Download or read book Social Norms Bounded Rationality and Optimal Contracts written by Suren Basov and published by Springer. This book was released on 2016-05-20 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates the ways in which social norms and bounded rationality shape different contracts in the real world. It brings into focus existing research into optimal contracts, draws important lessons from that research, and outlines prospects for future investigation. Bounded rationality has acknowledged effects on the power of incentive provisions, such as deviations from sufficient statistic theorem, the power of optimal incentives, and the effects of optimal contracts in multicultural environments. The introduction of social norms to bounded rationality opens up new avenues of investigation into contracts and mechanism design. This book makes an important contribution to the study of bounded rationality by pulling together many separate strands of research in the area of mechanism design, and providing detailed analysis of the impact of societal values on contracts.

Download or read book Bounded Rationality written by Sanjit Dhami and published by MIT Press. This book was released on 2022-07-12 with total page 553 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two leaders in the field explore the foundations of bounded rationality and its effects on choices by individuals, firms, and the government. Bounded rationality recognizes that human behavior departs from the perfect rationality assumed by neoclassical economics. In this book, Sanjit Dhami and Cass R. Sunstein explore the foundations of bounded rationality and consider the implications of this approach for public policy and law, in particular for questions about choice, welfare, and freedom. The authors, both recognized as experts in the field, cover a wide range of empirical findings and assess theoretical work that attempts to explain those findings. Their presentation is comprehensive, coherent, and lucid, with even the most technical material explained accessibly. They not only offer observations and commentary on the existing literature but also explore new insights, ideas, and connections. After examining the traditional neoclassical framework, which they refer to as the Bayesian rationality approach (BRA), and its empirical issues, Dhami and Sunstein offer a detailed account of bounded rationality and how it can be incorporated into the social and behavioral sciences. They also discuss a set of models of heuristics-based choice and the philosophical foundations of behavioral economics. Finally, they examine libertarian paternalism and its strategies of “nudges.”

Download or read book Islamic Microeconomics written by Lukman Hanif Arbi and published by Taylor & Francis. This book was released on 2023-11-01 with total page 113 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book bridges the gap between Islamic and conventional (micro)economics by demonstrating how modern tools and theories of microeconomics can be applied to Islamic assumptions regarding economics and finance. In contrast to the tendency for Islamic economics and finance proponents to use qualitative and normative approaches based on idealistic assumptions, this book demonstrates how one can instead construct analytical models of Islamic economics and finance and simply compare the implications with those predominant in today’s world. This book also offers extensive literature reviews demonstrating that for a long time, the gap between Islamic and conventional economics and finance is not as wide as previously thought, allowing those with an interest in both fields to participate more effectively and meaningfully in the ongoing discourse between the two fields. The authors conceptualize a general approach and apply it to basic consumer theory. More advanced microeconomic ideas are then discussed, culminating in demonstrations of how contract theory can facilitate a deeper analysis and appreciation of Islamic financial securities. A wide spectrum of academic literature on both Islamic and conventional economics and finance is drawn upon to facilitate a better appreciation for both fields and to inspire future works comparing the two in a more objective manner.

Download or read book The Rhetorical Construction of Vegetarianism written by Cristina Hanganu-Bresch and published by Taylor & Francis. This book was released on 2023-03-02 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores themes in the rhetoric of vegetarian discourse. A vegan practice may help mitigate crises such as climate change, global health challenges, and sharpening socioeconomic disparities, by ensuring both fairness in the treatment of animals and food justice for marginalized populations. How the message is spread is crucial for these aims. Vegan practices thus uncover tensions between individual dietary choices and social justice activism, between ego and eco, between human and animal, between capitalism and environmentalism, and within the larger universe of theoretical and practical ethics. The chapters apply rhetorical methodologies to understand vegan/vegetarian discourse, emphasizing, for example, vegan/vegetarian rhetoric through the lens of polyphony, the role of intersectional rhetoric in becoming vegan, as well as ecofeminist, semiotic, and discourse theory approaches to veganism. The book aims to show that a rhetorical understanding of vegetarian and vegan discourse is crucial for the goals of movements promoting veganism. The book is intended for a wide interdisciplinary audience of scholars, researchers, and individuals interested in veganism, food and media studies, rhetorical studies, human-animal studies, cultural studies and related disciplines. It urges readers to examine vegan discourses seriously, not just as a matter of personal choice or taste but as one vital for intersectional justice and our planetary survival.

Download or read book Microeconomics With Spreadsheets written by Suren Basov and published by World Scientific. This book was released on 2016-12-08 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Microeconomics studies the choices made by individuals under conditions of scarcity of resources and time and the interaction between different decision makers. Scarcity forces economic actors to choose one opportunity among many. Microeconomics with Spreadsheets starts with the mathematical preliminaries and covers consumer theory, producer theory, general equilibrium, game theory, market structure and economics of information.The reader will use numerical tools to analyse problems that cannot be analysed analytically. There is a natural synergy between rigorous proofs and numerical methods, since before using a numerical method one should also prove that a solution exists and analyse whether it is unique, and therefore be able to interpret properly the output of a program.

Download or read book Partial Differential Equations in Economics and Finance written by Suren Basov and published by Nova Publishers. This book was released on 2007 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reviews the basic theory of partial differential equations of the first and second order and discusses their applications in economics and finance. It starts with well-known applications to consumer and producer theory, and to the theory of option pricing and then introduces new applications that emerge from current research (some of which is the author's own) in bounded rationality, game theory, and multi-dimensional screening.

Download or read book The Economics of Contracts written by Eric Brousseau and published by Cambridge University Press. This book was released on 2002-10-17 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt: A 2002 survey of economics of contracts appealing to scholars in economics, management and law.

Download or read book The Business School Curriculum Debate written by Alexander Styhre and published by Taylor & Francis. This book was released on 2023-03-03 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: With more than 14,000 business schools worldwide, what is included in their curricula matters for how the economy and the corporate system are managed. Business schools should be subject to scholarly inquiries and critical reflection. While many studies of business schools examine its general role in the tertiary education system and in society more broadly, this volume examines how one specific theoretical perspective and a normative model derived therefrom were developed and gradually appropriated within the business school setting. This volume demonstrates that agency theory, based on a daring conjecture that firms can be construed as bundles of contacts, rose to prominence in the business school context. It examines how the elementary proposition of agency theory, that the firm is to be considered theoretically and practically as a "nexus of contracts," was never consistent with corporate law and contract law, and it was empirically unsubstantiated. Business schools are under pressure to teach not only practically useful theories and models, but also theories that are also scientifically qualified. Despite having this ambition, certain theories are widely taught despite failing to live up to such declared ambitions, which means that business schools may be criticized for including theories on ambiguous grounds in the curricula. This book examines how business schools seek to honour the ambition to teach both scientifically verified theories and practically useful concepts and models, and how the tensions derived from this duality may be problematic to handle. It will be of interest to researchers, academics, and advanced students in the fields of management education, organizational studies, and legal theory.

Download or read book Bounded Rationality and Industrial Organization written by Ran Spiegler and published by Oxford University Press. This book was released on 2011-02-18 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conventional economic theory assumes that consumers are fully rational, that they have well-defined preferences and easily understand the market environment. Yet, in fact, consumers may have inconsistent, context-dependent preferences or simply not enough brain-power to evaluate and compare complicated products. Thus the standard model of consumer behavior-which depends on an ideal market in which consumers are boundlessly rational-is called into question. While behavioral economists have for some time confirmed and characterized these inconsistencies, the logical next step is to examine the implications they have in markets. Grounded in key observations in consumer psychology, Bounded Rationality and Industrial Organization develops non-standard models of "boundedly rational" consumer behavior and embeds them into familiar models of markets. It then rigorously analyses each model in the tradition of microeconomic theory, leading to a richer, more realistic picture of consumer behavior. Ran Spiegler analyses phenomena such as exploitative price plans in the credit market, complexity of financial products and other obfuscation practices, consumer antagonism to unexpected price increases, and the role of default options in consumer decision making. Spiegler unifies the relevant literature into three main strands: limited ability to anticipate and control future choices, limited ability to understand complex market environments, and sensitivity to reference points. Although the challenge of enriching the psychology of decision makers in economic models has been at the frontier of theoretical research in the last decade, there has been no graduate-level, theory-oriented textbook to cover developments in the last 10-15 years. Thus, Bounded Rationality and Industrial Organization offers a welcome and crucial new understanding of market behavior-it challenges conventional wisdom in ways that are interesting and economically significant, and which in the end effect the well-being of all market participants.

Download or read book The New Palgrave Dictionary of Economics written by and published by Springer. This book was released on 2016-05-18 with total page 7493 pages. Available in PDF, EPUB and Kindle. Book excerpt: The award-winning The New Palgrave Dictionary of Economics, 2nd edition is now available as a dynamic online resource. Consisting of over 1,900 articles written by leading figures in the field including Nobel prize winners, this is the definitive scholarly reference work for a new generation of economists. Regularly updated! This product is a subscription based product.

Download or read book Encyclopedia of Business Ethics and Society written by Robert W. Kolb and published by SAGE. This book was released on 2008 with total page 2593 pages. Available in PDF, EPUB and Kindle. Book excerpt: This encyclopedia spans the relationships among business, ethics and society, with an emphasis on business ethics and the role of business in society.

Download or read book Liberty Games and Contracts written by Malcolm Murray and published by Routledge. This book was released on 2016-05-06 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Jan Narveson is one of the most significant contemporary defenders of the libertarian political position. Unlike other libertarians who typically defend their view with reference to natural rights or an appeal to utilitarianism, Narveson's main contribution has been to offer a philosophical defence of libertarianism based on a Hobbesian individualist contractarian ethic. Critiques of Narveson's contractarian libertarianism fall into three categories, those that reject contractarian moral theory, those that reject any link between contractarianism and libertarianism and those that accuse libertarians of conflating liberty with property. In this book Malcolm Murray brings together the most significant of Narveson's critics and presents their work alongside replies by Jan Narveson.

Download or read book Commercial Contract Law written by Larry A. DiMatteo and published by Cambridge University Press. This book was released on 2013-01-31 with total page 623 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the law of commercial contracts as constructed by the US and UK legal systems. Leading scholars from both sides of the Atlantic provide works of original scholarship focusing on current debates and trends from the two dominant common law systems. The chapters approach the subject areas from a variety of perspectives - doctrinal analysis, law and economic analysis, and social-legal studies, as well as other theoretical perspectives. The book covers the major themes that underlie the key debates relating to commercial contract law: role of consent; normative theories of contract law; contract design and good faith; implied terms and interpretation; policing contract behavior; misrepresentation, breach and remedies; and the regional and international harmonization of contract law. Contributors provide insights on the many commonalities, but more interestingly, on the key divergences of the United States and United Kingdom's approaches to numerous areas of contract law.

Download or read book Fiduciaries and Trust written by Paul B. Miller and published by Cambridge University Press. This book was released on 2020-04-02 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explores the interactions of fiduciary law and personal and political trust in private, public and international law.

Download or read book Late Neoclassical Economics written by Yahya M. Madra and published by Routledge. This book was released on 2016-06-10 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several contemporary economic theories revolve around different concepts: market failures, institutions, transaction costs, information asymmetries, motivational diversity, cognitive limitations, strategic behaviors and evolutionary stability. In recent years, many economists have argued that the increase in circulation and mobilization of these new and heterogeneous concepts and their associated methodologies (e.g., experiments, evolutionary modelling, simulations) signify the death of neoclassical economics. Late Neoclassical Economics: The Restoration of Theoretical Humanism in Contemporary Economic Theory draws on the work of Louis Althusser, Michel Foucault and the Amherst School, to construct the concept of a self-transparent and self-conscious human subject (Homo economicus) as the theoretical humanist core of the neoclassical tradition. Instead of identifying the emergent heterogeneity as a break from neoclassicism, this book offers a careful genealogy of many of the new concepts and approaches - including evolutionary game theory, experimental economics and behavioural economics - and reads their elaboration as part of the restoration of the theoretical humanist core of the tradition. ‘Late neoclassical economics’ is therefore characterized as a collection of diverse approaches which have emerged in response to the drift towards structuralism. This book is suitable for those who study political economy, history of economic thought and philosophy of economics. The arguments put forward in this text will also resonate with anyone who is interested in the fate of the neoclassical tradition and the future of economic theory.

Download or read book Comparative Remedies for Breach of Contract written by Nili Cohen and published by Bloomsbury Publishing. This book was released on 2005-02-28 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides a comparative analysis of the law relating to remedies for breach of contract. It examines different remedies such as specific performance and damages,doing so from the viewpoint of different legal systems, principally the English, American, German, French and Israeli. Each essay is written by a recognised specialist in his or her own field. Topics covered include the relationship between substantive rights and contract remedies, the recent reforms of the law relating to breach of contract in Germany, the remedies in the context of a third party beneficiary and the extent to which a claimant can choose the remedy which he or she deems to be the most appropriate. The book also makes use of a range of techniques, particularly economic analysis, when examining the legal rules. The book contains an introductory essay written by the editors and an essay by Professor Friedman, which deals with the relationship between substantive rights and contract remedies.

Download or read book Game Theory and Society written by Weiying Zhang and published by Routledge. This book was released on 2017-12-14 with total page 406 pages. Available in PDF, EPUB and Kindle. Book excerpt: The progress of society can only happen through interpersonal cooperation, because only cooperation can bring about mutual benefit, thus bringing happiness to each person. This should be our collective rationality, but we often see it conflicts with individual interests, which leads to the so-called "Prisoners’ Dilemma" and does not bring happiness to all. From a game theoretical perspective, this book addresses the issue of how people can cooperate better. It has two objectives. The first is to use common language to systematically introduce the basic methodologies and core conclusions of Game Theory, including the Nash equilibrium, multiple equilibriums, dynamic games, etc. Mathematics and theoretical models are used to the minimum necessary scope too, to make this book get access to ordinary readers with elementary mathematical training. The second objective is to utilize these methods and conclusions to analyze various Chinese social issues and institutional arrangements, with a focus on the reasons people exhibit non-cooperative behaviors as well as the institutions and cultures that promote interpersonal cooperation. In addition to economics, specialists in sociology, law, history, politics and management will also be attracted by this book for its insightful analysis on the issue of cooperation in these fields. Also, readers curious about Chinese society will benefit from this book.