obp.0404.pdf
While current economic theory focuses on prices and games, this book models economic settings where harmony is established through one of the following societal conventions: • A power relation according to which stronger agents are able to force weaker ones to do things against their will. • A norm...
| Γλώσσα: | English |
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Open Book Publishers
2024
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| Διαθέσιμο Online: | https://www.openbookpublishers.com/books/10.11647/OBP.0404 |
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oapen-20.500.12657-90034 |
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oapen-20.500.12657-900342024-04-30T02:24:37Z No Prices No Games! Richter, Michael Rubinstein, Ariel Economic Theory;Models;Prices;Games;Agents;Equilibrium thema EDItEUR::K Economics, Finance, Business and Management::KC Economics thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCA Economic theory and philosophy thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCK Behavioural economics While current economic theory focuses on prices and games, this book models economic settings where harmony is established through one of the following societal conventions: • A power relation according to which stronger agents are able to force weaker ones to do things against their will. • A norm that categorizes actions as permissible or forbidden. • A status relation over alternatives which limits each agent's choices. • Systematic biases in agents' preferences. These four conventions are analysed using simple and mathematically straightforward models, without any pretensions regarding direct applied usefulness. While we do not advocate for the adoption of any of these conventions specifically – we do advocate that when modelling an economic situation, alternative equilibrium notions should be considered, rather than automatically reaching for the familiar approaches of prices or games. 2024-04-26T09:46:38Z 2024-04-26T09:46:38Z 2024 book 9781805113089 9781805113096 https://library.oapen.org/handle/20.500.12657/90034 eng application/pdf Attribution-NonCommercial-NoDerivatives 4.0 International obp.0404.pdf https://www.openbookpublishers.com/books/10.11647/OBP.0404 Open Book Publishers 10.11647/OBP.0404 10.11647/OBP.0404 23117811-c361-47b4-8b76-2c9b160c9a8b 9781805113089 9781805113096 154 Cambridge open access |
| institution |
OAPEN |
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DSpace |
| language |
English |
| description |
While current economic theory focuses on prices and games, this book models economic settings where harmony is established through one of the following societal conventions: • A power relation according to which stronger agents are able to force weaker ones to do things against their will. • A norm that categorizes actions as permissible or forbidden. • A status relation over alternatives which limits each agent's choices. • Systematic biases in agents' preferences. These four conventions are analysed using simple and mathematically straightforward models, without any pretensions regarding direct applied usefulness. While we do not advocate for the adoption of any of these conventions specifically – we do advocate that when modelling an economic situation, alternative equilibrium notions should be considered, rather than automatically reaching for the familiar approaches of prices or games. |
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obp.0404.pdf |
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obp.0404.pdf |
| title_short |
obp.0404.pdf |
| title_full |
obp.0404.pdf |
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obp.0404.pdf |
| publisher |
Open Book Publishers |
| publishDate |
2024 |
| url |
https://www.openbookpublishers.com/books/10.11647/OBP.0404 |
| _version_ |
1799945202505351168 |
