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In their seminal work, The Calculus of Consent (1962), Buchanan and Tullock develop a decision model which embodies fundamental relation­ships relevant to institutional choices. However, the Buchanan-Tullock model remains "general," thus inviting others to specify details and to develop...
Persistent link: https://www.econbiz.de/10011257880
This study reports an experiment that examines whether groups can better comply with theoretical predictions than individuals in contests. Our experiment replicates previous findings that individual players significantly overbid relative to theoretical predictions, incurring substantial losses....
Persistent link: https://www.econbiz.de/10011113095
Better forecasts of decisions in conflict situations, such as occur in business, politics, and war, can help protagonists achieve better outcomes. It is common advice to “stand in the other person’s shoes” when involved in a conflict, a procedure we refer to as “role thinking.” We...
Persistent link: https://www.econbiz.de/10005061656
We study the relationship between the cognitive load manipulation and strategic sophistication. The cognitive load manipulation is designed to reduce the subject's cognitive resources which are available for deliberation on a choice. In our experiment, subjects are placed under a large cognitive...
Persistent link: https://www.econbiz.de/10011107297
We study the relationship between the cognitive load manipulation and strategic sophistication. The cognitive load manipulation is designed to reduce the subject's cognitive resources that are available for deliberation on a choice. In our experiment, subjects are placed under a high cognitive...
Persistent link: https://www.econbiz.de/10011107460
This paper proposes a model of individual choice that does not assume completeness of the decision maker's preferences. The model helps explain in a natural way, and within a unied framework of choice in the presence of preference-incomparable options, three distinct behavioural phenomena: the...
Persistent link: https://www.econbiz.de/10011107581
The Ramsey (1928) accumulation path is characterized as a saddle-path in the standard presentations of the model based on the works of Cass (1965) and Koopmans (1965). From a mathematical stance a saddle-path is unstable: if the system is exactly on that path, it converges to the steady state of...
Persistent link: https://www.econbiz.de/10011108209
In the present essay we introduce in a model the concept of macroculture and the formation of new values within the particular macroculture that arose during the 8th to 4th century BC in Ancient Greece. We analyse the conditions and the context for the emergence of the heavy infantryman, the...
Persistent link: https://www.econbiz.de/10011109557
This article shows the relationship between market and firms through the theory of transactional cost and the relations that determine the structure and boundaries of the firm. Using the assumptions from the transactional cost approach, this article proposes some variables that determine optimal...
Persistent link: https://www.econbiz.de/10011109776
During history, an aggressive country seeks to force non-aggressive countries to made many concessions based on military force. In our paper we discuss the situation that one aggressive country is dissatisfied with its current position and try to obtain more concessions from a rival country. To...
Persistent link: https://www.econbiz.de/10011110447