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The Interest Rate and Capital Durability, and the Importance of Methodological Pluralism

van Arkel, Roder - 2013

Champions of sustainable growth often call for more durable production technologies with less capital depreciation. As investment in more durable capital is encouraged by lower interest rates, we investigate whether policy makers can steer the economy towards a path with low interest rates in...

Persistent link: https://www.econbiz.de/10013071680

Production Frontier Methodologies and Efficiency as a Performance Measure in Strategic Management Research

Chen, Chien-Ming - 2013

The measurement of corporate performance is central to strategic management research. A common objective of this research is to identify top performers in an industry and their sources of competitive advantage. Despite this focus on best firms and practices, most researchers utilize statistical...

Persistent link: https://www.econbiz.de/10013074783

Modeling Extreme Instability

Annable, James - 2015

We construct a coherent theory of extreme macro instability, an important macro phenomenon most recently experienced in …

Persistent link: https://www.econbiz.de/10013014393

Implementation Rationality : The Nexus of Psychology and Economics at the RAND Logistics Systems Laboratory, 1956-1966

Klein, Judy - 2015

In October 1956, the RAND Corporation established the Logistics Systems Laboratory (LSL) with the goal of using simulation to translate the broad findings of normative microeconomics into detailed, implementable procedures for US Air Force operations. The laboratory was housed in the training...

Persistent link: https://www.econbiz.de/10013015484

Emergent Properties in the Work of Friedrich Hayek

Lewis, Paul A. - 2015

The term 'emergence' features only infrequently on the work of Friedrich Hayek, and then almost always merely as a synonym for 'spontaneous order'. The argument of this paper is that Hayek's accounts both of the working of the human mind, and also of the spontaneous order of the market, rely...

Persistent link: https://www.econbiz.de/10013015533

Normative Rational Choice Theory : Past, Present, and Future

Hands, D. Wade - 2015

The economics profession has traditionally viewed rational choice theory as a positive scientific theory. Normative … paper argues that the profession is changing in this regard. Increasingly rational choice theory is viewed as a normative … theory of rationality: what economic agents ought to do in order to be rational. It is argued that the change initiated from …

Persistent link: https://www.econbiz.de/10013038338

Modelling Excess Profit

Magni, Carlo Alberto - 2009

This paper deals with the problem of modelling in a formal way the concept of excess profit, also known as residual income. A common idea is that excess profit is an unequivocal concept, being the difference between profit and costs, where all types of costs are taken into account, included the...

Persistent link: https://www.econbiz.de/10013159709

Rationality of Belief or : Why Savage's Axioms are Neither Necessary Nor Sufficient for Rationality, Second Version

Gilboa, Itzhak - 2008

Economic theory reduces the concept of rationality to internal consistency. As far as beliefs are concerned …

Persistent link: https://www.econbiz.de/10012722434

Probability and Uncertainty in Economic Modeling, Second Version

Gilboa, Itzhak - 2008

Economic modeling assumes, for the most part, that agents are Bayesian, that is, that they entertain probabilistic beliefs, objective or subjective, regarding any event in question. We argue that the formation of such beliefs calls for a deeper examination and for explicit modeling. Models of...

Persistent link: https://www.econbiz.de/10012725715

Economists, Value Judgments, and Climate Change : A View from Feminist Economics

Nelson, Julie A. - 2008

A number of recent discussions about ethical issues in climate change, as engaged in by economists, have focused on the value of the parameter representing the rate of time preference within models of optimal growth. This essay examines many economists' antipathy to serious discussion of ethical...

Persistent link: https://www.econbiz.de/10012773258