In his Idea of Justice, Amartya Sen compares the two basic approaches to evaluate institutions, transcendental institutionalism and realization-focused comparisons. Referring to Smith's Impartial Spectator, he argues in favour of the latter and proposes the principle of Open Impartiality....

In his Idea of Justice, Amartya Sen compares the two basic approaches to evaluate institutions, transcendental institutionalism and realization-focused comparisons. Referring to Smith's Impartial Spectator, he argues in favour of the latter and proposes the principle of Open Impartiality....

The article argues that performativity theory can shed light on the process of emergence of institutions. This process is not strictly constitutive: institutions such as a new state, a new political party or a firm do not appear at the very moment when somebody declares them as existent. There...

In this paper, I suggest that financial products simultaneously inhabit two regimes of valuation: calculative and consumptive. There are constant endeavors in the market to develop formal mathematical methods of valuation and to use them as a base for investment decisions. Using the example of...

The paper presents the cutting-edge approaches to economic expectations that originate in the field of computational intelligence. Firstly, the AI-based expectation concepts are situated within the long-standing debate about expectation formation in economics. They are discussed as a middle way...

We review two strands of conceptual approaches to the formal representation of a decision maker's non-knowledge at the initial stage of a static one-person, one-shot decision problem in economic theory. One focuses on representations of non-knowledge in terms of probability measures over sets of...

In this article, we address the question of how non-knowledge about future events that influence economic agents' decisions in choice settings has been formally represented in economic theory up to date. To position our discussion within the ongoing debate on uncertainty, we provide a brief...