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1.
Graciela Chichilnisky 《Economic Theory》2012,49(2):293-307
Market objectives can conflict with long-term goals. Behind the conflict is the impatience axiom introduced by T. Koopmans to describe choices over time. The conflict is resolved here by introducing a new concept,
sustainable markets. These differ from Arrow-Debreu markets in that traders have sustainable preferences and no bounds on short sales. Sustainable preferences are sensitive to the basic needs of the present without sacrificing
the needs of future generations and embody the essence of sustainable development (Chichilnisky in Soc Choice Welf 13(2):231–257,
1996a; Res Energy Econ 73(4):467–491, 1996b). Theorems 1 and 2 show that limited arbitrage is a necessary and sufficient condition describing diversity and ensuring the existence of a sustainable market equilibrium
where the invisible hand delivers sustainable as well as efficient solutions (Chichilnisky in Econ Theory 95:79–108, 1995; Chichilnisky and Heal in Econ Theory 12:163–176, 1998). In sustainable markets prices have a new role: they reflect both the value of instantaneous consumption and the value of
the long-run future. The latter are connected to the independence of the axiom of choice at the foundations of mathematics
(Godel 1940). 相似文献
2.
We study the stochastic stability of a dynamic trading process in an exchange economy. We use a simplified version of a trading
model à la Shapley and Shubik (J Polit Econ 85:937–968, 1977). Two types of agents equipped with Leontief preferences trade goods in markets by offering endowments, and actual trades
occur at market clearing prices. Better behavior tends to spread through the same type of agents by imitation, and agents
also make mistakes occasionally. We provide a sufficient condition for the perturbed dynamic process to have a unique stochastically
stable state that is a Walrasian equilibrium allocation. In this sense, we give a rationale for Walrasian behavior. 相似文献
3.
This paper considers the implications of James Scott’s Seeing Like a State (1998) and The Art of Not Being Governed (2009) for state-building efforts in Afghanistan and the Democratic Republic of the Congo (DRC). In Seeing Like a State, Scott warns of the problems associated with top-down planning efforts to improve the human condition. In The Art of Not Being Governed, Scott discusses the “art” of state avoidance and self-governance. These works have important insights for contemporary state-building
processes, and we explore some of the applications in the context of Afghanistan and the DRC. We conclude with a discussion
of the implications for current and future state-building efforts. 相似文献
4.
This paper reconsiders the predominant typology pioneered by Baumol (J Polit Econ 98(5):893–921, 1990) among productive, unproductive and destructive entrepreneurship. It is shown that the foundation of Baumol’s classification
scheme is the restrictive concept of first-best outcomes, and therefore it easily fails to appreciate the true impact of entrepreneurship
in real-world circumstances characterized by suboptimal institutions. We present an alternative way of generalizing the notion
of entrepreneurship and show how and why it encompasses the Baumol typology as a special case. Our main distinction is between
business and institutional entrepreneurship. We draw on Schumpeter and introduce the entrepreneur in an additional function:
as a potential disturber of an institutional equilibrium. Various subsets of institutional entrepreneurship are posited and discussed. It is shown that changing the workings
of institutions constitutes an important set of entrepreneurial profit opportunities. An implication of this is that entrepreneurial
efforts to reform or offset inefficient institutions can, in many cases, be welfare-improving. 相似文献
5.
Pelikan (J Evol Econ 21:341–366, 2011) develops an interesting conceptual framework that adds to prior work on generalised Darwinism. Despite claims to the contrary
we show that it is similar to the approach developed by Hodgson and Knudsen (J Evol Econ 16(4):343–366, 2006a, J Econ Behav Organ 75(1):12–24, 2010a, b), Aldrich et al. (J Evol Econ 18(5):577–596, 2008) and others. Pelikan also mischaracterises the Hodgson–Knudsen position over Lamarckism. We show why the term is misleading
(rather than strictly wrong) when applied to social evolution. 相似文献
6.
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
7.
Robert L. BradleyJr. 《The Review of Austrian Economics》2007,20(1):63-90
Economists inside and outside of the Austrian-school tradition have formulated a subjectivist theory of mineral resources.
While von Mises (1940) presented a rudimentary theory, institutionalist Zimmermann (1933 and after) provided an in-depth mind-centered approach
distinct from the objective, neoclassical theory for minerals developed by Jevons (1865, 1866), Gray (1913), and Hotelling (1931). A full-fledged Austrian theory identifies the fixity/depletionism view of minerals as incompatible with entrepreneurship.
Mineral resourceship, praxeologically akin to manufacturing, or the making of capital goods, demotes the distinction between depletable and nondepletable
resources for the sciences of human action. Instead of nonreproducibility, the interplay of geography and institutions becomes
the locus of mineral-resource theory, given the nonuniform distribution of deposits. An Austrian-institutional theory is more
robust for explaining changes in mineral-resource scarcity than neoclassical depletionism, and offers a wide research agenda
for current debates over resource production, usage, and future availability.
相似文献
Robert L. Bradley Jr.Email: |
8.
Endogenous timing in a mixed oligopoly with semipublic firms 总被引:1,自引:0,他引:1
An endogenous order of moves is analyzed in a mixed market where a firm jointly owned by the public sector and private domestic
shareholders (a semipublic firm) competes with n private firms. We show that there is an equilibrium in which firms take production decisions simultaneously. This result
is strikingly different from that obtained by Pal (Econ Lett 61:181–185, 1998), who shows that when a public firm competes with n private firms all firms producing simultaneously in the same period cannot be sustained as a Subgame Perfect Nash Equilibrium
outcome. Our result differs from that of Pal (Econ Lett 61:181–185, 1998) for two reasons: firstly, we consider that there is a semipublic firm rather than a public firm. Secondly, Pal (Econ Lett
61:181–185, 1998) considers that the public firm is less efficient than private firms while in our paper all firms are equally efficient. 相似文献
9.
Siegfried K. Berninghaus Karl-Martin Ehrhart Marion Ott Bodo Vogt 《Journal of Evolutionary Economics》2007,17(3):317-347
It is the main aim of our paper to study network formation in experimental setups in discrete and continuous time. Our design
is inspired by the theoretical model on network formation by Bala and Goyal (Econometrica, 68(5): 1181–1229, 2000) as well as the experiments by Callander and Plott (J. Public Econ., 89: 1469–1495, 2005) and Falk and Kosfeld (IEW Working Paper, University of Zürich, Zürich, Switzerland, No. 146, 2003). In particular, we analyze the role of star-shaped networks which are strict Nash-equilibria of the corresponding network
formation game. Our experimental results show that strict Nash networks prove to be a good indicator for predicting network
formation, particularly in continuous time. In explaining our results, it turns out that, among others, the complexity in
coordinating on stars, the inequity aversion against unequal payoff distribution in the network, and the groups’ degrees of
activity are the most important determinants for the formation of strict Nash networks.
相似文献
10.
Truncated distributions commonly arise in economics and related areas, see, for example, Lee (Econ Lett 3:165–169, 1979), Lien (Econ Lett 19:243–247, 1985; Econ Lett 20:45–47, 1986), Burdett (Econ Lett 52:263–267, 1996), Sercu (Insur: Math and Econ 20:79–95, 1997), Abadir and Magdalinos (Econom Theory 18:1276–1287, 2002), and Horrace (J Econom 126:335–354, 2005). In this note, we consider the most commonly encountered truncated distributions with heavy tails: the truncated t distribution and the truncated F distribution. For each of these distributions, we derive explicit expressions for the moments and estimation procedures by
the method of moments and the method of maximum likelihood. An application is illustrated to a popular data set in the econometric
literature.
相似文献
11.
Daniel J. D’Amico 《The Review of Austrian Economics》2012,25(1):63-75
Scott’s (2009) research on stateless Southeast Asia describes behavioral patterns amidst indigenous peoples that parallel certain contemporary
social phenomena, especially, prohibition and military occupation. Unintended consequences caused by government are continuously
interpreted to reaffirm the rationale for interventionism. Governments’ role in social processes involving violence is presumed
necessary and sufficient. As a result of conceptual biases, non-governmental processes such as markets and civil society are
ignored as sources for potential solutions to complex social problems. Comparative political economy should take more seriously
models developed by the tradition of constitutional political economy and classical liberalism wherein the state is recognized
as a significant threat to social order. 相似文献
12.
George C. Bitros 《The Review of Austrian Economics》2008,21(4):301-328
This paper centers on the structure of capital and the useful lives of its components by considering an economy with two representative
firms, one producing a necessity and another producing a luxury. This difference determines their reinvestment opportunities.
Therefore, while the one applies replacement, the other adopts scrapping. However, as these capital policies lead to different
service lives, the analysis confronts the issues raised by Miller (Review of Income and Wealth 29:284–296, 1982, Review of Income and Wealth 36:67–82, 1990) and deals with them by drawing on Haavelmo’s (A study in the theory of investment, Chicago: The University of Chicago Press, 1960) suggestions regarding the aggregation of capital. Among other findings, it turns out that the simulation results are highly
robust, thus demonstrating that real-world implications may be even stronger than strictly suggested by the model.
相似文献
George C. BitrosEmail: |
13.
Antonio Magliulo 《International Review of Economics》2010,57(2):143-162
In modern rich societies, the traditional positive correlation between income and happiness seems to have disappeared: even
though their income keeps rising, people do not declare themselves to be happier. This problem, which is known in literature
as the “paradox of happiness”, has been thoroughly studied. One of the possible explanations is based on the observation that
an income increase can sometimes entail the destruction of those relational goods on which happiness largely relies: relationships
of family, friendship, love and fellowship. This research aims to show how, in the age of Marginalism, the most important
attempt at establishing if and in which sense relational goods are economic goods is carried out by the very Austrian economists who led Robbins to write the epistemological
statute of modern economic science. 相似文献
14.
Paresh Kumar Narayan 《International Advances in Economic Research》2008,14(3):280-290
In this paper we analyze per capita incomes of the G7 countries using the common cycles test developed by Vahid and Engle
(Journal of Applied Econometrics, 8:341–360, 1993) and extended by Hecq et al. (Oxford Bulletin of Economics and Statistics, 62:511–532, 2000; Econometric Reviews, 21:273–307, 2002) and the common trend test developed by Johansen (Journal of Economic Dynamics and Control, 12:231–254, 1988). Our main contribution is that we impose the common cycle and common trend restrictions in decomposing the innovations into
permanent and transitory components. Our main finding is permanent shocks explain the bulk of the variations in incomes for
the G7 countries over short time horizons, and is in sharp contrast to the bulk of the recent literature. We attribute this
to the greater forecasting accuracy achieved, which we later confirm through performing a post sample forecasting exercise,
from the variance decomposition analysis.
相似文献
Paresh Kumar NarayanEmail: |
15.
Since 1945, both Spain and Portugal have experienced significant market transformations. These countries were both led by
dictators for many years until the mid 1970s when each moved toward more democratic governments and more open markets. As
a result, each experienced significant changes in output with Spain’s becoming a model for proper market based transformations.
Although Portugal’s transformation has been less impressive it experienced improvements too. This paper uses a Parente and
Prescott (J Polit Econ 102(2), 298–321, 1994; 2000) type model to investigate the recent transformations in each of these countries and quantify the extent to which barriers
to technological adoption may have played for these two development experiences. Our results indicate that from 1945 to 2003
these barriers have fallen considerably but remain high, and are somewhat higher in Portugal than in Spain. 相似文献
16.
Omotunde E. G. Johnson 《Journal of Economic Policy Reform》2013,16(3):151-164
In Africa, institutions were not established at independence that took proper account of the pluralism of the societies, while civil society failed to press for institutions to control the state. Political leaders have had little self‐interest in pursuing good economic policies, and there is weak civil societal demand for such policies. Foreign aid and the proposed peer review mechanism of the African Union could help strengthen this demand. Social scientists can help by focusing on corruption in top political leadership, reducing ethnicity, and improving political leadership. Selectivity for aid can be ex ante, with resoluteness in withdrawing aid for not keeping promises. 相似文献
17.
In their recent article in the Quarterly Journal of Austrian Economics, Bagus and Howden (2010) present “quibbles” with fractional-reserve free banking. Specifically, they raise what they call “unaddressed issues” in
this system, with a particular emphasis on Selgin (1988). We deem their arguments to be more substantial than “quibbles” and see them as part of a longstanding debate about fundamental
aspects of monetary theory. We respond to their objections and attempt to specify how debate between the two sides might proceed
more productively. 相似文献
18.
Korbinian von Blanckenburg Alexander Geist 《International Advances in Economic Research》2009,15(4):421-436
There is a long history of analyzing the workability of markets regarding concentration ratios as indicators of workability.
In this paper, we discuss a comparatively new concept, the Coordination Failure Diagnostics (CFD) Concept, introduced by Grossekettler
(1982, 1999, 2005, 2008). The CFD-concept analyzes real market processes by means of time series analysis and investigates whether they operate efficiently
or not. Furthermore, the concept can be used as a tool for detecting cartels. Therefore, we develop a System of Cartel Markers
which can be used to analyze real markets. We analyze the German cement industry as an example of a cartel and find significant
differences to the competitive benchmark. 相似文献
19.
Roberta Patalano 《Constitutional Political Economy》2007,18(4):223-241
Since the contributions by D. North [(1990). Institutions, institutional change, and economic performance. New York: CUP] and his Nobel Prize lecture [(1994). Economic performance through time, Nobel Prize Lecture. The American Economic Review, 84(3), 359–368], the relationship between mind and institutions has been increasingly investigated by economists. Mantzavinos,
North, and Shariq [(2004). Learning, institutions, and economic performance. Perspectives on Politics, 2(1), 75–84] introduced the expression cognitive institutionalism in order to define this stream of research. In the first part of the paper we discuss some recent findings of the cognitive
approach to institutions and its roots in the history of economic ideas. We also claim that in such an approach, no place
has yet been found for a crucial faculty of the human mind, imagination. We then explore the concept of radical imaginary developed by Cornelius Castoriadis in his book The Imaginary Institution of Society (1975; 1987). From the perspective of cognitive economics, and on the grounds of Castoriadis’ legacy, we aim at highlighting
some basic mechanisms of interaction between imagination, affectivity and institutions.
相似文献
Roberta PatalanoEmail: |
20.
This paper proposes an empirical framework for analyzing the dynamics of trade specialization, using a symmetric transformation
of the standard Balassa (Manch Sch Econ Soc Stud 33(2):99–123, 1965) index and the conditional density estimation methods suggested by Hyndman et al. (J Comput Graph Stat 5(4):315–336, 1996). The framework is implemented using data on the cross-sector export and import specialization of the four initial EU Cohesion
countries over the last 40 years. We discuss the importance of studying both the distribution’s external shape and the intra-distribution
dynamics and why it is interesting to include imports in the analysis. We find a reduction of the overall degree of export
specialization in Portugal, Greece and Spain. Conversely, Ireland has the strongest export specialization and there is evidence
of an increase over time. The export intra-distribution dynamics reveal persistence of the specialization status in the four
countries, especially for high values of the index. In all countries, the degree of specialization is higher for exports than
for imports and intra-distribution dynamics reveal more mobility of import specialization than that of exports. 相似文献