Book Description
The Nobel Prize in Economics was awarded to Herbert Simon in 1978. At Carnegie-Mellon University he holds the title of Professor of Computer Science and Psychology. These two facts together delineate the range and uniqueness of his contributions in creating meaningful interactions among fields that developed in isolation but that are all concerned with human decision-making and problem-solving processes.
In particular, Simon has brought the insights of decision theory, organization theory (especially as it applies to the business firm), behavior modeling, cognitive psychology, and the study of artificial intelligence to bear on economic questions. This has led not only to new conceptual dimensions for theoretical constructions, but also to a new humanizing realism in economics, a way of taking into account and dealing with human behavior and interactions that lie at the root of all economic activity.
The sixty papers and essays contained in these two volumes are grouped under eight sections, each with a brief introductory essay. These are: Some Questions of Public Policy, Dynamic Programming Under Uncertainty; Technological Change; The Structure of Economic Systems; The Business Firm as an Organization; The Economics of Information Processing; Economics and Psychology; and Substantive and Procedural Reality.
Most of Simon's papers on classical and neoclassical economic theory are contained in volume one. The second volume collects his papers on behavioral theory, with some overlap between the two volumes.
The second edition of Simon's widely read and referenced The Sciences of the Artificial was published by The MIT Press 1981 and is available in both hardcover and paperback.
Book Description
Throughout Herbert Simon's wide-ranging career -- in public administration, business administration, economics, cognitive psychology, philosophy, artificial intelligence, and computer science -- his central aim has been to explain the nature of the thought processes that people use in making decisions.
The third volume of Simon's collected papers continues this theme, bringing together work on this and other economics-related topics that have occupied his attention in the 1980s and 1990s: how to represent causal ordering formally in dynamic systems, the implications for society of new electronic information systems, employee and managerial motivation in the business firm (specifically the implications for economics of the propensity of human beings to identify with the goals of organizations), and the state of economics itself.
Offering alternative models based on such concepts as satisficing (acceptance of viable choices that may not be the undiscoverable optimum) and bounded rationality (the limited extent to which rational calculation can direct human behavior), Simon shows concretely why more empirical research based on experiments and direct observation, rather than just statistical analysis of economic aggregates, is needed.
The twenty-seven articles, in five sections, each with an introduction by the author, examine the modeling of economic systems, technological change: information technology, motivation and the theory of the firm, and behavioral economics and bounded rationality.
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Advances in Understanding Strategic Behaviour: Game Theory, Experiments and Bounded Rationality
Manufacturer: Palgrave Macmillan
ProductGroup: Book
Binding: Hardcover
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ASIN: 1403941521
Release Date: 2005-01-27 |
Book Description
This volume contains sixteen original articles documenting recent progress in understanding strategic behavior. In their variety they reflect an entire spectrum of coexisting approaches: from orthodox game theory via behavioral game theory, bounded rationality and economic psychology to experimental economics. There are plenty of new models and insights but the book also illustrates the boundaries of what we know today and explains the frontiers of tomorrow.
Book Description
This digital document is a journal article from Journal of Economic Behavior and Organization, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
This paper considers the traditional cobweb model with heterogenous risk averse producers whose supply functions involve their estimates of the conditional mean and variance of the future price. The producers seek to learn these quantities by applying geometric decay processes (GDP) to past prices. The heterogeneity manifests itself in the lag lengths and memory parameters applied to past prices as well as in risk aversion coefficients. We find that each dimension of heterogeneity changes/enriches the cobweb dynamics with respect to the case of homogeneous producers.
Book Description
This digital document is a journal article from Review of Economic Dynamics, published by Elsevier in 2005. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
This paper studies the short run correlation of inflation and money growth. We study whether a model of learning does better or worse than a model of rational expectations, and we focus our study on countries of high inflation. We take the money process as an exogenous variable, estimated from the data through a switching regime process. We find that the rational expectations model and the model of learning both offer very good explanations for the joint behavior of money and prices.
Book Description
This digital document is a journal article from Economic Modelling, published by Elsevier in 2004. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
A growing number of studies has raised concerns about the empirical and theoretical content of rational expectations. This paper evaluates the role of near-rationality in dynamic general equilibrium with indeterminacy. We show that sunspot equilibria are quite robust to perturbations of the forecasting mechanism: the particular form of near-rationality considered exerts little effects on the region of indeterminacy. This upshot casts doubt upon the standpoint that bounded rationality effectively reduces the likelihood of sunspot equilibria. The prime impact of bounded behavior appears to be on volatility and persistence.
Book Description
This digital document is a journal article from Journal of Economic Dynamics and Control, published by Elsevier in 2005. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
We investigate asset pricing dynamics in an adaptive evolutionary asset pricing model with fundamentalists, trend followers and a market maker. Agents can choose between a fundamentalist strategy at positive information cost or choose a trend following strategy for free. Price adjustment is proportional to the excess demand in the asset market. Agents asynchronously update their strategy according to realized net profits in the recent past. As agents become more sensitive to differences in strategy performance, the fundamental steady state becomes unstable and multiple steady states may arise. As the traders' sensitivity to differences in fitness increases, a bifurcation route to chaos sets in due to homoclinic bifurcations of stable and unstable manifolds of the fundamental steady state.
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- A ground-breaking book in monetary economics
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Controversies in Monetary Economics
John N. Smithin
Manufacturer: Edward Elgar Pub
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What is Money?
ASIN: 1843768038 |
Book Description
This influential volume, now available in paperback, has been revised and updated for the twenty-first century and includes both new material and more detailed expositions of existing arguments.
Although so-called `real' theories of business cycles and growth are prevalent in contemporary mainstream economics, Controversies in Monetary Economics suggests that those economists who have instinctively focused on monetary factors in explaining macroeconomic behavior are more genuinely `realistic'. The author combines an explanation of past and present monetary controversy with practical proposals for the conduct of monetary policy in the contemporary global economy. Several alternative approaches are discussed, ranging from the traditional quantity theory to post Keynesian theories of endogenous money.
Customer Reviews:
A ground-breaking book in monetary economics.......2003-06-27
This is a ground-breaking and truly original book in monetary economics. Smithin shows that neo-classical economists fail to understand money, because all neo-classical models are essentially based on various forms of barter paradigm (e.g. Walras' general equilibrium theory). In such models, money serve as "lubricants" only, and have no real impacts on economy.
Smithin rigorously develop an heterodox macroeconomic model. In this model, interest rate (as determined by the Federal Reserve) play pivotal roles, and money have real impacts on economy.
I highly recommend this book to graduate students in economics, or intelligent readers who desire to understand what money really is. For a more accessible and less mathematical treatment on money and political economy, you may try "Macroeconomic Policy and the Future of Capitalism" by the same author.
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Capital Flows and the Emerging Economies: Theory, Evidence, and Controversies (National Bureau of Economic Research Conference Report)
Manufacturer: University Of Chicago Press
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Binding: Hardcover
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ASIN: 0226184706 |
Book Description
The 1990s witnessed several acute currency crises among developing nations that invariably spread to other nearby at-risk countries. These episodes—in Mexico, Thailand, South Korea, Russia, and Brazil—were all exacerbated by speculative foreign investments and high-volume movements of capital in and out of those countries. Insufficient domestic controls and a sluggish international response further undermined these economies, as well as the credibility of external oversight agencies like the International Monetary Fund. This timely volume examines the correlation between volatile capital mobility, currency instability, and the threat of regional contagion, focusing particular attention on the emergent economies of Latin America, Southeast Asia, and Eastern Europe.
Together these studies offer a new understanding of the empirical relationship between capital flows, international trade, and economic performance, and also afford key insights into realms of major policy concern.
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Controversies in Monetary Economics: Ideas, Issues and Policy
John N. Smithin
Manufacturer: Edward Elgar Publishing
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ASIN: 1852783990 |
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The Development of Monetary Economics: A Modern Perspective on Monetary Controversies
D. P. O'Brien
Manufacturer: Edward Elgar Publishing
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Binding: Hardcover
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ASIN: 1847202608 |
Book Description
`As O'Brien says, fashions in monetary economics move in cycles, and right now the idea that the quantity of money is an all important influence on inflation, and on much else as well, is none too popular. These always thoughtful and often original studies of the development of economists' ideas about money and monetary policy from the late 16th to the late 19th century do much to restore intellectual balance to the latest phase of an age-old debate, and deserve to stand alongside the classic contributions of Jacob Viner and Frank Fetter.'
- David Laidler, University of Western Ontario, Canada
The literature of monetary economics has been characterised by controversy and changes in the received wisdom throughout its history. The controversies have related not merely to the effects on incomes and prices of changes in the money supply, but even to the question of whether causality runs from money to incomes and prices or vice versa. This book begins with the pioneering work of the sixteenth century French writer Jean Bodin, followed by the celebrated John Law, and John Locke (and his eighteenth century critics). It considers both the theory and the evidence involved in the controversy between the Currency and Banking schools. Closely related to this was the work of two writers, Thomas Joplin and Walter Bagehot, both of whom provided perspectives strikingly different from those of the main controversialists and, in so doing, advanced the subject of monetary economics.
The book seeks, through the examination of monetary controversies, to provide an historical perspective on modern understanding of monetary policy. It will be essential reading for economists with an interest in monetary economics and the history of economic thought.
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The dividend-clientele controversy and the Tax Reform Act of 1986.: An article from: Quarterly Journal of Business and Economics
Douglas Hearth , and
James N. Rimbey
Manufacturer: University of Nebraska-Lincoln
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ASIN: B00091Z780
Release Date: 2005-07-28 |
Book Description
This digital document is an article from Quarterly Journal of Business and Economics, published by University of Nebraska-Lincoln on January 1, 1993. The length of the article is 4382 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
From the supplier: The effects of a provision of the Tax Reform Act of 1986 which increased the tax rates for investors while reducing it for dividends on common stocks are analyzed. Results are generally contrary to tha tax clientele hypothesis which states that as dividend yield increase, ex-dividend day price drop increases. In conclusion, the relationship found between yield and adjusted hypothetical statistics is weak.
Citation Details
Title: The dividend-clientele controversy and the Tax Reform Act of 1986.
Author: Douglas Hearth
Publication:
Quarterly Journal of Business and Economics (Refereed)
Date: January 1, 1993
Publisher: University of Nebraska-Lincoln
Volume: v32
Issue: n1
Page: p68(14)
Distributed by Thomson Gale
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Economic Images: Current Economic Controversies
Peter Browning
Manufacturer: Longman Group United Kingdom
ProductGroup: Book
Binding: Paperback
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ASIN: 0582296307 |
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The Pamphlet Controversy About Wood's Halfpence (1722-25) and the Tradition of Irish Constitutional Nationalism (Munster Monographs on English Literature)
Sabine Baltes , and
Peter Lang Ag
Manufacturer: Peter Lang Publishing
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ASIN: 0820464287 |
Books:
- Multicriteria Optimization in Engineering and in the Sciences (Mathematical Concepts and Methods in Science and Engineering)
- Multinational Business Finance, 10th Edition
- Normal Accidents: Living With High-Risk Technologies
- Oriented Matroids (Encyclopedia of Mathematics and its Applications)
- Paul Volcker: The Making of a Financial Legend
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