This paper presents a new metric for journal ranking that has the advantage of ranking more journals with a longer time-series at a low cost relative to impact factors and survey-based methods. We simultaneously rank journals and institutions by the degree of concentration of top journal...

This article evaluates Herbert A. Simon's contribution to organization theory, placing special emphasis on the criterion of bounded rationality. Simon's criticism of the orthodox version of organizational bureaucracy is interpreted and his analysis is extended to institutional economics. One of...

Economic theory is often abused in practical policy-making. There is frequently excessive focus on sophisticated theory at the expense of elementary theory; too much economic knowledge can sometimes be a dangerous thing. Too little attention is paid to the wider economic context, and to the...

This paper examines the productivity record of economists who have dominated economic science in the twentieth century, viz. the Nobel laureates in economics. They generally start their career at a very young age, they were at the right place at the right time, and they possessed an independent...

The Net Present Value maximizing model has a respectable ancestry and is considered by most scholars a theoretically sound decision model. In real-life applications, decision makers use the NPV rule, but apply a subjectively determined hurdle rate, as opposed to the allegedly correct opportunity...

This study ranks -- for the first time -- 12 international academic journals that have economic history as their main topic. The ranking is based on data collected for the year 2007. Journals are ranked using standard citation analysis where we adjust for age, size and self-citation of journals....

Daniel Kahneman and Vernon Smith were the joint recipients of the 2002 Nobel Prize in Economics. Kahneman's work challenges the assumption that individuals behave in a manner consistent with conventional economic wisdom. He maintains that individuals tend to be systematically error prone and...

Economic theory is often abused in practical policy-making. There is frequently excessive focus on sophisticated theory at the expense of elementary theory; too much economic knowledge can sometimes be a dangerous thing. Too little attention is paid to the wider economic context, and to the...

Drawing on research in the psychology of judgment and decision making, I argue that individual economists acting as experts in matters of public policy are likely to be victims of significant overconfidence. The case is based on the pervasiveness of the phenomenon, the nature of the task facing...

Purpose - To examine the claim that the pursuit of maximum value (wealth) for shareholders optimizes economic and social benefits for society as a whole.Design/methodology/approach - Evidence cited in support of the claim and the methodology employed by its supporters are examined....