This new edition of Financial Crises and Recession in the Global Economy explores the major financial instabilities and evolutionary trends in the global economy since the 1970s. A learned but accessible book, it is perfect for a broad audience of academics and practitioners but has also been...

This paper studies nonparametric identification and counterfactual bounds for heterogeneous firms that can be ranked in terms of productivity. Our approach works when quantities and prices are latent rendering standard approaches inapplicable. Instead, we require observation of profits or other...

Establishing that a demand mapping is injective is core first step for a variety of methodologies. When a version of the law of demand holds, global injectivity can be checked by seeing whether the demand mapping is constant over any line segments. When we add the assumption of...

"In this incisive fifth edition of Financial Crises and Recession in the Global Economy, Roy E. Allen examines the major financial instabilities, crises, and evolutionary trends since the 1970s and through the recent Covid-19 pandemic. Providing empirical research on the relation between money...

Purpose – The purpose of this paper is to present a “human ecology economics (HEE)” framework for understanding economic growth and development challenges in Eastern Europe. Design/methodology/approach – The HEE approach relies on evolutionary and complex systems processes; it expands...

Purpose – The purpose of this paper is to present a “human ecology economics (HEE)” framework for understanding economic growth and development challenges in Eastern Europe. Design/methodology/approach – The HEE approach relies on evolutionary and complex systems processes; it expands...

Using a revealed preference approach, we conduct an experiment where subjects make choices from linear convex budgets in the domain of risk. We find that many individuals prefer mixtures of lotteries in ways that systematically rule out expected utility behavior. We explore the extent to which...

We present a tractable generalization of quantal response equilibrium via non-expected utility preferences. In particular, we introduce concave perturbed utility games in which an individual has strategy-specific utility indices that depend on the outcome of the game and an additively separable...