the
policy instruments and on output and inflation are generally smaller in the Stackelberg equilibrium as compared to a Nash
outcome. Alternative allocations of roles—that is leader versus follower—are discussed and assessed.
相似文献
Marco ButiEmail: |
19.
Organized legal professions often play a central role in successful institutional development. The paper’s model examines how legal professions affect institutional reform. Professional review of reform proposals solves a politician’s informational problem in a way that makes democracy, political stability, and professional power substitutes. The model’s applicability is examined by showing that its predictions track the fortunes of lawyers in the USSR and early transition and are consistent with events in 1688 in England and 1789 in France, indicating why these two revolutions had different consequences. The model suggests why and when civil law and common law systems differ.
相似文献
Peter MurrellEmail: |
20.
This paper investigates various possible meanings of ‘Social Market Economy’—60 years after its political initiation in Germany.
We focus on the variety of intellectual sources that influenced the formation and interpretation of the concept in Germany
during the first half of the last century. Our particular attention is on Müller-Armack’s definition of a rather dualistic
concept of ‘social’ versus ‘market economy’ and the subtle differences it has with an original (Freiburg School) view of ordo-liberalism
that lends itself more easily to a constitutional economics perspective.
相似文献
Michael Wohlgemuth (Corresponding author)Email: |