Search behaviour with reference point preferences:

People are heterogeneous with respect to their behaviour in sequential decision situations. This paper develops models for search behaviour under the assumption of expected-utility maximisation and a new search model that assumes sequential updating of utility reference points during the search process. I find experimental evidence that supports the new reference point model: Individual loss aversion is systematically related to the observed search behaviour in a way that is consistent with the predictions of the reference point model. Risk attitude is not related to search behaviour. The finding that many people set reference points in sequential decision tasks is of interest in, e.g. consumer economics, labour economics, finance, and decision theory.

The Changing Face of Economics? Ethical Issues in Contemporary Economic Schools as a Consequence of Changes in the Concept of Human Nature

The last financial crisis combined with some recent social trends (like growing inequality or environmental problems) inspired many contemporary economists to the re-evaluation of actual economic knowledge in the search for solutions to these problems. Modern economic schools (especially heterodox ones) stress the meaning of ethical issues in economics more often. The thesis of the paper is that this revival of the ethical face of present economics depends very strongly on the changing assumptions of human nature within economics and other disciplines which work alongside economics, such as social psychology or business ethics, for instance. In order to prove the thesis, the paper provides an evaluation of current economic schools, especially within the heterodoxy, in search of their ethical aspects, and presents them as a result of the changing assumptions about human beings within those schools. This ethical dimension of human beings manifests itself in different ways, which can be perceived as a result of it being based on different ethical schools and different psychological and philosophical assumptions about human nature. Therefore, the paper also considers the current developments of the view on human beings in contemporary schools of economic ethics

A Search Model for Joint Implementation

The aim of this paper is to present a search model in the field of environmental economics, where so-called clean and dirty producers enter the trading market, both looking for a partner with whom to exchange the goods they are endowed with. The model derived in this paper is rather simple. Nevertheless, it is able to produce a series of interesting results and useful insights, and is conveniently used here as a framework to explain the functioning of Joint Implementation programmes for polluting emissions’ reduction.Environmental economics, Search theory, Market failures

Expectations, employment and prices: a suggested interpretation of the new 'farmerian' economics

This paper aims at providing a critical assessment of the new ‘Farmerian’ economics, i.e. the recent Farmer’s attempt to provide a new micro-foundation of the General Theory grounded on modern search and business cycle theories. Specifically, I develop a theoretical model that summarizes the main arguments of the suggested approach by showing that a special importance has to be attached to the search mechanism, the choice of units and ‘animal spirits’ modelling. Thereafter, referring to self-made real-business-cycle experiments, I discuss the main empirical implications of the resulting framework. Finally, I consider its policy implications by stressing the problematic nature of demand management interventions and the advisability of extending the role of the central bank in preventing financial bubbles and crashes.Old Keynesian Economics; search; demand constrained equilibrium; Shimer puzzle; economic policy.

The Effect of Fishermen's Quotas on Expected Catch Rates

Fishermen's quotas have the effect of truncating catches at the quota limit. Hence the expected catch is smaller than the quota. A simple search model is developed that provides an estimation of the factor by which expected catches are reduced.Environmental Economics and Policy, Research Methods/ Statistical Methods, Resource /Energy Economics and Policy, Risk and Uncertainty,

Money in search equilibrium, in competitive equilibrium, and in competitive search equilibrium

We compare three market structures for monetary economies: bargaining (search equilibrium); price taking (competitive equilibrium); and price posting (competitive search equilibrium). We also extend work on the microfoundations of money by allowing a general matching technology and entry. We study how equilibrium and the effects of policy depend on market structure.Money ; Equilibrium (Economics)

A Microfoundation of Monetary Economics

In this lecture, I explain what the microfoundations of money are about and why they are necessary for monetary economics. Then, I review recent developments of a particular microfoundation of money, commonly known as the search theory of money. Finally, I outline some unresolved issues.Money; Search; Microfoundation.

Lab Labor: What Can Labor Economists Learn from the Lab?

This paper surveys the contributions of laboratory experiments to labor economics. We begin with a discussion of methodological issues: why (and when) is a lab experiment the best approach; how do laboratory experiments compare to field experiments; and what are the main design issues? We then summarize the substantive contributions of laboratory experiments to our understanding of principal-agent interactions, social preferences, union-firm bargaining, arbitration, gender differentials, discrimination, job search, and labor markets more generally.personnel economics, principal-agent theory, laboratory experiments, labor economics

Feminist Ecological Economics and Sustainability

New developments in feminist ecological economics and ecofeminist economics are contributing to the search for theories and policy approaches to move economies toward sustainability. This paper summa- rizes work by ecofeminists and feminist ecological economists which is relevant to the sustainability challenge and its implications for the discipline of economics. Both democracy and lower material throughputs are generally seen as basic principles of economic sustainability. Feminist theorists and feminist ecological econ- omists offer many important insights into the conundrum of how to make a democratic and equity-enhancing transition to an economy based on less material throughput. These flow from feminist research on unpaid work and caring labor, provisioning, development, valuation, social reproduction, non-monetized exchange relationships, local economies, redistribution, citizenship, equity-enhancing political institutions, and labor time, as well as creative modeling approaches and activism-based theorizing.This research was supported by the Social Sciences and Humanities Research Council of Canad

AgEcon Search: An International Disciplinary Repository

4th International Conference on Open RepositoriesThis presentation was part of the session : Conference PresentationsDate: 2009-06-04 08:30 AM – 10:00 AMAgEcon Search, http://ageconsearch.umn.edu, is a discipline-oriented repository, started in 1995, which includes working papers, conference papers and journal articles in the field of applied economics. Running on DSpace, it is housed at the University of Minnesota and coordinated by two librarians. Involvement of professional associations has been critical in its success, and other contributors include academic departments, government agencies and NGOs. Over 32,000 documents are included, from 170 groups in 35 countries.Farm Foundation; Agricultural and Applied Economics Association Foundation; USDA Economic Research Servic