Behavioral economics provides a rich set of explicit models of non-classical preferences and belief formation which can be used to estimate structural models of decision making. At the same time, experimental approaches allow the researcher to exogenously vary components of the decision making environment. The synergies between behavioral and experimental economics provide a natural setting for the estimation of structural models. This Element will cover examples supporting the following arguments 1) Experimental data allows the researcher to estimate structural models under weaker assumptions and can simplify their estimation, 2) many popular models in behavioral economics can be estimated without any programming skills using existing software, 3) experimental methods are useful to validate structural models. This Element aims to facilitate adoption of structural modelling by providing Stata codes to replicate some of the empirical illustrations that are presented. Examples covered include estimation of outcome-based preferences, belief-dependent preferences and risk preferences.

Although mercers have long been recognised as one of the most influential trades in medieval London, this is the first book to offer a comprehensive and detailed analysis of the trade from the twelfth to the sixteenth century. The variety of mercery goods (linen, silk, worsted and small manufactured items including what is now called haberdashery) gave the mercers of London an edge over all competitors. The sources and production of all these commodities is traced throughout the period covered. It was as the major importers and distributors of linen in England that London mercers were able to take control of the Merchant Adventurers and the export of English cloth to the Low Countries. The development of the Adventurers' Company and its domination by London mercers is described from its first privileges of 1296 to after the fall of Antwerp. This book investigates the earliest itinerant mercers and the artisans who made and sold mercery goods (such as the silkwomen of London, so often mercers' wives), and their origins in counties like Norfolk, the source of linen and worsted. These diverse traders were united by the neighbourhood of the London Mercery on Cheapside and by their need for the privileges of the freedom of London. Extensive use of Netherlandish and French sources puts the London Mercery into the context of European Trade, and literary texts add a more personal image of the merchant and his preoccupation with his social status which rose from that of the despised pedlar to the advisor of princes. After a slow start, the Mercers' Company came to include some of the wealthiest and most powerful men of London and administer a wide range of charitable estates such as that of Richard Whittington. The story of how they survived the vicissitudes inflicted by the wars and religious changes of the sixteenth century concludes this fascinating and wide-ranging study.

This book brings together in one place the work of one of our most respected economic theorists, on a field in which he has played a large part in originating: the New Institutional Economics. Transaction cost economics, which studies the governance of contractual relations, is the branch of the New Institutional Economics with which Oliver Williamson is especially associated.
Transaction cost economics takes issue with one of the fundamental building blocks in microeconomics: the theory of the firm. Whereas orthodox economics describes the firm in technological terms, as a production function, transaction cost economics describes the firm in organizational terms, as a governance structure. Alternative feasible forms of organization--firms, markets, hybrids, bureaus--are examined comparatively. The analytical action resides in the details of transactions and the mechanisms of governance.
Transaction cost economics has had a pervasive influence on current economic thought about how and why institutions function as they do, and it has become a practical framework for research in organizations by representatives of a variety of disciplines. Through a transaction cost analysis, TheMechanisms of Governance shows how and why simple contracts give way to complex contracts and internal organization as the hazards of contracting build up. That complicates the study of economic organization, but a richer and more relevant theory of organization is the result. Many testable implications and lessons for public policy accrue to this framework. Applications of both kinds are numerous and growing.
Written by one of the leading economic theorists of our time, The Mechanisms of Governance is sure to be an important work for years to come. It will be of interest to scholars and students of economics, organization, management, and law.

As societies progress, old generations of social agents die and are replaced by new ones. This book explores what happens in this transition as the old guard instructs the new arrivals about the wisdom of their ways. Do new entrants listen and follow the advice of their elders or dismiss it? Is intergenerational advice welfare improving or can it be destructive? Does such advice enhance the stability of social conventions or disrupt it? Using the concept of an Intergenerational Game and the tools of game theory and experimental economics, this study delves into the process of social leaning created by intergenerational advice passed from generation to generation. This book presents a unique theoretical and empirical study of the dynamics of social conventions not offered elsewhere.

These volumes contain key texts from the period 1860-1939, covering a long list of Anglo-Saxon writers, as well as the most important contributions from the French, German, Italian, Russian and Swedish debates. The older business cycle theories presented here richly elucidate the complex interaction between real, monetary and structural change factors in economic systems - providing a fertile source of inspiration for current researchers. This second part is organised around the themes of economic growth, technical change and business cycles; the accelerator, overaccumulation and underconsumption; saving, investment and expectations; and quantitative business cycle analysis.

Now revised and updated to reflect critical changes in economic policy since the last edition, Microeconomic Issues Today, Eighth Edition, provides Conservative, Liberal, and Radical interpretations and solutions for seven current microeconomic issues. An instructor's manual with a test bank and discussion questions is available to professors who adopt the text, and PowerPoint downloads are available as teaching aids.

Recent developments in behavioural economics have deeply influenced the way governments design public policies. They give citizens access to online simulators to cope with tax and benefits systems and increasingly rely on nudges to guide individual decisions. The recent surge of interest in Behavioural Public Finance is grounded on the conviction that a better understanding of individual behaviours could improve predictions of tax revenue and help design better-suited incentives to save for retirement, search for a new job, go to school or seek medical attention. Through a presentation of the most recent developments in Behavioural Public Finance, this Element discusses the way Behavioural Economics has improved our understanding of fiscal policies.

This book presents a comparative study of the land settlements and sovereign arrangements between the US government and the three major aggregated groups of indigenous peoples-American Indians, Native Alaskans, and Native Hawaiians-whose land rights claims have resulted in very different outcomes. It shows that the outcomes of their sovereign claims were different, though their bases were similar. While the US government insists that it is committed to the government-to-government relationship it has with the tribes, federal authority severely limits the ability of tribal governments to participate as an equal partner.

This title is a study of the export of books from Britain to early-independent Spanish America, which considers all phases of production, distribution, reading and re-writing of British books in the region, and explores the role that these works played in the formation of national identities in the new countries. Analysing in particular the publishing house of Rudolph Ackermann, which dominated the export of British books in Spanish to the former colonies in the 1820s, it discusses the ways in which the printed form of these publications affected the knowledge conveyed by them. early-independent Spanish America and the trends in the import of European books in the region, the author examines the operation of Ackermann's publishing enterprise. She shows how the collaborative nature of this enterprise, involving a number of Spanish American diplomats as sponsors and Spanish exiles as writers and translators, shaped the characteristics of its publications, and how the notion of useful knowledge conveyed by them was deployed in the service of both commercial and educational concerns. and retailing in Spanish America in the 1820s are also analysed, as is the way in which the significance of the knowledge transmitted by those books shifted in the course of their production and distribution. The author examines how the question-and answer form of Ackermann's textbooks constrained both publishers and writers and oriented their readers' relation with the texts. She then looks at the various ways in which foreign knowledge was appropriated in the construction of individual, social, national, and continental identities; this is done through the study of a number of individual reading experiences and through the analysis of the editions and adaptations of Ackermann's textbooks during the 19th century. be of interest both to book historians and to Latin American scholars, as well as to historians of education, historians of science, and scholars interested in processes of internationalisation, transmission, and appropriation of knowledge.

In 1977 Brazil initiated the "market reserve policy" to protect and reserve its domestic market for its own computer manufacturing companies. The basic assumptions on which its plans rested were fatally flawed, however, and the experiment failed to a large degree. This work investigates to what extent the policy, so carefully fashioned, fell short of its target and left Brazil with expensive and poorly made products. The author also evaluated the important and influential role of Brazil's bureaucracy and military. Scholars of economic development, industrial organization, economic history, and technology should find this well-documented work valuable.

PRAISE FOR THE LONG GOOD BUY "Oppenheimer offers brilliant insights, sage advice and entertaining anecdotes. Anyone wishing to understand how financial markets behave - and misbehave - should read this book now." Stephen D. King, economist and author of Grave New World: The End of Globalisation, the Return of History "Peter has always been one of the masters of dissecting financial markets performance into an understandable narrative, and in this book, he pulls together much of his great thinking and style from his career, and it should be useful for anyone trying to understand what drives markets, especially equities." Lord Jim O'Neill, Chair, Chatham House "A deeply insightful analysis of market cycles and their drivers that really does add to our practical understanding of what moves markets and long-term investment returns." Keith Skeoch, CEO, Standard Life Aberdeen "This book eloquently blends the author's vast experience with behavioural finance insights to document and understand financial booms and busts. The book should be basic reading for any student of finance." Elias Papaioannou, Professor of Economics, London Business School "This is an excellent book, capturing the insights of a leading market practitioner within the structured analytical framework he has developed over many years. It offers a lively and unique perspective on how markets work and where they are headed." Huw Pill, Senior Lecturer, Harvard Business School "The Long Good Buy is an excellent introduction to understanding the cycles, trends and crises in financial markets over the past 100 years. Its purpose is to help investors assess risk and the probabilities of different outcomes. It is lucidly written in a simple logical way, requires no mathematical expertise and draws on an amazing collection of historical data and research. For me it is the best and most comprehensive introduction to the subject that exists." Lord Brian Griffiths, Chairman - Centre for Enterprise, Markets and Ethics, Oxford

Forcourses in the principles of microeconomics. Anevidence-based approach to economics Throughout Microeconomics, 3rd Edition, authors DaronAcemoglu, David Laibson, and John List use real economic questions anddata to help you learn about the world around you. Taking a freshapproach, they use the themes of optimization, equilibrium, and empiricism tonot only illustrate the power of simple economic ideas, but also to explain andpredict what's happening in today's society. Each chapter begins with anempirical question that is relevant to the life of the reader, and islater answered using data in the Evidence-Based Economics feature. As a resultof the text's practical emphasis, you learn to apply economicprinciples to guide the decisions you make in your own dailylife.

For a long time, economists have assumed that we were cold, self-centred, rational decision makers - so-called Homo economicus; the last few decades have shattered this view. The world we live in and the situations we face are of course rich and complex, revealing puzzling aspects of our behaviour. Optimally Irrational argues that our improved understanding of human behaviour shows that apparent 'biases' are good solutions to practical problems - that many of the 'flaws' identified by behavioural economics are actually adaptive solutions. Page delivers an ambitious overview of the literature in behavioural economics and, through the exposition of these flaws and their meaning, presents a sort of unified theory of behaviouralism, cognitive psychology and evolutionary biology. He gathers theoretical and empirical evidence about the causes of behavioural 'biases' and proposes a big picture of what the discipline means for economics.

For a long time, economists have assumed that we were cold, self-centred, rational decision makers - so-called Homo economicus; the last few decades have shattered this view. The world we live in and the situations we face are of course rich and complex, revealing puzzling aspects of our behaviour. Optimally Irrational argues that our improved understanding of human behaviour shows that apparent 'biases' are good solutions to practical problems - that many of the 'flaws' identified by behavioural economics are actually adaptive solutions. Page delivers an ambitious overview of the literature in behavioural economics and, through the exposition of these flaws and their meaning, presents a sort of unified theory of behaviouralism, cognitive psychology and evolutionary biology. He gathers theoretical and empirical evidence about the causes of behavioural 'biases' and proposes a big picture of what the discipline means for economics.

Series Information:
Chinese Worlds

This book can be used as a way of introducing business and management students to economic concepts as well as providing economics students with a clear grasp of how to use the skills they will need in the world of business.
Topics covered include:
*product differentiation
*price discrimination
*hiring and training workers
labor-management relations
*international trade
A host of key features are employed to add colour to the text including case studies, examples and discussion questions. Scenarios presented centre upon a diverse range of subjects and firms including Eurostar, NHL hockey equipment, Chevrolet, Philips and pension plans.

These volumes contain key texts from the period 1860-1939, covering a long list of Anglo-Saxon writers, as well as the most important contributions from the French, German, Italian, Russian and Swedish debates. The older business cycle theories presented here richly elucidate the complex interaction between and real, monetary and structural change factors in economic systems - the close association between historical and analytical methods providing a fertile source of inspiration for current researchers in the field. This first part covers early classics, structural theories, monetary theories of business cycles, and the relation between equilibrium and the business cycle.

Developed from a study commissioned by the European Capital Markets Institute, this book examines the impact of private equity and capital markets on the development of small and medium sized enterprises (SMEs) in the United States and the European Union. It also seeks to understand the nature of institutional policy towards SMEs and the extent to which it can aid development.
This volume offers a strong introduction, glossary and international case-studies to aid the reader's understanding, and has a broad appeal within finance, economics and business.

eBook available with sample pages: 0203166035

The UK fuel tax protests of September 2000 generated considerable debate about fuel prices and taxation and put transport in the media spotlight. Away from the immediate events and debates surrounding the protests, the experience offered the opportunity for longer-term lessons on transport to be gained. The editors of this volume, Glenn Lyons and Kiron Chatterjee, saw the opportunity to get fresh insight into car dependence and conducted a large-scale travel behaviour survey to find out how car users coped when restricted in being able to buy petrol. This book presents their findings and collects together articles written by other researchers on a range of topics including fuel taxation, transport pricing, policy acceptability, travel behaviour and goods distribution.

Price theory has always been and still is at the heart of economic theory. For the past two and a half centuries, economic theorists have been trying in many different ways to understand and explain the determination of relative prices between goods and services. Usually at a very high degree of sophistication, the profession's brightest minds have been slowly building up this crucial stepping-stone of the entire field of economics analysis.

This book is a timely exploration of an unprecedented, cataclysmic pandemic episode. It examines certain critical aspects of socio-scientific theory across a variety of diverse themes, and through an epistemic lens. The book investigates the general theory of pandemic episodes and their adverse long-term effects on human and environmental wellbeing. It includes an in-depth study of COVID-19 but also looks to the future to contemplate potential pandemics to come. The existing approach to the study of pandemics is critically examined in terms of the prevalent isolated and thus mutated way of viewing human and mechanical relations in the name of specialization and modernity. The book presents a novel model of science-economy-society moral inclusiveness that forms a distinctive theoretical approach to the issue of normalizing all forms of pandemic challenges. It is methodologically different from existing economic theory, including the critical study of microeconomic foundations of macroeconomics. Human and environmental existence along with its multidisciplinary outlook of unity of knowledge between modernity, traditionalism, and socio-cultural values is emphasized in the treatment and cure of pandemic episodes. The book is a unique reference work, offering fresh wisdom within the moral methodological worldview.

The U.S. economy is generally considered to run on free market or laissez faire principles, implying that U.S. policy makers do not provide government support for industrial or commercial sectors. While mostly true, it is not the case with strategic industries, such as aerospace. Support for the aerospace sector has been viewed as essential, because aerospace technologies have been the material backbone of U.S. security systems. But American historic dominance in commercial aerospace, and particularly the large commercial aircraft sector, arose on the back of defence technology paid for by the US government. Aerospace Strategic Trade analyses the subsidy of the U.S. large commercial aircraft (LCA) industry and redefines the terms of the Airbus/Boeing subsidy debate. This is achieved by tracking the benefits to Boeing, of the Research and Technology contracts granted by the DoD and NASA. The book is characterized by a new level of methodological precision in the database upon which the factual claims rest and the analysis derives from an exhaustive search of U.S. public databases and also data on federal R&D contracts, obtained under the Freedom of Information Act (FOIA) in the USA. The overall analysis brings together these two approaches and provides a balanced and highly informative account of U.S. federal funding of the American large commercial aircraft sector. This book is of interest to academics, industrialists and government officials concerned with the aerospace industry, to managers and executives in the aerospace industry.

Focusing on the service economy, and designed especially for non-economics majors, this practical text establishes a new and enduring blend of topics for an introductory course in consumerism. It presses students to appreciate the world of markets and to clarify their personal priorities for decision-making as it introduces the fundamentals of markets, consumer choice, financial assessment, risk avoidance and other topics. The book features numerous illustrative examples, useful perspectives and practical guidelines on intelligent consumerism.

This is the sixth volume in the series discussing advances in applied microeconomics. It covers issues such as efficiency in auctions when bidders have private information about competitors, lift-lining, the general double auction mechanism, and lottery qualification auctions.