nep-pke New Economics Papers
on Post Keynesian Economics
Issue of 2008‒06‒21
four papers chosen by
Karl Petrick
University of the West Indies

  1. Building institutions for growth and human development: an economic perspective applied to the transitional countries of Europe and CIS By Zeghni, Sylvain; Fabry, Nathalie
  2. Complex evolutionary systems in behavioral finance By Hommes, C.H.; Wagener, F.O.O.
  3. No 'Third Way' for Economic Organizations? Networks and Quasi-Markets in Broadcasting By Simon Deakin; Ana Lourenço; Stephen Pratten
  4. Economics and Common Sense By Gil Kalai

  1. By: Zeghni, Sylvain; Fabry, Nathalie
    Abstract: The aim of this paper is to analyse in a more qualitative way the role of institutions in transitional countries in the CEECs and CIS. The main question we address is: what kind of institutional arrangement leads to Human development? We propose an analytical pattern where global performance (i.e. Human development) is the final outcome of a new institutional arrangement.
    Keywords: Institution; Transition; Human Development; Growth
    JEL: P30 O17 P27
    Date: 2008–05
  2. By: Hommes, C.H. (Universiteit van Amsterdam); Wagener, F.O.O. (Universiteit van Amsterdam)
    Abstract: Traditional finance is built on the rationality paradigm. This chapter discusses simple models from an alternative approach in which financial markets are viewed as complex evolutionary systems. Agents are boundedly rational and base their investment decisions upon market forecasting heuristics. Prices and beliefs about future prices co-evolve over time with mutual feedback. Strategy choice is driven by evolutionary selection, so that agents tend to adopt strategies that were successful in the past. Calibration of "simple complexity models" with heterogeneous expectations to real financial market data and laboratory experiments with human subjects are also discussed.
    Date: 2008
  3. By: Simon Deakin; Ana Lourenço; Stephen Pratten
    Abstract: We present two linked, longitudinal case studies of the use of quasi markets in UK broadcasting over the past decade: one looks at the regulated outsourcing of programme making to independent producers, the other at the development of an internal market system within the BBC. New network forms are shown to have arisen from the interaction of legal regulation, contracts, and property rights. However, these organizational forms are also seen to be associated with increased transaction costs and with signs of deterioration in programme quality and innovation. We suggest that for such networks to be a viable 'third way' between markets and hierarchy, closer attention needs to be given to the issue of institutional design.
    Keywords: networks, quasi markets, television production
    JEL: K23 L14 L24 L82
    Date: 2008–03
  4. By: Gil Kalai
    Date: 2008–06–09

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