Since the development of game theory, the analysis of animal behaviour using the theories of economics has become a growing field of biological research in which models of games and markets play an important role. Studies of sexual selection, interspecific mutualism and intraspecific cooperation show that individuals exchange commodities to their mutual benefit; the exchange values of commodities are a source of conflict, and behavioural mechanisms such as partner choice and contest between competitors determines the composition of trading pairs or groups. These 'biological markets' can be examined to gain a better understanding of the underlying principles of evolutionary ecology. In this volume scientists from different disciplines combine insights from economics, evolutionary biology and the social sciences to look at comparative aspects of economic behaviour in humans and other animals. Aimed primarily at evolutionary biologists and anthropologists, it will also appeal to psycholog
Since the development of game theory, the analysis of animal behaviour using the theories of economics has become a growing field of biological research in which models of games and markets play an important role. Studies of sexual selection, interspecific mutualism and intraspecific cooperation show that individuals exchange commodities to their mutual benefit; the exchange values of commodities are a source of conflict, and behavioural mechanisms such as partner choice and contest between competitors determines the composition of trading pairs or groups. These 'biological markets' can be examined to gain a better understanding of the underlying principles of evolutionary ecology. In this volume scientists from different disciplines combine insights from economics, evolutionary biology and the social sciences to look at comparative aspects of economic behaviour in humans and other animals. Aimed primarily at evolutionary biologists and anthropologists, it will also appeal to psycholog
This book studies the development of ideas on freedom, coercion and power in the history of economic thought. It focuses on the exchange of goods and services and on terms of exchange (interest rates, prices and wages) and examines the nature of choice, that is, the state of the will of economic actors making exchange decisions. In a social context, anyone's range of choice is restricted by the choices made by others. The first to raise the question of the will in this economic context were the medieval scholastics, drawing on non-economic analytic models inherited from antiquity and mainly from Aristotle. From these origins, views on economic choice, coercion and power are recorded, as they gradually change over the centuries, until they manifest themselves in more contemporary disputes between different branches of institutional economics.
This book studies the development of ideas on freedom, coercion and power in the history of economic thought. It focuses on the exchange of goods and services and on terms of exchange (interest rates, prices and wages) and examines the nature of choice, that is, the state of the will of economic actors making exchange decisions. In a social context, anyone's range of choice is restricted by the choices made by others. The first to raise the question of the will in this economic context were the medieval scholastics, drawing on non-economic analytic models inherited from antiquity and mainly from Aristotle. From these origins, views on economic choice, coercion and power are recorded, as they gradually change over the centuries, until they manifest themselves in more contemporary disputes between different branches of institutional economics.
Drawing on philosophy, political and social theory, decision-theory, economics, psychology, history and literature, Jon Elster's classic book Sour Grapes continues and complements the arguments of his acclaimed earlier book, Ulysses and the Sirens. Elster begins with an analysis of the notation of rationality, before tackling the notions of irrational behavior, desires and belief with highly sophisticated arguments that subvert the orthodox theories of rational choice. Presented in a fresh series livery and with a specially commissioned preface written by Richard Holton, illuminating its continuing importance to philosophical enquiry, Sour Grapes has been revived for a new generation of readers.
Drawing on philosophy, political and social theory, decision-theory, economics, psychology, history and literature, Jon Elster's classic book Sour Grapes continues and complements the arguments of his acclaimed earlier book, Ulysses and the Sirens. Elster begins with an analysis of the notation of rationality, before tackling the notions of irrational behavior, desires and belief with highly sophisticated arguments that subvert the orthodox theories of rational choice. Presented in a fresh series livery and with a specially commissioned preface written by Richard Holton, illuminating its continuing importance to philosophical enquiry, Sour Grapes has been revived for a new generation of readers.
The essays in this volume, first published in 1986, examine the philosophical foundations of social choice theory. This field, a modern and sophisticated outgrowth of welfare economics, is best known for a series of impossibility theorems, of which the first and most crucial was proved by Kenneth Arrow in 1950. That has often been taken to show the impossibility of democracy as a procedure for making collective decisions. However, this interpretation is challenged by several of the contributors here. Other central issues discussed in the volume include the possibility of making interpersonal comparisons of utility, the question of whether all preferences are equally to be valued, and the normative individualism underlying the theoretical tradition. Criticisms of social choice theory are advanced and suggestions for alternative approaches are developed.
J. Howard Sobel has long been recognized as an important figure in philosophical discussions of rational decision. He has done much to help formulate the concept of causal decision theory. In this volume of essays Sobel explores the Bayesian idea that rational actions maximize expected values, where an action's expected value is a weighted average of its agent's values for its possible total outcomes. Newcomb's Problem and The Prisoner's Dilemma are discussed, and Allais-type puzzles are viewed from the perspective of causal world Bayesianism. The author establishes principles for distinguishing options in decision problems, and studies ways in which perfectly rational causal maximizers can be capable of resolute choices. Sobel also views critically Gauthier's revisionist ideas about maximizing rationality. This collection will be a desideratum for anyone working in the field of rational choice theory, whether in philosophy, economics, political science, psychology or statistics. Howar
J. Howard Sobel has long been recognized as an important figure in philosophical discussions of rational decision. He has done much to help formulate the concept of causal decision theory. In this volume of essays Sobel explores the Bayesian idea that rational actions maximize expected values, where an action's expected value is a weighted average of its agent's values for its possible total outcomes. Newcomb's Problem and The Prisoner's Dilemma are discussed, and Allais-type puzzles are viewed from the perspective of causal world Bayesianism. The author establishes principles for distinguishing options in decision problems, and studies ways in which perfectly rational causal maximizers can be capable of resolute choices. Sobel also views critically Gauthier's revisionist ideas about maximizing rationality. This collection will be a desideratum for anyone working in the field of rational choice theory, whether in philosophy, economics, political science, psychology or statistics. Howar
This volume examines themes that complicate the conventional economist's view of the world and thereby provide for a notably more complex, and humane, subject of study than the traditional Homo economicus. Written by economists and philosophers, these essays attempt to place neoclassical economic theory, especially conventional textbook micro-economic theory, in the broader context of other social sciences and modern economics. In doing so, the book aims to find the boundaries of economics and to define more sharply its relationship to other kinds of inquiry. Though the widespread use of textbook microtheory in business, economic, and political analysis is a clear testament to its power, the restrictions and artificialities of neoclassical assumptions give cause for worry even to many economists. This book examines the extent to which the economist's paradigm - that man is characterized chiefly by self-interested goals and rational choice of means - is useful in studying traditional no
This volume examines themes that complicate the conventional economist's view of the world and thereby provide for a notably more complex, and humane, subject of study than the traditional Homo economicus. Written by economists and philosophers, these essays attempt to place neoclassical economic theory, especially conventional textbook micro-economic theory, in the broader context of other social sciences and modern economics. In doing so, the book aims to find the boundaries of economics and to define more sharply its relationship to other kinds of inquiry. Though the widespread use of textbook microtheory in business, economic, and political analysis is a clear testament to its power, the restrictions and artificialities of neoclassical assumptions give cause for worry even to many economists. This book examines the extent to which the economist's paradigm - that man is characterized chiefly by self-interested goals and rational choice of means - is useful in studying traditional no
Covering detailed discussion of fundamental concepts of economics, the textbook commences with comprehensive explanation of theory of consumer behavior, utility maximization and optimal choice, profit function, cost minimization and cost function. The textbook covers methods including present worth method, future worth method, annual worth method, internal rate of return method, explicit re-investment rate of return method and payout method useful for studying economic studies. A chapter on value engineering discusses important topics such as function analysis systems techniques, the value index, value measurement techniques, innovative phase and constraints analysis in depth. It facilitates the understanding of the concepts through illustrations and solved problems. This text is the ideal resource for Indian undergraduate engineering students in the fields of mechanical engineering, computer science and engineering and electronics engineering for a course on engineering economics/engi
The burgeoning field of behavioral economics has produced a new set of justifications for paternalism. This book challenges behavioral paternalism on multiple levels, from the abstract and conceptual to the pragmatic and applied. Behavioral paternalism relies on a needlessly restrictive definition of rational behavior. It neglects nonstandard preferences, experimentation, and self-discovery. It relies on behavioral research that is often incomplete and unreliable. It demands a level of knowledge from policymakers that they cannot reasonably obtain. It assumes a political process largely immune to the effects of ignorance, irrationality, and the influence of special interests and moralists. Overall, behavioral paternalism underestimates the capacity of people to solve their own problems, while overestimating the ability of experts and policymakers to design beneficial interventions. The authors argue instead for a more inclusive theory of rationality in economic policymaking.
Games and elections are fundamental activities in society with applications in economics, political science, and sociology. These topics offer familiar, current, and lively subjects for a course in mathematics. This classroom-tested textbook, primarily intended for a general education course in game theory at the freshman or sophomore level, provides an elementary treatment of games and elections. Starting with basics such as gambling, zero-sum and combinatorial games, Nash equilibria, social dilemmas, and fairness and impossibility theorems for elections, the text then goes further into the theory with accessible proofs of advanced topics such as the Sprague–Grundy theorem and Arrow's impossibility theorem. • Uses an integrative approach to probability, game, and social choice theory • Provides a gentle introduction to the logic of mathematical proof, thus equipping readers with the necessary tools for further mathematical studies • Contains numerous exercises and examples of varying
This collection of contemporary essays by a group of well-known philosophers and legal theorists covers various topics in the philosophy of law, focusing on issues concerning liability in contract, tort and criminal law. The book is divided into four sections. The first provides a conceptual overview of the issues at stake in a philosophical discussion of liability and responsibility. The second, third and fourth sections present, in turn, more detailed explorations of the roles of notions of liability and responsibility in contracts, torts and punishment. The collection not only presents some of the most challenging work in legal philosophy, but it also demonstrates the interdisciplinary character of the field of philosophy of law, with contributors taking into account recent developments in economics, political science and rational choice theory. This thought-provoking volume will help to shed light on the underexplored ground that lies between law and morals.
Much of the most interesting and controversial work in analyzing democratic institutions over the recent past has its intellectual origins in public choice economics. The political arena provides the analytical framework for the study of human behaviour in markets, and the currency in votes and party competition is a primary mechanism for the implementation of public policy. This book explores the strengths and weaknesses of democratic institutions in a series of essays representing a variety of disciplinary perspectives, which compare the merits of the democratic market with those of more conventional markets. Ultimately, the public choice analysis in these studies leads to a deep-seated political skepticism which must confront the customary unquestioning enthusiasm for democracy. This challenge to its enthusiasts should provoke a more profound understanding of democracy's purposes and, in general, a more refined form of political theorizing.
Much of the most interesting and controversial work in analyzing democratic institutions over the recent past has its intellectual origins in public choice economics. The political arena provides the analytical framework for the study of human behaviour in markets, and the currency in votes and party competition is a primary mechanism for the implementation of public policy. This book explores the strengths and weaknesses of democratic institutions in a series of essays representing a variety of disciplinary perspectives, which compare the merits of the democratic market with those of more conventional markets. Ultimately, the public choice analysis in these studies leads to a deep-seated political skepticism which must confront the customary unquestioning enthusiasm for democracy. This challenge to its enthusiasts should provoke a more profound understanding of democracy's purposes and, in general, a more refined form of political theorizing.
In this book, economist Jean-Philippe Platteau addresses the question: does Islam, the religion of Muslims, bear some responsibility for a lack of economic development in the countries in which it dominates? In his nuanced approach, Platteau challenges the widespread view that the doctrine of Islam is reactionary in the sense that it defends tradition against modernity and individual freedom. He also questions the view that fusion between religion and politics is characteristic of Islam and predisposes it to theocracy. He disagrees with the substantivist view that Islam is a major obstacle to modern development because of a merging of religion and the state, or a fusion between the spiritual and political domains. But he also identifies how Islam's decentralized organization, in the context of autocratic regimes, may cause political instability and make reforms costly.
In this book, economist Jean-Philippe Platteau addresses the question: does Islam, the religion of Muslims, bear some responsibility for a lack of economic development in the countries in which it dominates? In his nuanced approach, Platteau challenges the widespread view that the doctrine of Islam is reactionary in the sense that it defends tradition against modernity and individual freedom. He also questions the view that fusion between religion and politics is characteristic of Islam and predisposes it to theocracy. He disagrees with the substantivist view that Islam is a major obstacle to modern development because of a merging of religion and the state, or a fusion between the spiritual and political domains. But he also identifies how Islam's decentralized organization, in the context of autocratic regimes, may cause political instability and make reforms costly.
Using an innovative methodological approach combining field experiments, case studies, and statistical analyzes, this book explores how the religious beliefs and institutions of Catholics and Muslims prompt them to be generous with their time and resources. Drawing upon research involving more than 1,000 Catholics and Muslims in France, Ireland, Italy, and Turkey, the authors examine Catholicism and Islam in majority and minority contexts, discerning the specific factors that lead adherents to help others and contribute to social welfare projects. Based on theories from political science, economics, religious studies and social psychology, this approach uncovers the causal connections between religious community dynamics, religious beliefs and institutions, and socio-political contexts in promoting or hindering the generosity of Muslims and Catholics. The study also provides insight into what different religious beliefs mean to Muslims and Catholics, and how they understand those conce
