scholarly journals Our favourite irrationalities

2011 ◽  
Vol 2 (1) ◽  
pp. 123-135
Author(s):  
Gábor Király
Keyword(s):  
Economic Theory ◽  
Behavioral Economics ◽  
Everyday Life ◽  
Cognitive Ability ◽  
Supply And Demand ◽  
Mainstream Economic ◽  
Basic Assumptions ◽  
Starting Point ◽  
The Stability ◽  
Young Researchers

Ariely is one of the young researchers who are at the forefront of the discipline called behavioral economics. Behavioral economics tends to question the basic assumptions of economic theory such as rationality and the infinite cognitive ability of the actor and the stability and fixed nature of our preferences. In connection with these, such general laws as supply and demand also come under scrutiny. The starting point of these researchers is that one should ask how people actually behave and make decisions in everyday life, not how they should behave according to mainstream economic theory.

scholarly journals Sustainability as an Economic Issue: A BioPhysical Economic Perspective

2020 ◽  
Vol 12 (1) ◽  
pp. 364 ◽  
Author(s):  
Kent Klitgaard
Keyword(s):  
Economic Growth ◽  
Economic Theory ◽  
Behavioral Economics ◽  
Capital Accumulation ◽  
Allocative Efficiency ◽  
Energy Resources ◽  
Theoretical Perspectives ◽  
Biophysical Economics ◽  
The Stability

This essay focuses upon how questions of sustainability are integrated into the teaching of introductory economics. While economics is insufficient by itself to understand the efforts we must take in order to live within nature’s limits, an understanding of economic theory is a vital part of a larger interdisciplinary whole. Yet sustainability is not well integrated into economic theory, especially mainstream, neoclassical, economics. Allocative efficiency and the rate of economic growth are the fundamental metrics while sustainability questions such as the stability of earth systems and the quality of energy resources are relegated to secondary status, if addressed at all. However, in order to address questions such as the earth’s continuing ability to support life, economists need to consider a variety of theoretical perspectives. In the late 1970s, Robert Carson published Economic Issues Today. It presents various economic topics from liberal, radical, and conservative viewpoints, and looking at crucial issues such as sustainability from various ideological perspectives could be an important teaching tool in this era of polarization. This article contends that environmental concerns today are no longer simply microeconomic but biophysical. Biophysical economics sees a sustainable economic theory as one that is grounded in the unity of social and natural sciences. The economy is embedded in a finite and non-growing biophysical system and is subject to its laws and its limits. The accumulation of carbon dioxide in the atmosphere, and the decline in the quality of energy resources limit further economic growth. So does the internal structure of capital accumulation. A system in overshoot cannot grow its way into sustainability, but a non-growing capitalist economy is mired in stagnation. We must develop new economic theories in order to achieve a sustainable future. Valuable insights can be found in behavioral economics, heterodox political economy, and natural science. Questions drawn from behavioral economics concerning how people think in difficult situations should be of great interest to sustainability educators.

Beyond Market: Institutions of Governance in the Complex World (Nobel Memorial Prize in Economics 2009 - Oliver Williamson and Elinor Ostrom)

2010 ◽  
pp. 82-98 ◽  
Author(s):  
Ya. Kuzminov ◽  
M. Yudkevich
Keyword(s):  
Economic Theory ◽  
Behavioral Economics ◽  
Nobel Prize ◽  
Organization Theory ◽  
Development Studies ◽  
Complex World ◽  
Market Institutions ◽  
Institutional Economic

The article surveys the main lines of research conducted by Oliver Williamson and Elinor Ostrom - 2009 Nobel Prize winners in economics. Williamsons and Ostroms contribution to understanding the nature of institutions and choice over institutional options are discussed. The role their work played in evolution of modern institutional economic theory is analyzed in detail, as well as interconnections between Williamsons and Ostroms ideas and the most recent research developments in organization theory, behavioral economics and development studies.

Kornai, Schumpeter, and Economic Theory

2012 ◽  
pp. 145-152 ◽  
Author(s):  
V. Maevsky
Keyword(s):  
Economic Theory ◽  
Economic System ◽  
Evolutionary Theory ◽  
Economic Models ◽  
Macro Level ◽  
Mainstream Economic ◽  
Level Of Analysis

The author claims that J. Kornai in his paper Innovation and Dynamism (Voprosy Ekonomiki. 2012. No 4) ignored the understanding of socialism as a specific type of culture and not just as an economic system. He also shows profound differences between Schumpeters theory and mainstream economic models. Evolutionary theory, he claims, may itself become mainstream if Schumpeters legacy is not interpreted straightforwardly and if evolutionary economists consider not only micro-, but also macro-level of analysis in studying macrogenerations of capital of a different age.

scholarly journals An Attempt To Exemplify The Economic Principles In Real Property Valuation

2015 ◽  
Vol 23 (3) ◽  
pp. 5-13 ◽  
Author(s):  
Ewa Kucharska-Stasiak ◽  
Sabina Źróbek
Keyword(s):  
Economic Theory ◽  
Opportunity Cost ◽  
Supply And Demand ◽  
Real Property ◽  
Basic Principles ◽  
Research Results ◽  
Property Valuation ◽  
Important Principle ◽  
Income Approach ◽  
Traditional Approaches

Abstract The economic theory argues that the value of assets, including the value of real property, is influenced by many factors which determine the behavior of operators engaged in market transactions. The knowledge of basic principles and assumptions which underpin the development of value is essential to understanding the methods and procedures of valuation. The thesis, upon which the authors of this article based their theoretical and practical considerations, is formulated as follows: “The knowledge of economic principles of valuation improves the accuracy of valuation and allows for more appropriate interpretation of its results”. Therefore, these factors should be taken into account by appraisers estimating the value of property. Over a dozen so-called key principles of valuation have been formulated in literature. Among them are the principles of anticipation, change, substitution, supply and demand, competition, balance, highest and best use, conformity, and externalities. It is assumed that the most important principle in the valuation of property is the principle of anticipation. Some of the principles are relevant to all the traditional approaches to determining value, while others apply only to selected approaches e.g., the principle of opportunity cost, which is mainly used in valuations using the income approach. The thesis is supported by research results and an analysis of practical examples.

Consumer Behavior Changes Post Pandemic Covid-19

2020 ◽  
Vol 2 (2) ◽  
pp. 84-89
Author(s):  
Tati Maryati
Keyword(s):  
Consumer Behavior ◽  
Eating Habits ◽  
Supply And Demand ◽  
Health Economy ◽  
Behavior Changes ◽  
The World ◽  
The Stability ◽  
The Many ◽  
New Consumer ◽  
At Home

The Corona virus or Covid-19 which is unexpected will come to us, has an impact on health, economy and also humanity throughout the world and is able to fundamentally change the world. Supplements are disrupted because production is stopped, retail stores close, causing consumers to change their behavior, which had previously gone offline shopping. Not just shopping, when a pandemic, the way of thinking becomes different. Consumers around the world are looking for products and brands through new ways and new habits are formed. Online transactions focus more on basic products to make ends meet. The fact that Covid-19's anti-virus has not been found raises concerns about disrupted health and the Government's regulation to work and stay at home also raises concerns about disrupted businesses. Differences from habits and interests or preferences that are different for each person, provide different responses to the problems faced and solutions for the future. The habit of shopping offline has a tendency to continue for complementary products while food products are more directed towards offline. The rest eating habits at home can be continued because it provides more hygiene guarantees. The new habit of holding online meetings with distant relatives or colleagues will be increasingly considered given the many more positive things that can be obtained. Likewise with work problems, working from home is more interesting to consider because it is more efficient and effective and the results can be more productive. This new consumer behavior is adjusted to provide satisfaction for many parties, with the assistance of institutions or governments that oversee the security of supply and demand and maintain the stability of both. 

scholarly journals Spirit that wants to fly: Adorno under a spell

2004 ◽  
Vol 27 (1) ◽  
pp. 27-37
Author(s):  
Alex Demirovic
Keyword(s):  
Everyday Life ◽  
Starting Point

The starting point of Demirovic's text is Adorno’s idea that concepts as forms of thinking are constellations of power. Differently from many interpretations of Adorno as resigned, Demirovic shows that this assumption enables Adorno to give his own theory the character of interventions in the ideological consensus of everyday life with regard to emancipation.

COO vs ROO: importance of the origin in customer preferences towards financial entities

2017 ◽  
Vol 34 (2) ◽  
pp. 206-223 ◽  
Author(s):  
José Manuel García-Gallego ◽  
Antonio Chamorro Mera
Keyword(s):  
Brand Management ◽  
Preference Structure ◽  
Content Type ◽  
Services Sector ◽  
Customer Preferences ◽  
Starting Point ◽  
Remarkable Result ◽  
Place Of Origin ◽  
Regional Brand ◽  
The Stability

Purpose The purpose of this paper is to determine the importance that customers give to the origin attribute when selecting a financial entity compared to other features directly related to the service that these institutions provide. In addition, this study aims at analysing what level of brand origin provides a greater utility for customers in their preference structure: regional, national or foreign. Design/methodology/approach The technique of conjoint analysis is applied via a survey of 427 customers to determine customers’ preference structure when choosing a financial entity. Findings Of particular note among the main results is the great importance the respondents give to the origin of the entity, preferring regional over national or foreign institutions. The existence of three different segments of customers based on their preference structure is also a remarkable result. Research limitations/implications Place-of-origin effect is not universal. Due to this fact, the results of the studies focussed on this research topic are difficult to extrapolate to other geographical areas. Practical implications The current situation in southern Europe financial sector obliges many small financial entities to undertake mergers in order to face the stability and solvency policies established by European Central Bank. In this sense, these institutions must decide whether or not to maintain their regional brand identity. The results of this study show the appropriateness of maintaining and communicating the regional origin of the entities. These findings will contribute to guiding decision making on brand management for financial entities. Originality/value To the best of the knowledge, there is a lack of research on the place-of-origin through different levels simultaneously. This paper provides a starting point for further research about this effect in the services sector.

scholarly journals From Prototypical Stimuli to Iconographic Stimuli: The Power of Images in the Study of Social Representations

2021 ◽  
Vol 18 (2) ◽  
pp. 391-401
Author(s):  
Ida Galli ◽  
Roberto Fasanelli
Keyword(s):  
Everyday Life ◽  
Social Representations ◽  
Social Representation ◽  
The Other ◽  
Great Power ◽  
Social Object ◽  
Starting Point ◽  
The Social ◽  
Methods And Techniques ◽  
Interdisciplinary Effort

When we are interested in the image of a social object, we are interested in what individuals have perceived about that object, the ways in which they have interpreted those perceptions, and what they think about that object. Fully agreeing with the idea that the use of iconographic stimuli can enhance the traditional methods and techniques that are used to study any social representation, in this article, two techniques will be presented. The first, the prototypical stimuli technique, was proposed in the second half of the 1980s by Galli and Nigro. The second technique, iconographic stimuli, creatively integrate images and words in a single tool, was designed more recently to study the social representation of culture by Galli, Fasanelli, and Schember. Researches here reviewed clearly shows that the image has the great power to attract to itself the very objects depicted, a power that the word often does not possess. It is images that make people reflect, help them to think about issues concerning the fundamental aspects of everyday life. The work here presented, carried out in first person by the writer, as well as by all the other authors who are concentrating their efforts in this direction, only represents a starting point of reflection. New and more articulated studies will be able to support with heuristic evidence what so far seems to be configured as a suggestive hypothesis, which in any case will require a wider and shared interdisciplinary effort.

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