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This paper explains the connection between ideas developed in my recent books and papers and those of economists who self-identify as Post Keynesians. My own work is both neoclassical and ‘old Keynesian'. Much of my published work assumes that people have rational expectations and that...
Persistent link: https://www.econbiz.de/10012964394
Many studies find that presentation of balanced information, offering competing positions, can promote polarization and thus increase preexisting social divisions. We offer two explanations for this apparently puzzling phenomenon. The first involves what we call asymmetric Bayesianism: the same...
Persistent link: https://www.econbiz.de/10013083095
Research has repeatedly shown that altruism is lower in diverse communities. Can this phenomenon be counteracted by government intervention? To answer this question, this paper introduces diversity to the canonical model of quot;warm glowquot; giving. Diversity may have two effects on...
Persistent link: https://www.econbiz.de/10012776153
the face of what they consider the incoherent era of "pluralism" or "postmodernism" that began in the late twentieth …
Persistent link: https://www.econbiz.de/10012857646
of a pluralism without privilege, but they also had doubts about its possibility. They offered some reasons to prefer … pluralism with privilege to the absence of both. They worried that centralization, democratic or otherwise, might be the … preeminent fact of modern state consolidation, and that purely voluntary, equal, associational pluralism might not be powerful …
Persistent link: https://www.econbiz.de/10013021037
Evidence from laboratory experiments suggests that important disparities exist between willingness to pay (WTP) and compensation demanded for the same good. This study advances, and experimentally tests, a new explanation of the WTP/WTA disparity--a dynamic theory based on the presence of...
Persistent link: https://www.econbiz.de/10013069109
During World War II and the Korean War, real GDP grew by about half the amount of the increase in government purchases. With allowance for other factors holding back GDP growth during those wars, the multiplier linking government purchases to GDP may be in the range of 0.7 to 1.0, a range...
Persistent link: https://www.econbiz.de/10013154570
Which investment model best fits firm-level data? To answer this question we estimate alternative models using Compustat data. Surprisingly, the two best-performing specifications are based on Hayashi's (1982) model. This model's foremost implication, that Q is a sufficient statistic for...
Persistent link: https://www.econbiz.de/10012772374
Building on neoclassical reasoning, we propose a new multi-factor model that consists of the market factor and factor mimicking portfolios based on investment and productivity. The neo- classical three-factor model outperforms traditional factor models in explaining the average returns across...
Persistent link: https://www.econbiz.de/10012776451
Neoclassical theory has been misrepresented in the segmented economy literature. Consequently, most tests of quot;structuralquot; vs. quot;neoclassicalquot; models are inadequate. Moreover, segmented economy theorists have concentrated on the least significant departures of segmented models from...
Persistent link: https://www.econbiz.de/10012777381