Alternative approaches for the reformulation of economics

Journal of Economic Interaction and Coordination -     

Authentication as Institutional Maintenance Work

Institutional maintenance work refers to actors’ deliberate effort to maintain an institution. This paper examines how actors use authentication, i.e., the relational constitution of an artefact as original or as a genuine expression of a particular type, style or person, to accomplish institutional maintenance work. We investigated contemporary adjustments to six listed buildings. These works were undertaken to keep these buildings functional while at the same time protecting their listing; by doing so they contributed to maintain the institution of Architectural Heritage. Our analysis identifies three forms of authentication: material consolidation, crafts mobilization and character enhancement. We elaborate on each of them and explain their institutional underpinnings and outcomes. The paper concludes with an articulation of authentication as a potent form of institutional maintenance work. Taking its starting point in materiality, authentication is a relational practice that helps maintain institutions relying on irreplaceable artefacts for their maintenance.     

Beyond Single-Factor Affine Term Structure Models

This article proposes a new approach to testing for the hypothesisof a single priced risk factor driving the term structure ofinterest rates. The method does not rely on any parametric specificationof the state variable dynamics or the market price of risk.It simply exploits the constraint imposed by the no-arbitragecondition on instantaneous expected bond returns. In order toachieve our goal, we develop a Kolmogorov-Smirnov test and applyit to data on Treasury bills and bonds for both the United Statesand Spain. We find that the single risk factor hypothesis cannotbe rejected for either dataset.     

Pricing in Segmented Markets, Arbitrage Barriers, and the Law of One Price: Evidence from the European Car Market

The paper uses micro‐level price data from the European car market to examine why there are deviations from the law of one price. The absolute law of one price is strongly rejected, but there is convergence to its relative version. Two sets of explanations are considered: (i) price‐setting in segmented markets, and (ii) arbitrage barriers. Overall, the determinants of arbitrage costs have more explanatory power. The single most important factor is the distance between markets. Evidence for Belgium and Luxembourg suggests that a single currency lowers price differences significantly.     

Why sad people like shoes better: The influence of mood on the evaluative conditioning of consumer attitudes

An experimental study investigated the influence of mood on the acquisition of affective consumer attitudes. Within an evaluative conditioning paradigm, participants in happy or sad mood were presented with evaluatively neutral products paired with affectively liked or disliked faces. Subsequent likability ratings revealed that the mere co‐occurrence of a product with the valenced face influenced the evaluation of the previously neutral targets. However, this effect of affective learning was significantly stronger in the sad‐mood condition. A subsequent awareness test indicated that contingency awareness plays a role in the acquisition of consumer attitudes. The implications for consumer research and attitude formation processes are discussed. © 2004 Wiley Periodicals, Inc.     

Social economics and economics imperialism

Address delivered at a session on April 2, 1993 at the Midwest regional meetings of the Association for Social Economics, Indianapolis, IN.     

Introduction: What Role Can Experiments Play in Research on Regulation?

Journal of Regulatory Economics -