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Uncertainty and Economic Evolution by John L. Lott Jr. Pdf
The theory of the firm has recently undergone a dramatic transformation, drawing heavily on the pathbreaking work of Armen Alchian. This volume explores his contribution to the debate, including essays by Harold Demetz, Ben Klein, Jerry Jordan and Art Devany.
Uncertainty and Economic Evolution by John R. Lott,Armen Albert Alchian Pdf
The theory of the firm has recently undergone a dramatic transformation, drawing heavily on the pathbreaking work of Armen Alchian. This volume explores his contribution to the debate, including essays by Harold Demetz, Ben Klein, Jerry Jordan and Art Devany.
Investment under Uncertainty, Coalition Spillovers and Market Evolution in a Game Theoretic Perspective by J.H.H Thijssen Pdf
Two crucial aspects of economic reality are uncertainty and dynamics. In this book, new models and techniques are developed to analyse economic dynamics in an uncertain environment. In the first part, investment decisions of firms are analysed in a framework where imperfect information regarding the investment's profitability is obtained randomly over time. In the second part, a new class of cooperative games, spillover games, is developed and applied to a particular investment problem under uncertainty: mergers. In the third part, the effect of bounded rationality on market evolution is analysed for oligopolistic competition and incomplete financial markets.
Author : Richard R. Nelson Publisher : Harvard University Press Page : 456 pages File Size : 41,9 Mb Release : 1985-10-15 Category : Business & Economics ISBN : 0674041437
An Evolutionary Theory of Economic Change by Richard R. Nelson Pdf
This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.
The Evolution of Economic Institutions by Geoffrey Martin Hodgson Pdf
This volume documents in a unique manner the momentum the institutionalist, evolutionary research agenda has regained over the past two decades. The thought-provoking contributions come from prominent authors with a rather heterogeneous theoretical background. Nonetheless, they all convene in elaborating on issues that have always been at the core of the institutionalist agenda and show how these issues relate to cutting edge research in modern economics. Ulrich Witt, Max Planck Institute of Economics, Jena, Germany This excellent EAEPE Reader brings together a range of perspectives on the role of institutions in economics. It is very well structured, with parts on microeconomics, macroeconomics, markets and economic evolution. Each part contains chapters written by renowned experts in their respective fields and there is an authoritative introductory chapter by the editor. This Reader is invaluable for economics students and academic economists wishing to better understand how institutions and individual behaviours interact in the economic system. Much of standard economic analysis either ignores institutions or makes overly restrictive assumptions about them the authors in this book show, persuasively, that economics, without an adequate treatment of institutions and institutional change, is of very little scientific worth. John Foster, The University of Queensland, Australia This is a great set of essays. To get the richness they contain, the reader must be already familiar with the broad orientation of the literature on economic institutions. Given that background, I can think of no collection or essays that frame, illuminate, and probe modern institutional economics as well as does this set. Geoffrey Hodgson, who chose the collection, and the authors of the essays, are to be congratulated and thanked. Richard R. Nelson, Columbia University, US It is now widely acknowledged that institutions are a crucial factor in economic performance. Major developments have been made in our understanding of the nature and evolution of economic institutions in the last few years. This book brings together some key contributions in this area by leading internationally renowned scholars including Paul A. David, Christopher Freeman, Alan P. Kirman, Jan Kregel, Brian J. Loasby, J. Stanley Metcalfe, Bart Nooteboom and Ugo Pagano. This essential reader covers topics such as the relationship between institutions and individuals, institutions and economic development, the nature and role of markets, and the theory of institutional evolution. The book not only outlines cutting-edge developments in the field but also indicates key directions of future research for institutional and evolutionary economics. Vital reading on one of the most dynamic and rapidly growing areas of research today, The Evolution of Economic Institutions will be of great interest to researchers, students and lecturers in economics and business studies.
Pierre Garrouste,Stavros Ioannides,European Association for Evolutionary Political Economy
Author : Pierre Garrouste,Stavros Ioannides,European Association for Evolutionary Political Economy Publisher : Edward Elgar Publishing Page : 264 pages File Size : 44,9 Mb Release : 2001-01-01 Category : Business & Economics ISBN : 1781950229
Evolution and Path Dependence in Economic Ideas by Pierre Garrouste,Stavros Ioannides,European Association for Evolutionary Political Economy Pdf
Since the 1980s there has been a renewed interest in attempts to introduce a sense of history into economic literature. In this text, the authors argue that it is not possible to explain a state of the world without first analyzing the processes that lead to that state.
Risk And Uncertainty In Tribal And Peasant Economies by Elizabeth Cashdan Pdf
This book is concerned with how people respond to unpredictable variation in environmental and economic conditions (risk) and lack of information (uncertainty) about those risks. The papers focus on tribal and peasant societies. These societies lack many of the formal institutions that we, in the industrialized West, rely on to buffer us against unpredictable resource fluctuations. As the papers in this volume show, people in these societies are directly and profoundly affected by such risks. The contributors to this volume are primarily ecological and economic anthropologists who have in common a familiarity with both the formal theory of behavioral ecology and/or economics and the anthropological literature on tribal and peasant societies.
A Reappraisal of Economic Development by Jerome Bruner Pdf
What have the social sciences to show for decades of systematic investigation of the problems of economic development? What basic problems have they solved and what remains to be done in the development of viable theoretical approaches to this area of research and policy? In an unusually open discussion, thirty-three experts from the fields of anthropology, economics, political science, geography, sociology, and agriculture here present a stimulating re-examination of their accomplishments and mutual problems, of the progress the disciplines have made, and that which remains.The increased interest of social scientists in their sister disciplines has not been stimulated solely by intellectual exploration into the problems that they share and the particular insights each provides. Much of the interest stems from the groping and searching concern of field workers who find themselves investigating problems and systems which cannot be understood adequately in terms of a single kind of analysis, be it political, social, cultural, historical, or psychological. Fieldwork thrusts upon them the realization that their professional areas of concern overlap and converge upon aspects of life which traditionally (or academically) lie in the domains of other disciplines.A Reappraisal of Economic Development is distinguished by the vitality and spark of scholars of different disciplines interacting with each other. The book's formal essays are deliberately short, leaving the bulk of the volume to intensive, cross-disciplinary investigation of the positions, accomplishments, and proposals of the speakers and their critics. The result is a fruitful re-evaluation of the political, social, and geographic forces affecting economic development in emerging nations and a useful handbook for anyone dealing with the varied problems of foreign aid, health and educational development, labor organization, and foreign business.Andrew H. Whiteford was Geor
Movies expected to perform well can flop, whilst independent movies with low budgets can be wildly successful. In this text, De Vany casts his eye over all aspects of the business to present some intriguing conclusions.
Risk, Uncertainty and Profit by Frank H. Knight Pdf
A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.
Approaches to Economic Development by John P. Blair,Laura A. Reese Pdf
This Reader presents a selection of articles from Economic Development Quarterly, the premier journal for practitioners and academics of local economic development. The pieces chosen cover both the breadth and the cutting edge of real world economic development practices.
Long Term Economic Development by Andreas Pyka,Esben Sloth Andersen Pdf
The book gives an overview of important research topics recently addressed in evolutionary Neo-Schumpeterian Economics. The list of research questions and applications of Neo-Schumpeterian reasoning impressively demonstrates the rich possibilities ranging from theoretical issues addressing human behaviour to applied areas like the emergence of biotechnology in developing countries, the role of innovation on financial markets and the R&D strategies of multinational enterprises. The chapters in this book bring together a rich set of new analytical and empirical methodologies which allow for new relevant and rigorous insights in innovation processes which are responsible for economic development and structural change.
The new institutional economics offers one of the most exciting research agendas in economics today. The book looks at the differences and similarities between the three main approaches.