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Articles 1 - 4 of 4
Full-Text Articles in Theory, Knowledge and Science
Los Modelos De Equilibrio General: La Revisión De Chancelier Y Una Crítica A Debreu Y Mckenzie, Rodrigo Lopez-Pablos
Los Modelos De Equilibrio General: La Revisión De Chancelier Y Una Crítica A Debreu Y Mckenzie, Rodrigo Lopez-Pablos
Lopez-Pablos, Rodrigo
A revision on general equilibrium theory from an entropic perspective. JEL CLASSIFICATION: D50, O21, Z19
How Much Does A Belief Cost?: Revisiting The Marketplace Of Ideas, Gregory Brazeal
How Much Does A Belief Cost?: Revisiting The Marketplace Of Ideas, Gregory Brazeal
Gregory Brazeal
Justice Oliver Wendell Holmes, Jr. is often credited with creating the metaphor of “the marketplace of ideas,” though he did not use the exact phrase and his argument for free speech was not based on distinctively economic reasoning. Truly economic investigations of the marketplace of ideas have progressed in step with developments and trends in the law and economics literature. These investigations have tended to be one-sided, with writers focusing primarily either on the production of ideas (for example, Posner) or their consumption (for example, behavioral law and economics), without considering in depth how producers and consumers interact. This may …
Collective Choice, Justin Schwartz
Collective Choice, Justin Schwartz
Justin Schwartz
This short nontechnical article reviews the Arrow Impossibility Theorem and its implications for rational democratic decisionmaking. In the 1950s, economist Kenneth J. Arrow proved that no method for producing a unique social choice involving at least three choices and three actors could satisfy four seemingly obvious constraints that are practically constitutive of democratic decisionmaking. Any such method must violate such a constraint and risks leading to disturbingly irrational results such and Condorcet cycling. I explain the theorem in plain, nonmathematical language, and discuss the history, range, and prospects of avoiding what seems like a fundamental theoretical challenge to the possibility …
Reflexivity In Financial Markets: A Neuroeconomic Examination Of Uncertainty And Cognition In Financial Markets, Steven Pikelny
Reflexivity In Financial Markets: A Neuroeconomic Examination Of Uncertainty And Cognition In Financial Markets, Steven Pikelny
Senior Projects Spring 2011
Financial markets exist to disperse the risks of an unknown future in an economy. But for this process to work in an optimal fashion, investors – and subsequently markets – must have a way to interpret uncertainty. The investor rationality and market efficiency literature utilizes a methodology inadequate to address this fact, so I supplement it with the perspectives of epistemology, economic sociology, neuroscience, cognitive science, and philosophy of mind. This approach suggests that what is commonly viewed as market “inefficiency” is not necessarily caused by investor irrationality, but rather by the inherent nature of the epistemological problem faced by …