We experimentally test for the effect of an additional alternative on the measured risk preferences of farmers in rural Peru. In our experiment, subjects revealed their risk preferences with a series of choices between two gambles. We added a third gamble, which was always dominated by one of...

A core question addressed in this paper is: Can mainstream economic methodology be improved, and if so, how? In the process, it also considers the following questions: Is there much scope for improvement of intellectual property strategy? Is such improvement valuable? Can economics, and in...

This paper forms part of a research project investigating conceptions of the relationship between micro-level self-seeking agent behaviour and the desirability or otherwise of the resulting macro-level social outcomes in the history of economics. I identify two kinds of conservative rhetorical...

Regarding the trade-off between the depth and the duration of recessions, there exists a mounting empirical evidence of the idiosyncratic and non-synchronized behavior of the business cycle over time within and across countries. In this paper, I propose a stochastic dynamic general equilibrium...

Market clearing is the central issue in macroeconomics. Two centuries of debate on Say’s Law indicates that the issue is not yet settled. This essay proposes that double coincidence is a necessary condition for market clearing, in addition to the equality of demand and supply at equilibrium...

In the Domain of Development Economics, Productivity is represented by Output to Input Ratio & Management Decisions related to the Inputs and Outputs ensures to keep this ratio in a favourable condition. When this is integrated with a Broad-Scope of Socio-Economic Development (SED). Qualitative...

This paper offers an accessible introductory survey of the application of abstract choice theory to consumer theory. In the process, the paper identifires---somewhat more carefully than is usual in the literature--- the relatively small role of the rationality postulates and the relatively large...

Theoretical study identifying one modality with conditions necesary for the financial stabilization of an inherently unstable system; and 5040 other unstable dynamic modes. It draws on knowledge made available by the academic field of Control Engineering.

The multiplier theory is still an important analytical tool in many macroeconomic textbooks. For example, a number of textbook authors use the theory to explain the process of growth in goods market by expanding the multiplier process into a geometric series, and thus obtain the route of...

This paper revisits Keynes’s liquidity preference theory as it evolved from the Treatise on Money to The General Theory and after, with a view of assessing the theory’s ongoing relevance and applicability to issues of both monetary theory and policy. Contrary to the neoclassical “special...