Deliberate human action receives the first priority in researchers’ attempts to understand social phenomena. Organization theory and strategy literature are no exceptions. Strategy as a purposive plan of action or path towards intended ends has been studied in the context of agents’...

The epsilon-intelligent competitive equilibrium algorithm is a decentralized alternative to Walrus' tatonnement procedure for markets to arrive at competitive equilibrium. We build on the Gode-Spear-Sunder zero-intelligent algorithm in which random generation of bids and offers from agents'...

The Fed has responded to sharp drops in stock prices for two decades by pumping massive amounts of liquidity into the economy—creating a not-so-unreasonable expectation that future declines may elicit a similar response. Field and experimental evidence supports the price-raising effect of...

Social sciences start by looking at the social-psychological attributes of humans to model and explain their observed behavior. However, we suggest starting the study of observed human behavior with the universal laws of physics, e.g., the principle of minimum action. In our proposed three-tier...

This collection of twenty-six essays furnishes concise explanations of everyday Japanese life in simplified economic terms. They begin with such questions as, Do Japanese live better than Americans? Why don't Japanese workers claim all their overtime? Why don't Japanese use personal checking...

Standard setters and most academics maintain that accounting standards ought to rest on a set of guiding principles stated explicitly in a “conceptual framework.” The FASB and IASB are currently involved in a project to refine conceptual framework documents developed earlier. At this point,...

Information aggregation is a key economic function of markets. Evidence on limitations of human cognitive abilities have led some to doubt the usefulness and relevance of rational expectations equilibria in modeling information aggregation. We report results of a computational experiment with...

In seeking to replace accounting ‘conventions’ by ‘concepts’ in the pursuit of principles-based standards, the FASB/IASB joint project on the conceptual framework has grounded its approach on a well-known definition of ‘income’ by Hicks. We welcome the use of theories by accounting...

The Canadian Accounting Standards Board (AcSB) issued an exposure draft on a proposal to adopt a separate 'Made in Canada' GAAP for private enterprises. This new GAAP is justified as being consistent with the current FASB/IASB conceptual framework, but as being responsive to the different...