nep-hpe New Economics Papers
on History and Philosophy of Economics
Issue of 2013‒11‒09
ten papers chosen by
Erik Thomson
University of Manitoba

  1. Multiple-self models in neuroeconomics. A methodological critique By Marco Stimolo
  2. Justice Sociale: Hayek et Sen Face à Rawls. Une Proximité Méthodologique Inattendue By Claude Gamel
  3. The (non-)robustness of influential cheap talk equilibria By Christoph Diehl; Christoph Kuzmics
  4. Small Steps or Giant Leaps Forward: Theoretical Contributions in Management Studies By Cornelissen, J. P.; Durand, Rodolp
  5. Stationary Markov Perfect Equilibria in Discounted Stochastic Games By Wei He; Yeneng Sun
  6. The status of the U.S. Economy and a perspective on ‘The Modern Monetarism’ (with reference to Sheila Copps, Thomas Jefferson, Paul Volcker and William Shakespeare) By Richard W. Fisher
  7. The Fed’s new regime and the 2013 outlook By James Bullard
  8. The economic outlook and economic policymaking By Eric S. Rosengren
  9. Four questions for current monetary policy By James Bullard
  10. From Bagehot to Bernanke and Draghi: emergency liquidity, macroprudential supervision and the rediscovery of the lender of last resort function By Thomas C. Baxter, Jr.

  1. By: Marco Stimolo
    Abstract: The idea of multiple-self models in economics is that individual identity is the equilibrium result of the strategic interaction between sub-personal selves. These models fill the gap of standard rational choice theory in explaining inter-temporal inconsistency of choices. This modelling procedure requires an extension of revealed preference theory to the sub-personal level. This extension is grounded in the assumption that sub-personal selves are economic agents to whom analytical tools of microeconomics apply. I claim that this assumption is false and entails the empirical methodology of functional localization that fails to provide robust results.
    Keywords: Multiple-self, rationality, as if, functional localization, robustness
    Date: 2012–09
  2. By: Claude Gamel (Aix-Marseille University (Aix-Marseille School of Economics, CNRS & EHESS.)
    Abstract: Through their methods for studying social justice, Rawls, Hayek and Sen are each situated on the summit of a triangle, where comparatism” of the latter stands at equal distance from “contractualism” of the first former and from “evolutionism” of the second one (1). Nevertheless, when the position of the philosopher is used as a landmark, both economists seem to develop analyses which are strangely near enough to each other: in spite of quite different conclusions (2), a first convergence appears about their positions which are really opposed to Rawlsian contractualism (3). More basically, Hayek’s and Sen’s thought processes appear to be comparable, because they are both pragmatic (4). The fact that their opposed results might stem from so near methods designs a paradox, which has still to be confirmed by further studies (5).
    Keywords: social justice, methods, contractualism, evolutionism, comparatism.
    JEL: A12 B41 D63
    Date: 2013–10–21
  3. By: Christoph Diehl; Christoph Kuzmics (Center for Mathematical Economics, Bielefeld University)
    Abstract: Chakraborty and Harbaugh (2010) prove the existence of influential cheap talk equilibria in one sender one receiver games when the state is multidimensional and the preferences of the sender are state-independent. We show that only the babbling equilibrium survives the introduction of any small degree of uncertainty about the sender’s preferences in the spirit of Harsanyi (1973). None of the influential equilibria are robust to this kind of uncertainty.
    Date: 2013–10
  4. By: Cornelissen, J. P.; Durand, Rodolp
    Abstract: How do we, as management researchers, develop novel theoretical contributions, and potentially break new ground, in management studies? To address this question, we review previous methodological work on theorizing and advance a typology of the reasoning processes that underlie theoretical contributions and significant advances in management studies. This typology consist of various types of analogical and counterfactual reasoning that range from focused thought experiments aimed at prodding existing theory in the direction of alternative assumptions, constructs and hypotheses to more expansive efforts around inducing new theoretical models and alternative explanations. With this typology we detail the mechanisms behind the formation of novel theoretical contributions and we illustrate the currency of our typology with a review of twenty-four major theoretical breakthroughs in management studies. We conclude the paper with a discussion of the implications of this typology for our collective efforts in building, elaborating and expanding theory in management studies.
    Keywords: research methods; management studies; review
    JEL: M00
    Date: 2013–08–26
  5. By: Wei He; Yeneng Sun
    Abstract: The existence of stationary Markov perfect equilibria in stochastic games is shown in several contexts under a general condition called "coarser transition kernels". These results include various earlier existence results on correlated equilibria, noisy stochastic games, stochastic games with mixtures of constant transition kernels as special cases. The minimality of the condition is illustrated. The results here also shed some new light on a recent example on the nonexistence of stationary equilibrium. The proofs are remarkably simple via establishing a new connection between stochastic games and conditional expectations of correspondences.
    Date: 2013–11
  6. By: Richard W. Fisher
    Abstract: Remarks before the C.D. Howe Institute Directors' Dinner, Toronto, June 4, 2013 ; "My staff and I think there is a better-than-even chance that the present GDP growth consensus forecast of 2.4 percent by professional economists may be underestimating the underlying pace of growth."
    Date: 2013
  7. By: James Bullard
    Abstract: January 10, 2013. Presentation. "The Fed's New Regime and the 2013 Outlook." Wisconsin Economic Forecast Luncheon, Wisconsin Bankers Association. Madison, Wisconsin.
    Keywords: Federal Reserve System ; Economic forecasting ; Monetary policy
    Date: 2013
  8. By: Eric S. Rosengren
    Abstract: Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, to the Lake Champlain Regional Chamber of Commerce, Burlington, Vermont, October 2, 2013.
    Keywords: Economic conditions ; Monetary policy
    Date: 2013
  9. By: James Bullard
    Abstract: September 20, 2013. Presentation. "Four Questions for Current Monetary Policy." New York Association for Business Economics, New York, N.Y.
    Keywords: Monetary policy
    Date: 2013
  10. By: Thomas C. Baxter, Jr.
    Abstract: Remarks at the Committee on International Monetary Law of the International Law Association Meeting, Madrid, Spain.
    Keywords: Lenders of last resort ; Banks and banking, Central ; Bank liquidity ; Recessions ; European Central Bank ; Federal Reserve System ; Federal Reserve Bank of New York ; Systemic risk ; Public welfare ; Investment banking ; Bank supervision
    Date: 2013

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