6,839 research outputs found

    Divergent mathematical treatments in utility theory

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    In this paper I study how divergent mathematical treatments affect mathematical modelling, with a special focus on utility theory. In particular I examine recent work on the ranking of information states and the discounting of future utilities, in order to show how, by replacing the standard analytical treatment of the models involved with one based on the framework of Nonstandard Analysis, diametrically opposite results are obtained. In both cases, the choice between the standard and nonstandard treatment amounts to a selection of set-theoretical parameters that cannot be made on purely empirical grounds. The analysis of this phenomenon gives rise to a simple logical account of the relativity of impossibility theorems in economic theory, which concludes the paper

    Perfect Competition

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    In his 1987 entry on ‘Perfect Competition’ in The New Palgrave, the author reviewed the question of the perfectness of perfect competition, and gave four alternative formalisations rooted in the so-called Arrow-Debreu-Mckenzie model. That entry is now updated for the second edition to include work done on the subject during the last twenty years. A fresh assessment of this literature is offered, one that emphasises the independence assumption whereby individual agents are not related except through the price system. And it highlights a ‘linguistic turn’ whereby Hayek’s two fundamental papers on ‘division of knowledge’ are seen to have devastating consequences for this research programmeAllocation of Resources, Perfect Competition, Exchange Economy

    Perfect Competition

    Get PDF
    In his 1987 entry on ‘Perfect Competition’ in The New Palgrave, the author reviewed the question of the perfectness of perfect competition, and gave four alternative formalisations rooted in the so-called Arrow-Debreu-Mckenzie model. That entry is now updated for the second edition to include work done on the subject during the last twenty years. A fresh assessment of this literature is offered, one that emphasises the independence assumption whereby individual agents are not related except through the price system. And it highlights a ‘linguistic turn’ whereby Hayek’s two fundamental papers on ‘division of knowledge’ are seen to have devastating consequences for this research programme.Allocation of Resources; Perfect Competition; Exchange Economy

    Deliberately casual? Workers' agency, health, and nonstandard employment relations in Australia

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    This item is under embargo for a period of 12 months from the date of publication, in accordance with the publisher's policy.Objective: We explored Australian workers’ experiences of nonstandard employment, how it related to health and wellbeing, and the role that Bourdieu’s forms of capital (cultural, economic and social resources) played in underpinning workers’ agency. Methods: Qualitative data from semistructured interviews with 32 causal workers were analysed based on framework analysis. Results: Most participants were ‘deliberate casuals’ who had chosen casual over permanent employment, with half of that group naming improved health and wellbeing as motivation. Those with greater access to capital felt more able to exercise choice, whereas those with fewer capital resources felt constrained to be casual. Gendered structures and labour market dynamics were also significant in shaping agency. Conclusions: Access to capital and a buoyant labour market underpinned workers’ agency in Australia, enabling some to gain health and wellbeing benefits from nonstandard employment

    Decision-making and problem-solving methods in automation technology

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    The state of the art in the automation of decision making and problem solving is reviewed. The information upon which the report is based was derived from literature searches, visits to university and government laboratories performing basic research in the area, and a 1980 Langley Research Center sponsored conferences on the subject. It is the contention of the authors that the technology in this area is being generated by research primarily in the three disciplines of Artificial Intelligence, Control Theory, and Operations Research. Under the assumption that the state of the art in decision making and problem solving is reflected in the problems being solved, specific problems and methods of their solution are often discussed to elucidate particular aspects of the subject. Synopses of the following major topic areas comprise most of the report: (1) detection and recognition; (2) planning; and scheduling; (3) learning; (4) theorem proving; (5) distributed systems; (6) knowledge bases; (7) search; (8) heuristics; and (9) evolutionary programming

    Intersection of labour and employment market in private further and higher education colleges in the United Kingdom

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    While past literature identified that the unskilled workers tend to accept nonstandard works, the literature has not explained adequately the reasons for accepting nonstandard work by highly skilled academics. This study addresses this literature gap by examining various reasons for accepting non-standard work by academics in private further and higher education colleges in the United Kingdom. Based on self-determination motivation theory, the study categorizes different reasons according to push factors and pull factors where push factors are the controlled choices and pull factors are autonomous choices. A mixed methodology is employed in this study. The quantitative data are utilized to draw the trends and patterns of nonstandard work in this context, where the qualitative data are used to give an in-depth discussion about the context. Influences of both push and pull factor have been identified as a reason for accepting non-standard contract. However, the links between push factors are stronger than pull factors. We argued that when the push factors become powerful, the pull choice intersects with push factor, and in that situation the pull factors become less important to employees. We also argued that due to strong presence of push factor, the academics in this sector have less control over different aspects of job including wages, training, employment benefits, career progression, and job security
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