nep-hpe New Economics Papers
on History and Philosophy of Economics
Issue of 2005‒10‒15
twelve papers chosen by
Andy Denis
City University

  1. Modeling the Psychology of Consumer and Firm Behavior with Behavioral Economics By Teck H. Ho; Noah Lim; Colin Camerer
  2. The Market: Catalyst for Rationality and Filter of Irrationality By List, John; Millimet, Daniel
  3. Spatial analysis : development of descriptive and normative methods with applications to economic-ecological modelling By Brock,W.A.; Xepapadeas,A.
  4. Local robustness analysis : theory and application By Brock,W.A.; Durlauf,S.N.
  5. Social interactions and macroeconomics By Brock,W.A.; Durlauf,S.N.
  6. Keynes et Pigou sur le salaire monétaire et l'emploi: une synthèse du débat By Alain Béraud
  7. Doing interventionist research in management accounting By Jönsson, Sten; Lukka, Kari
  8. De l'analyse des échanges à la théorie classique du marché By Alain Béraud
  9. Identifying social interactions : a review By Blume,L.E.; Durlauf,S.N.
  10. L'économie politique néo-smithienne en france By Alain Béraud; Philippe Steiner; Jean-Jacques Gislain
  11. The Mystic of Central Bank Speak By Petra M. Geraats
  12. Prices in Economic Systems By Oldrich Kyn

  1. By: Teck H. Ho; Noah Lim; Colin Camerer
    Date: 2005–10–06
  2. By: List, John (U of Chicago); Millimet, Daniel (SMU)
    Abstract: Assumptions of individual rationality and preference stability provide the foundation for a convenient and tractable modeling approach. While both of these assumptions have come under scrutiny in distinct literatures, the two lines of research remain disjointed. This study begins by explicitly linking the two literatures while providing insights into perhaps the central issue facing behavioral economics today: to what extent does market experience mitigate various forms of individual irrationality? We find considerable evidence that the market is a catalyst for rationality. The study then focuses on aggregate market outcomes by examining empirically whether individual rationality is a prerequisite for market efficiency. Using field data gathered from more than 380 subjects of age 6-18 in multi-lateral bargaining markets at a shopping mall, we find that the market is a filter of irrationality—even when markets are populated solely by irrational buyers, aggregate market outcomes quickly converge to neoclassical predictions.
    Keywords: rationality, market learning, field experiment, competitive market theory
    JEL: C93 D4
    Date: 2005–10
  3. By: Brock,W.A.; Xepapadeas,A. (University of Wisconsin-Madison, Social Systems Research Institute)
    Date: 2004
  4. By: Brock,W.A.; Durlauf,S.N. (University of Wisconsin-Madison, Social Systems Research Institute)
    Date: 2004
  5. By: Brock,W.A.; Durlauf,S.N. (University of Wisconsin-Madison, Social Systems Research Institute)
    Date: 2005
  6. By: Alain Béraud (THÉMA - Théorie économique, modélisation et applications - CNRS : UMR7536 - Université de Cergy Pontoise)
    Abstract: Cet article étudie les effets sur l'emploi d'une baisse des salaires monétaires et la question de l'existence d'un équilibre de plein emploi. Il présente la position que Keynes a défendue sur ces problèmes et les critiques qui lui furent adressées par Pigou.
    Keywords: Keynes; Pigou; chômage; salaire monétaire; equilibre de plein emploi
    Date: 2005–10–04
  7. By: Jönsson, Sten (Gothenburg Research Institute); Lukka, Kari (Turku School of Economics and Business Administration)
    Abstract: Interventionist research is not unobtrusive since the researcher deliberately seeks to make an impact on the world in order to gain knowledge. In this chapter we examine the fundamental nature of interventionist research in management accounting, its philosophical anchoring, variations, and forms of output. We also give brief illustrations. The distinguishing character of this kind of research is the need for the researcher to cross the border between the etic (outsider) and the emic (insider) perspectives - there and back again. This shift between differing logics provides opportunities for new insights since the researcher wants to achieve solutions that work in the field and come back with evidence of theoretical significance.
    Keywords: Action research; Methodology; Management accounting; fieldwork; intervention
    Date: 2005–10–03
  8. By: Alain Béraud (THEMA - Théorie économique, Modélisation et Applications - CNRS : UMR7536 - Université de Cergy Pontoise)
    Abstract: Cet article étudie les contributions de Turgot, de Cantillon et de Condillac à l'analyse des échanges. Il montre comment leurs contributions sont à l'origine de la théorie classique du marché.
    Keywords: Turgot; Condillac; Cantillon; échange; marché
    Date: 2005–10–04
  9. By: Blume,L.E.; Durlauf,S.N. (University of Wisconsin-Madison, Social Systems Research Institute)
    Date: 2005
  10. By: Alain Béraud (THÉMA - Théorie économique, Modélisation et Applications - CNRS : UMR7536 - Université de Cergy Pontoise); Philippe Steiner; Jean-Jacques Gislain
    Abstract: Cet article étudie les positions des économistes classiques français dans la période allant de 1803 à 1848. La première partie considère la manière dont, une fois mis de côté une grande part de leur propre héritage en économie politique, les auteurs français ou de langue française ont interpété l'oeuvre de Smith en la modifiant sur des points essentiels. La deuxième partie expose les raisons de la réaction essentiellement négative aux Principes de Ricardo. La troisième partie montre dans quelle mesure les économistes français s'appuyèrent sur les thèses smitiennes pour s'affranchir de l'influence ricardienne.
    Keywords: Smith; Ricardo; économie classique
    Date: 2005–09–30
  11. By: Petra M. Geraats
    Abstract: Despite the recent trend towards greater transparency of monetary policy, in many respects central bankers still prefer to speak with mystique. This paper shows that the resulting perception of ambiguity could be desirable. Under the plausible assumption that there is imperfect common knowledge about the degree of central bank transparency, economic outcomes are affected by both the actual and perceived degree of transparency. It is shown that actual transparency is beneficial but that it may be useful to create the perception of opacity. The optimal communication strategy for the central bank is to provide clarity about the inflation target and to communicate information about the output target and supply shocks with perceived ambiguity. In this respect, the central bank benefits from sustaining transparency misperceptions, which helps to explain the mystique of central bank speak.
    Keywords: Transparency, monetary policy, communication, transparency misperceptions.
    JEL: E52 E58 D82
    Date: 2005–10
  12. By: Oldrich Kyn (Boston University)
    Abstract: This short paper was presented during discussion at the CESES Conference in Florence 1966. The first part describes and criticize the way prices were determined centraly in Czechoslovakia and other Soviet-type economies. The second part outlines the role of prices and planning in different economic systems.
    Keywords: Socialism, Soviet-type economy, Economic Systems, Planning and Market Mechanism, Czechoslovakia, Lange-Lerner model
    JEL: O P
    Date: 2005–10–08

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