Atoms,Bits, and Wits: A New Economics for the Twenty-First Century—Part II

Learning also affects the organization of economic activity as a “force locomotif” of growth. Bounded rationality opens a theory of planning horizons as an ordinal measure of wits. The realm of wits shines a novel light on the nature of interdependence, since the balance of substitution and complementarity is horizonal: longer and broader horizons shift this balance away from substitution in favor of complementarity, augmenting concerts of interest over conflicts in social relations. Atoms, bits, and wits are modeled to show why substitution only applies to short-run atoms; a case for complementarity rises from both increasing returns and bits, where wits strengthen the case for cooperation as efficient. With complementarity, competition—not collusion—stifles output. The social and institutional implications of this are addressed theoretically in this paper.     

A Survey of the Economic Systems of Wild Chimpanzees and Baboons

This article reviews neoclassical, environmentalist, and institutionalist perspectives on the emerging institutional adjustments commonly referred to as water trading or water marketing. Although a holistic analysis of these emerging institutional reforms would be far more comprehensive and detailed, this article seeks only to provide an institutionalist perspective that may benefit more comprehensive research. As such, analysis of new sources of water supply, of specific water conservation measures, and of attitudes regarding water are largely neglected. Water trading is merely assessed in the context of the evolving legal structure and the existing, limited water supply in the American West, particularly California. The conclusion is that water trading, if properly administered, can generally benefit involved parties without widespread social costs and without jeopardizing social control.     

From post-Keynesian to historical price theory,part I: facts,theory and empirically grounded pricing model ∗

The paper develops an empirically grounded pricing model by first examining the business enterprise pricing equation and its empirical features, and then secondly examining the empirical properties of the prices set by the pricing equations. The third part of the paper is devoted to laying out the empirically grounded pricing model and then delineating its empirical and theoretical properties. The paper concludes that, since the pricing model is embedded in an empirical, historical context, it provides the basis for developing a historical theory of prices.     

A study of e‐retailing management: analysing the expectations and perceptions of Spanish consumers

This article analyses various elements that influence the purchasing behaviour of online consumers. These elements include the aesthetic aspects of a web site and the interactive processes that take place at the time of purchase. The study analyses the expectations and perceptions of a sample of Spanish online customers. On the basis of these attitudes, the sample of respondents is segmented. In addition, the main factors that determine online service satisfaction are identified. The segments of respondents are then positioned with respect to these identified factors in online service quality. The analysis thus allows differentiation of both customers and service quality. The paper concludes with recommendations for online retailers who wish to operate a successful ‘virtual’ retail outlet.     

Internal control audits: Judges' perceptions of the credibility of the financial reporting process and likely auditor liability

This paper reports the results of a study in which fifty-seven sitting United States judges participated in a behavioral experiment to assess the perceived credibility of the financial reporting process and the legal risk auditors bear under conditions where they provide an internal control audit report (vs. no report) under two corporate governance environments. We find that participating judges believe internal control audits provide enhanced assurance that intentional misstatements do not exist and also serve to provide elevated protection to the public, but only under conditions of a strong corporate governance environment beyond current regulatory requirements. We also find that, after being informed of an undetected material fraud, judges who currently have high expectations of the auditing profession find auditors more liable when an internal control audit report has been issued (as compared to when no such report has been issued).