It is now over 35 years since Professor Shackle published his masterly Expectation in Economics, therein formalising and synthesising his innovative work of the previous decade…
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It is now over 35 years since Professor Shackle published his masterly Expectation in Economics, therein formalising and synthesising his innovative work of the previous decade. Since then, though in varying degrees, controversy has raged over the relevance of his ideas for economic theory, and over the relevance of economic theory for economic life.
This article brings together and extends several strands of literature concerning the behaviour of the competitive firm operating under (spot) price uncertainty. Specifically, the…
Abstract
This article brings together and extends several strands of literature concerning the behaviour of the competitive firm operating under (spot) price uncertainty. Specifically, the article analyses a dynamic model in which the firm can hold inventories and can sell in the forward market (at a certain price). It shows that both the existence of inventories and the existence of a forward market encourages the firm to increase its output. Comparative static propositions are derived, and the results related to previous findings in the earlier literature.
The author presents new estimates of the probability weighting functions found in rank-dependent theories of choice under risk. These estimates are unusual in two senses. First…
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The author presents new estimates of the probability weighting functions found in rank-dependent theories of choice under risk. These estimates are unusual in two senses. First, they are free of functional form assumptions about both utility and weighting functions, and they are entirely based on binary discrete choices and not on matching or valuation tasks, though they depend on assumptions concerning the nature of probabilistic choice under risk. Second, estimated weighting functions contradict widely held priors of an inverse-s shape with fixed point well in the interior of the (0,1) interval: Instead the author usually finds populations dominated by “optimists” who uniformly overweight best outcomes in risky options. The choice pairs used here mostly do not provoke similarity-based simplifications. In a third experiment, the author shows that the presence of choice pairs that provoke similarity-based computational shortcuts does indeed flatten estimated probability weighting functions.
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The librarian and researcher have to be able to uncover specific articles in their areas of interest. This Bibliography is designed to help. Volume IV, like Volume III, contains…
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The librarian and researcher have to be able to uncover specific articles in their areas of interest. This Bibliography is designed to help. Volume IV, like Volume III, contains features to help the reader to retrieve relevant literature from MCB University Press' considerable output. Each entry within has been indexed according to author(s) and the Fifth Edition of the SCIMP/SCAMP Thesaurus. The latter thus provides a full subject index to facilitate rapid retrieval. Each article or book is assigned its own unique number and this is used in both the subject and author index. This Volume indexes 29 journals indicating the depth, coverage and expansion of MCB's portfolio.
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A collection of essays by a social economist seeking to balanceeconomics as a science of means with the values deemed necessary toman′s finding the good life and society enduring…
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A collection of essays by a social economist seeking to balance economics as a science of means with the values deemed necessary to man′s finding the good life and society enduring as a civilized instrumentality. Looks for authority to great men of the past and to today′s moral philosopher: man is an ethical animal. The 13 essays are: 1. Evolutionary Economics: The End of It All? which challenges the view that Darwinism destroyed belief in a universe of purpose and design; 2. Schmoller′s Political Economy: Its Psychic, Moral and Legal Foundations, which centres on the belief that time‐honoured ethical values prevail in an economy formed by ties of common sentiment, ideas, customs and laws; 3. Adam Smith by Gustav von Schmoller – Schmoller rejects Smith′s natural law and sees him as simply spreading the message of Calvinism; 4. Pierre‐Joseph Proudhon, Socialist – Karl Marx, Communist: A Comparison; 5. Marxism and the Instauration of Man, which raises the question for Marx: is the flowering of the new man in Communist society the ultimate end to the dialectical movement of history?; 6. Ethical Progress and Economic Growth in Western Civilization; 7. Ethical Principles in American Society: An Appraisal; 8. The Ugent Need for a Consensus on Moral Values, which focuses on the real dangers inherent in there being no consensus on moral values; 9. Human Resources and the Good Society – man is not to be treated as an economic resource; man′s moral and material wellbeing is the goal; 10. The Social Economist on the Modern Dilemma: Ethical Dwarfs and Nuclear Giants, which argues that it is imperative to distinguish good from evil and to act accordingly: existentialism, situation ethics and evolutionary ethics savour of nihilism; 11. Ethical Principles: The Economist′s Quandary, which is the difficulty of balancing the claims of disinterested science and of the urge to better the human condition; 12. The Role of Government in the Advancement of Cultural Values, which discusses censorship and the funding of art against the background of the US Helms Amendment; 13. Man at the Crossroads draws earlier themes together; the author makes the case for rejecting determinism and the “operant conditioning” of the Skinner school in favour of the moral progress of autonomous man through adherence to traditional ethical values.
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Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).
Elena Bárcena and Luis J. Imedio
Purpose: This paper studies the Bonferroni (B) and De Vergottini (V) inequality measures, evaluating their differences and similarities, both normatively and statistically.Design…
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Purpose: This paper studies the Bonferroni (B) and De Vergottini (V) inequality measures, evaluating their differences and similarities, both normatively and statistically.
Design: We highlight the similarities of these two indices with the well-known Gini index (G) and use the AKS [Atkinson (1970), Kolm (1976), Sen (1973)] approach to relate social welfare functions and inequalities indices. In addition, we propose two formulations for relative deprivation, alternative to Yitzhaki (1979) and Hey and Lambert (1980) approach.
Findings: The three indices belong to the same family and introduce different and, in some sense, complementary value judgments in the measurement of inequality and welfare; each of them evaluates in a different way the local inequality in the income distribution. The three indices present inequality aversion (satisfy the Pigou-Dalton Principle of Transfers). But only B satisfies the Principle of Positional Transfer Sensitivity. The three absolute indices are interpreted as measures of the mean social deprivation starting from different definitions of individual deprivation.
Originality: The originality of this paper lies in the joint use of the three indices in the measurement of inequality, welfare, and deprivation. We apply these indices to obtain rankings of the European Union countries, using the European Community Household Panel data (2000). A sensitivity analysis of the rankings to different equivalence scales is also included.
With an ever-expanding focus on reading and mathematics, many elementary schools have chosen to reduce time previously reserved for social studies. Elementary teachers who…
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With an ever-expanding focus on reading and mathematics, many elementary schools have chosen to reduce time previously reserved for social studies. Elementary teachers who understand both the relevance of social studies content and the effectiveness of interdisciplinary teaching regularly incorporate applicable history-based children’s tradebooks in their curricula. Locating developmentally appropriate books is simple. Teaching history using children’s literature can be effective. It can be counterproductive, however, if the selected book is replete with historical misrepresentations. Teaching historical thinking in elementary school is problematic no matter what the teaching tool, and there are few methodological roadmaps for elementary teachers. Here, I first suggest ways for teachers to nurture elementary students’ historical thinking using anecdotes from everyday activities and literature with themes germane to history and multiculturalism. Then, I suggest ways for elementary educators to locate and develop engaging, age-appropriate, and historically accurate curricular supplements. Using literature on Christopher Columbus as a reference point to facilitate young students’ historical thinking, I propose an interdisciplinary approach, discipline-specific historical literacy strategies, and history-themed authentic assessments.