Coase 1930 endures through the decades as one of the most-cited papers in economics due to the fact that it highlights a fundamental and equally enduring problem: "Economic theory has suffered in the past from a failure to state clearly its assumptions. Economists in building up a theory have...

Garrett Hardin’s "Tragedy of the Commons" remains one of the most frequently cited works across the spectrum of science — indeed, a visit to the website of the influential journal which published this paper in 1968 reveals that this revolutionary communique remains amongst its ‘top...

The Friday the 13th anomaly of Kolb amp; Rodriguez (1987) is revisited in an international context. Drawing on the philosophy of science approach of Lakatos (1978) the paper argues the importance of 'anomalies' and the need for triangulation. Using the FTSE world indices over 1988-2000, for 19...

This paper provides the first comprehensive baseline profile of the Irish economics profession, broadly defined, over a number of metrics. The questions fall into three broad categories: the first category relates to the attitudes of the respondents to issues relating to the economy and the role...

Research on the life-cycle valuation model began in 1969 at Callard, Madden amp; Associates in order to improve stock selection and investment returns. Beginning in the mid-1980s, the model was extensively refined and commercialized by HOLT Value Associates. Today, many institutional money...

This paper examines the rise of the VAR (Vector AutoRegressive) approach from a historical perspective. It shows that the VAR approach arises from a fusion of the Cowles Commission tradition and time series statistical methods, catalysed by the rational expectations (RE) movement, that the...

Can investors with incorrect beliefs survive in financial markets and have a significant impact on asset prices? My paper addresses this issue by analyzing a dynamic general equilibrium model where some investors have rational expectations while others have incorrect beliefs concerning the mean...

Failure or refusal to fully disclose fees, expenses, revenue sharing, and other hidden costs is causing hundreds of thousands of 401(k) and similar plans to operate outside the realm of fiduciary prudence, unknowingly engage in prohibited transactions, and unnecessarily erode the future benefits...

This paper attempts to provide a substantive introduction to behavioral economics for a general audience, and for introductory and intermediate level students of economics and business administration. 1. Introduction; 2. The Background; 3. Bounded Rationality; 4. Prospect Theory and other major...

There are three crucial mathematical system concepts in Finance, which are either being confused or misapplied - uncertainty, complexity and rank. First, the concept of epistemic uncertainty is sufficient for modeling and the concept of probability is unnecessary. This is illustrated by Galton's...