Competition and efficiency is at the core of economic theory. This volume collects papers of leading scholars, which extend the conventional general equilibrium model in important ways: Efficiency and price regulation are studied when markets are incomplete and existence of equilibria in such settings is proven under very general preference assumptions. The model is extended to include geographical location choice, a commodity space incorporating manufacturing imprecision and preferences for club-membership, schools and firms. Inefficiencies arising from household externalities or group...
Competition and efficiency is at the core of economic theory. This volume collects papers of leading scholars, which extend the conventional genera...
The economic concept of equilibrium infers rational participants, yet what happens when analysts and traders behave unpredictably? Darwin takes over. This book shows how traditional economic equilibria can exist despite natural selection in irrational markets.
The economic concept of equilibrium infers rational participants, yet what happens when analysts and traders behave unpredictably? Darwin takes ove...
Over two centuries of theory and practical experience have taught us that election and decision procedures do not behave as expected. Instead, we now know that when different tallying methods are applied to the same ballots, radically different outcomes can emerge, that most procedures can select the candidate, the voters view as being inferior, and that some commonly used methods have the disturbing anomaly that a winning candidate can lose after receiving added support. A geometric theory is developed to remove much of the mystery of three-candidate voting procedures. In this manner, the...
Over two centuries of theory and practical experience have taught us that election and decision procedures do not behave as expected. Instead, we now ...
This book is a survey on the problem of choosing from a tournament. It brings together under a unified and self-contained presentation results and concepts from Graph Theory, Choice Theory, Decision Science and Social Choice which were discovered in the last ten years. Classical scoring and ranking methods are introduced, including the Slater orderings, as well as new statistical methods for describing a tournament, graph-theoretical methods based on the covering relation and game-theoretical methods. As an illustration, results are applied to the classical problem of Majority Voting: How to...
This book is a survey on the problem of choosing from a tournament. It brings together under a unified and self-contained presentation results and con...
This book discusses convex analysis, the basic underlying structure of argumentation in economic theory. Convex analysis is also common to the optimization of problems encountered in many applications. The text is aimed at senior undergraduate students, graduate students, and specialists of mathematical programming who are undertaking research into applied mathematics and economics. The text consists of a systematic development in eight chapters, and contains exercises. The book is appropriate as a class text or for self-study.
This book discusses convex analysis, the basic underlying structure of argumentation in economic theory. Convex analysis is also common to the optimiz...
Experimental methods are now a mainstream empirical methodology in economics. The papers in this volume represent some recent developments in research on experimental markets. The articles span a variety of topics related to experimental markets, including auctions, taxation, institutional differences, coordination in markets, and learning. Contributors to the volume include many of the most distinguished researchers in the area.
Experimental methods are now a mainstream empirical methodology in economics. The papers in this volume represent some recent developments in research...
Over the last fifty years advanced mathematical tools have become an integral part in the development of modern economic theory. Economists continue to invoke sophisticated mathematical techniques and ideas in order to understand complex economic and social problems. In the last ten years the theory of Riesz spaces (vector lattices) has been successfully applied to economic theory. By now it is understood relatively well that the lattice structure of Riesz spaces can be employed to capture and interpret several economic notions. On April 16-20, 1990, a small conference on Riesz Spaces,...
Over the last fifty years advanced mathematical tools have become an integral part in the development of modern economic theory. Economists continue t...
One of the core building blocks of traditional economic theory is the concept of equilibrium, a state of the world in which economic forces are balanced and in the absence of external influences the values of economic variables remain static. Many traditional equilibrium models, or equilibria, are established based on the rational behavior of individuals within financial markets, such as traders, market analysts, and investing firms, and their ability to maximize profits, no matter the cost. Yet what happens when these market participants behave in an irrational manner, and how does...
One of the core building blocks of traditional economic theory is the concept of equilibrium, a state of the world in which economic forces are bal...
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...
This book investigates the ways in which social norms and bounded rationality shape different contracts in the real world. It brings into focus existi...
This is the first book combining research on the Global Environment, Catastrophic Risks and Economic Theory and Policy. This book brings together new approaches on multiple levels: environmental sustainability requires rethinking in terms of economic theory and policy as well as the considerations of catastrophic risk and extremal events.
This is the first book combining research on the Global Environment, Catastrophic Risks and Economic Theory and Policy. This book brings together new ...
