Smart Economic Decision-Making in a Complex World:
Saved in:
| Main Author: | |
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| Format: | Book |
| Language: | English |
| Published: |
Oxford
Academic Press
[2020]
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | xiii, 285 Seiten Diagramme |
| ISBN: | 9780128114612 |
Staff View
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Record in the Search Index
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| adam_text | Contents Acknowledgements Λ. x¡ ¡i Introduction: Smart thinking in the real world of complexity What this book is all about Appendix: Background sources for, smart economic decision making in a complex world References ю 14 15 2. The evolution of decision-making: Why institutions and capabilities matters Introduction Assumptions matter and behavioural economics The conventional wisdom and the different faces of behavioural economics The bounded rationality approach in context Satisficing and procedural rationality in context X-efficiency theory and external benchmarks for optimal behaviour Nudging versus constraints change and redesign Conclusion References 17 19 20 22 29 31 32 33 35 3. How complexity affects decision-making Introduction Key points of overlap: Hayek and behavioural economics Assumptions matter Revisiting complexity and the expert Contemporary views on bottom-up decision making and individualized norms for rationality Ecological rationality and the spontaneous order Opening the door to intelligent design Opening the door to multiple equilibria: Casting shadows on the spontaneous order and ecological rationality Conclusion: Hayek s Golden nugget in decision-making theory References 39 40 42 48 51 58 60 63 68 71 IX
x Contents 4. Freedom of choice in a complex world Introduction Multiple equilibria in consumption Multiple equilibria in production: An introduction Multiple equilibria in production: X-inefficiency and managerial slack Multiple equilibria in production: X-inefficiency and agency Multiple equilibria in production: Some related scenarios Historical and logical time Rent seeking and x-efficiency Conclusion References 5. 82 84 86 87 87 88 90 93 94 99 102 107 115 120 125 127 How consumers can achieve freedom of choice: When consumers are truly sovereign Introduction An alternative model of preference formation Conventional perspectives and critiques Constructing an alternative theory of welfare maximization Choice x-inefficiency and x-inefficiency in production Conclusion References 7. 80 Understanding rational inefficiency: A scientific basis for economic failure and success Introduction Introducing rationality and rational inefficiency Institutions, efficiency, and rationality Different types of rationality Production inefficiency Consumption inefficiencies Macroeconomic choices and rational behaviour Conclusion References 6. 75 79 131 132 134 136 142 142 144 Inside the black box of the firm: Why choice, power and preferences matter for productivity and efficiency Introduction Origins of efficiency wage theory Real wages, effort variability, and efficiency wages Efficiency wage theory revised Foundations of x-efficiency theory Linking x-efficiency and efficiency theories 147 150 151 156 163 178
Contents Conclusion References xi 183 185 8. How smart people can be involuntarily employment when misguided policy dominates decision-making Introduction Keynes and the real wage rate Keynes and the demand side The behavioural model and employment Conclusion References 9. “ ՚ f❁ icial literacy matters for socio-economic Introduction The conventional wisdom Fast and frugal decision-making and smart heuristics Institutions matter Errors and biases and irrational heuristics Financial education and literacy and the different faces of behavioural economics Linkages between financial issues, financial education, and financial literacy Pensions and saving Investing in financial assets Bubbles and busts: Animal spirits and decision-making Informational problems and errors in decision making The trust heuristic Ponzi schemes and the trust heuristic Conclusion: Economic theory, financial literacy and public policy References 10. 189 191 195 198 206 207 211 215 216 218 219 222 224 224 227 228 232 233 234 236 242 How labour markets really work Introduction What is behavioural labour economics Modelling labour supply: A standard rendering A behavioural model of labour supply: A target approach Non-labour market income and labour supply Unemployment insurance and labour supply Non-economic variables and errors or biases in labour market decision-making Demand for labour and the supply of effort Efficiency wage and x-efficiency theory 245 246 247 250 255 257 258 262 265
xii Contents Some labour market implications of generalized x-efficiency theory Population growth with real women Conclusion References Index 269 272 274 275 281
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| spelling | Altmann, Morris Verfasser aut Smart Economic Decision-Making in a Complex World Oxford Academic Press [2020] xiii, 285 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Entscheidungsfindung (DE-588)4113446-1 gnd rswk-swf Neoklassisches Modell (DE-588)4115361-3 gnd rswk-swf Wirtschaftliches Verhalten (DE-588)4197971-0 gnd rswk-swf Effizienz (DE-588)4013585-8 gnd rswk-swf Wirtschaftliches Verhalten (DE-588)4197971-0 s Entscheidungsfindung (DE-588)4113446-1 s Effizienz (DE-588)4013585-8 s Neoklassisches Modell (DE-588)4115361-3 s b DE-604 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=031531842&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Altmann, Morris Smart Economic Decision-Making in a Complex World Entscheidungsfindung (DE-588)4113446-1 gnd Neoklassisches Modell (DE-588)4115361-3 gnd Wirtschaftliches Verhalten (DE-588)4197971-0 gnd Effizienz (DE-588)4013585-8 gnd |
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| title | Smart Economic Decision-Making in a Complex World |
| title_auth | Smart Economic Decision-Making in a Complex World |
| title_exact_search | Smart Economic Decision-Making in a Complex World |
| title_full | Smart Economic Decision-Making in a Complex World |
| title_fullStr | Smart Economic Decision-Making in a Complex World |
| title_full_unstemmed | Smart Economic Decision-Making in a Complex World |
| title_short | Smart Economic Decision-Making in a Complex World |
| title_sort | smart economic decision making in a complex world |
| topic | Entscheidungsfindung (DE-588)4113446-1 gnd Neoklassisches Modell (DE-588)4115361-3 gnd Wirtschaftliches Verhalten (DE-588)4197971-0 gnd Effizienz (DE-588)4013585-8 gnd |
| topic_facet | Entscheidungsfindung Neoklassisches Modell Wirtschaftliches Verhalten Effizienz |
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