scholarly journals Foundations of Contemporary Economics: Israel Kirzner and the Function of Entrepreneurship

2021 ◽  
Vol 27 (1) ◽  
pp. 121-127
Keyword(s):  
Decision Making ◽  
Competitive Market ◽  
Austrian School ◽  
Market Process ◽  
Short Paper ◽  
Competitive Markets ◽  
Market Driven

Israel Kirzner has made profound contribu­tions to the theory of entrepreneurship. His con­siderable insights address the entrepreneurial function in the market process. Kirzner belongs to the Austrian school and hence assumes subjective decision-making, incomplete sets of knowledge for all subjects, and market disequi­libria. He ascribes to entrepreneurs the ability to detect through alertness market disequilibria in dynamic competitive markets. Entrepreneurs as arbitrageurs bring markets closer to equilib­ria even if in a dynamic competitive market an equilibrium remains a theoretical utopia. In this short paper, we outline the most important as­pects of Kirzner’s entrepreneurial approach and the function entrepreneurship has in market-driven processes.

scholarly journals Pricing and Return Policies in a Competitive Market: A Consumer-Valuation Based Analysis with Valuation Uncertainties

2021 ◽  
Vol 13 (3) ◽  
pp. 1432
Author(s):  
Huifang Jiao ◽  
Xuan Wang ◽  
Chi To Ng ◽  
Lijun Ma
Keyword(s):  
Competitive Market ◽  
Two Dimensional ◽  
Competitive Markets ◽  
Return Policies ◽  
Numerical Investigations ◽  
Return Policy ◽  
Consumer Valuation ◽  
Competition Models ◽  
Monopoly Market ◽  
Duopoly Market

In this study, we develop a series of consumer-valuation-based models to investigate the pricing and return policies of the sellers in a competitive e-commerce market. Differing from the competition models in literature, a novel two-dimensional valuation structure is built, which considers the valuations of a consumer on two products and the valuation differentiation of all consumers on each product. We consider both monopoly and duopoly (competitive) markets. In each market, two models are respectively developed, one with and one without the return policies. We derive the solutions for the four models, and conduct some analytical and numerical investigations. The results show that return policy with a partial refund is always chosen by the sellers in both monopoly and duopoly markets. Return policy benefits the seller in a monopoly market, but may not benefit the sellers in a duopoly market. In the duopoly models, one seller can be considered as a monopoly seller who meets a new competitor. Our results show that the monopoly seller will reduce its price by no more than 20% when there comes a competitor, and, counter-intuitively, it will meanwhile adopt a severer return policy to the consumers.

Toward a Concept of Domesticated Markets

1979 ◽  
Vol 43 (4) ◽  
pp. 69-75 ◽  
Author(s):  
Johan Arndt
Keyword(s):  
Decision Making ◽  
Competitive Market ◽  
The Political ◽  
Interorganizational Systems ◽  
Internal Markets ◽  
Economic Decision ◽  
Economic Decision Making

The competitive market is eroding. To an increasing degree, transactions are occurring in internal markets within the framework of long-term relationships. The emerging domesticated markets call for more attention to the management of interorganizational systems and to the political aspects of economic decision making.

scholarly journals On the Neutrosophic, Pythagorean and Some Other Novel Fuzzy Sets Theories Used in Decision Making: Invitation to Discuss

Entropy ◽  
2021 ◽  
Vol 23 (11) ◽  
pp. 1485
Author(s):  
Pavel Sevastjanov ◽  
Ludmila Dymova ◽  
Krzysztof Kaczmarek
Keyword(s):  
Decision Making ◽  
Fuzzy Sets ◽  
Intuitionistic Fuzzy Sets ◽  
Short Paper ◽  
Neutrosophic Sets ◽  
Intuitionistic Fuzzy ◽  
Dempster Shafer Theory ◽  
Methodological Problems ◽  
Shafer Theory ◽  
Sets Theory

In this short paper, a critical analysis of the Neutrosophic, Pythagorean and some other novel fuzzy sets theories foundations is provided, taking into account that they actively used for the solution of the decision-making problems. The shortcomings of these theories are exposed. It is stated that the independence hypothesis, which is a cornerstone of the Neutrosophic sets theory, is not in line with common sense and therefore leads to the paradoxical results in the asymptotic limits of this theory. It is shown that the Pythagorean sets theory possesses questionable foundations, the sense of which cannot be explained reasonably. Moreover, this theory does not completely solve the declared problem. Similarly, important methodological problems of other analyzed theories are revealed. To solve the interior problems of the Atanassov’s intuitionistic fuzzy sets and to improve upon them, this being the reason most of the criticized novel sets theories were developed, an alternative approach based on extension of the intuitionistic fuzzy sets in the framework of the Dempster–Shafer theory is proposed. No propositions concerned with the improvement of the Cubic sets theory and Single-Valued Neutrosophic Offset theory were made, as their applicability was shown to be very dubious. In order to stimulate discussion, many statements are deliberately formulated in a hardline form.

Choice: its increase and its value

2016 ◽  
Author(s):  
Keith Dowding
Keyword(s):  
Decision Making ◽  
Intrinsic Value ◽  
Market Process ◽  
Made In

Much has been made in recent years of increasing the choice of the citizen-consumer.This article argues that the concept of ‘increasing choice’ is far more problematic than at first appears and has little intrinsic value in itself.Choice is only to be valued in itself in the sense that the process of choices or decision-making plays a part in our own preferences.To justify the introduction of the market process on the grounds of increasing choices is doubly wrong; first, increasing choices is not in itself valuable and, secondly, what is valuable about tha market has little to do with choice.

Networks

2017 ◽  
Author(s):  
Francesca Panzironi
Keyword(s):  
Decision Making ◽  
Network Theory ◽  
Hierarchical Control ◽  
State Regulation ◽  
Competitive Market ◽  
Market Regulation ◽  
Procedural Rationality ◽  
Wide Range ◽  
Governance Networks ◽  
Decision Making Processes

A network may refer to “a group of interdependent actors and the relationships among them,” or to a set of nodes linked by a web of interdependencies. The concept of networks has its origins in earlier philosophical and sociological ideas such as Jean-Jacques Rousseau’s “general will” and Émile Durkheim’s “social facts”, which adressed social and political communities and how decisions are mediated and ideas are structured within them. Networks encompass a wide range of theoretical interpretations and critical applications across different disciplines, including governance networks, policy networks, public administration networks, social movement networks, intergovernmental networks, social networks, trade networks, computer networks, information networks, and neural networks. Governance networks have been proposed as alternative pluricentric governance models representing a new form of negotiated governance based on interdependence, negotiation and trust. Such networks differ from the competitive market regulation and state hierarchical control in three aspects: the relationship between the actors, decision-making processes, and compliance. The decision-making processes within governance networks are founded on a reflexive rationality rather than the “procedural rationality” which characterizes the competitive market regulation and the “substantial rationality” which underpins authoritative state regulation. Network theory has proved especially useful for scholars in positing the existence of loosely defined and informal webs of experts or advocates that can have a real and substantial influence on international relations discourse and policy. Two examples of the use of network theory in action are transnational advocacy networks and epistemic communities.

Book Reviews

2015 ◽  
Vol 53 (1) ◽  
pp. 119-121
Keyword(s):  
Business Cycles ◽  
Austrian Economics ◽  
Austrian School ◽  
Market Process ◽  
Florida State University ◽  
State University ◽  
Economic Calculation ◽  
The Core

Roger W. Garrison of Auburn University reviews “Advanced Introduction to the Austrian School of Economics”, by Randall G. Holcombe. The Econlit abstract of this book begins: “Provides an introduction and summary of the core principles, ideas, and diversity of modern Austrian economics. Discusses the market process; decentralized knowledge—the role of firms and markets; economic calculation; money, banking, and business cycles; and the resurgence of the Austrian school. Holcombe is DeVoe Moore Professor of Economics at Florida State University.”

Regulatory Rationales Beyond the Economic: In Search of the Public Interest

2010 ◽  
pp. 38-63 ◽  
Author(s):  
Mike Feintuck
Keyword(s):  
Decision Making ◽  
Public Interest ◽  
Frame Of Reference ◽  
Theory And Practice ◽  
Liberal Democracies ◽  
Political Values ◽  
The Public ◽  
The Media ◽  
Market Driven ◽  
Market Economics

This article contends that regulation in certain fields should incorporate and give emphasis to values beyond those of market economics. It is argued here that the frame of reference of the market is too narrow to encompass properly a range of social and political values which are established in liberal democracies and can be seen as constitutional in nature. Examples from fields such as environmental regulation and regulation of the media are used here to illustrate a range of non-economic values which have been, are, or should be reflected in regulatory theory and practice as a means of recognising and reflecting principles related to social justice. Such principles extend beyond, and may be antithetical to the practices, values, and outcomes of market-driven decision-making.

scholarly journals Deregulation of European Telecommunications: The Role of Private Interests

2019 ◽  
Vol 14 (4) ◽  
pp. 142-165
Keyword(s):  
Large Scale ◽  
Choice Theory ◽  
Developed Countries ◽  
Austrian School ◽  
Market Process ◽  
Regulatory Regime ◽  
Managed Competition ◽  
Government Interventions ◽  
The Real ◽  
Private Interests

The large-scale reformation of various economic industries, which took place in developed countries at the end of the last century, is very oft en perceived as “liberalization” or “deregulation”. Meanwhile, there are robust reasons to argue that this terminology does not fit correctly the nature of the real transformation. Moreover, the newly formed system is often described in modern literature in such terms as “managed competition” or “regulatory capitalism”, and this system highly relies on various forms of government interventions in the market process, which makes the environment incompatible with the proclaimed values of neoliberalism. The analysis of the actual processes from the point of view of private interest theories of regulation allows one to conclude that the real objectives of the new regulatory environment were rather the suppression of market mechanisms and the curbing of the creative destruction process, than the development of market institutions as was proclaimed in the official documents. Moreover, it is important to take into account that the scientifi c discussion also off ered an alternative to the chosen methods. It could be based on the views of the Austrian school of economics, which understands competition in a diff erent manner than the neoclassical mainstream does. However, this alternative was widely ignored by the reformers. This study focuses on the European telecommunications sector. The history of its reformation allows one to see in details how, under the guise of market liberalization, the reforms created a new regulatory regime that was aimed at restriction of market forces. Th e research uses the approaches of the Austrian school, as well as those of the Virginia school of political economy which formed the main postulates of public choice theory, according to which government interventions are mainly explained by private interests of powerful actors.

scholarly journals Disorderly Identities: University Rankings and the Re-ordering of the Academic Mind

2020 ◽  
pp. 11-24
Author(s):  
Jon Nixon
Keyword(s):  
Competitive Market ◽  
University Rankings ◽  
Academic Practice ◽  
Pedagogical Action ◽  
Participative Research ◽  
Market Driven ◽  
Mind Set ◽  
The Mind

AbstractThis chapter focuses on the use of university rankings as a means of ostensibly achieving increased transparency and covertly introducing a competitive market which has impacted on the sector as a whole, on institutions, and on individuals. The systemic characteristics of this new and now increasingly dominant market-driven order are outlined, followed by an exposition of how that order has impacted on the mind-set of academic practitioners by defining the norms of academic professionalism and academic practice. A new kind of orderliness now circumscribes and defines what it means to be an academic. Some of the emergent but pressing alternatives to this identity-kit of orderliness are suggested: disorderly identities that transgress the spatial boundaries of the dominant order, challenge its control of the chronology of that order, and begin to constitute participative and non-hierarchical foci of pedagogical action and participative research.

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