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"Intellectual property" - patents and copyrights - have become
controversial. We witness teenagers being sued for "pirating" music
- and we observe AIDS patients in Africa dying due to lack of
ability to pay for drugs that are high priced to satisfy patent
holders. Are patents and copyrights essential to thriving creation
and innovation - do we need them so that we all may enjoy fine
music and good health? Across time and space the resounding answer
is: No. So-called intellectual property is in fact an "intellectual
monopoly" that hinders rather than helps the competitive free
market regime that has delivered wealth and innovation to our
doorsteps. This book has broad coverage of both copyrights and
patents and is designed for a general audience, focusing on simple
examples. The authors conclude that the only sensible policy to
follow is to eliminate the patents and copyright systems as they
currently exist.
It is fashionable to criticize economic theory for focusing too
much on rationality and ignoring the imperfect and emotional way in
which real economic decisions are reached. All of us facing the
global economic crisis wonder just how rational economic men and
women can be. Behavioral economics - an effort to incorporate
psychological ideas into economics - has become all the rage. In
this book, David K. Levine questions the idea that behavioral
economics is the answer to economic problems. He explores the
successes and failures of contemporary economics both inside and
outside the laboratory, and asks whether popular behavioral
theories of psychological biases are solutions to the failures. The
book not only provides an overview of popular behavioral theories
and their history, but also gives the reader the tools for
scrutinizing them. Is Behavioral Economics Doomed? is essential
reading for students and teachers of economic theory and anyone
interested in the psychology of economics.
It is fashionable to criticize economic theory for focusing too
much on rationality and ignoring the imperfect and emotional way in
which real economic decisions are reached. All of us facing the
global economic crisis wonder just how rational economic men and
women can be. Behavioral economics - an effort to incorporate
psychological ideas into economics - has become all the rage. In
this book, David K. Levine questions the idea that behavioral
economics is the answer to economic problems. He explores the
successes and failures of contemporary economics both inside and
outside the laboratory, and asks whether popular behavioral
theories of psychological biases are solutions to the failures. The
book not only provides an overview of popular behavioral theories
and their history, but also gives the reader the tools for
scrutinizing them. Is Behavioral Economics Doomed? is essential
reading for students and teachers of economic theory and anyone
interested in the psychology of economics.
'Intellectual property' - patents and copyrights - have become
controversial. We witness teenagers being sued for 'pirating' music
- and we observe AIDS patients in Africa dying due to lack of
ability to pay for drugs that are high priced to satisfy patent
holders. Are patents and copyrights essential to thriving creation
and innovation - do we need them so that we all may enjoy fine
music and good health? Across time and space the resounding answer
is: No. So-called intellectual property is in fact an 'intellectual
monopoly' that hinders rather than helps the competitive free
market regime that has delivered wealth and innovation to our
doorsteps. This book has broad coverage of both copyrights and
patents and is designed for a general audience, focusing on simple
examples. The authors conclude that the only sensible policy to
follow is to eliminate the patents and copyright systems as they
currently exist.
In economics, most noncooperative game theory has focused on
equilibrium in games, especially Nash equilibrium and its
refinements. The traditional explanation for when and why
equilibrium arises is that it results from analysis and
introspection by the players in a situation where the rules of the
game, the rationality of the players, and the players' payoff
functions are all common knowledge. Both conceptually and
empirically, this theory has many problems. In The Theory of
Learning in Games Drew Fudenberg and David Levine develop an
alternative explanation that equilibrium arises as the long-run
outcome of a process in which less than fully rational players
grope for optimality over time. The models they explore provide a
foundation for equilibrium theory and suggest useful ways for
economists to evaluate and modify traditional equilibrium concepts.
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