Copyright
Michael Richter; Ariel RubinsteinPublished On
2024-11-13ISBN
Language
- English
Print Length
154 pages (xi+143)Dimensions
Weight
Media
OCLC Number
1431223605LCCN
2023513474THEMA
- KC
- KCA
- KCK
BISAC
- BUS069030
- BUS024000
- BUS069040
LCC
- HB135
Keywords
- Economic Theory
- Models
- Prices
- Games
- Agents
- Equilibrium
No Prices No Games!
Four Economic Models
2nd Edition
While current economic theory focuses on prices and games, this book models economic settings where harmony is established through one of the following societal conventions:
• A power relation according to which stronger agents are able to force weaker ones to do things against their will.
• A norm that categorizes actions as permissible or forbidden.
• A status relation over alternatives which limits each agent's choices.
• Systematic biases in agents' preferences.
These four conventions are analysed using simple and mathematically straightforward models, without any pretensions regarding direct applied usefulness. While we do not advocate for the adoption of any of these conventions specifically – we do advocate that when modelling an economic situation, alternative equilibrium notions should be considered, rather than automatically reaching for the familiar approaches of prices or games.
Contents
0. Introduction
(pp. 1–12)- Michael Richter
- Ariel Rubinstein
1. Equilibrium in the Jungle
(pp. 13–36)- Michael Richter
- Ariel Rubinstein
2. The Permissible and the Forbidden
(pp. 37–64)- Michael Richter
- Ariel Rubinstein
3. Status and Indoctrination
(pp. 65–92)- Michael Richter
- Ariel Rubinstein
4. Biased Preferences Equilibrium
(pp. 93–112)- Michael Richter
- Ariel Rubinstein
5. A Comparison to Game Theory
(pp. 113–138)- Michael Richter
- Ariel Rubinstein
Contributors
Michael Richter
(author)Michael Richter is a professor of Economics at Baruch College, City University of New York and Royal Holloway, University of London. He is a graduate of the University of Chicago (BS, Math) and New York University (PhD, Economics). His research interests are in microeconomic theory, particularly decision theory, general equilibrium, and search. He lives in New York, with his wife and two kids. For other works, the author’s website is: http://www.mrichter.co/
Ariel Rubinstein
(author)Ariel Rubinstein was born in Jerusalem and received his PhD from the Hebrew University in Jerusalem in 1979. Has been a Professor at the Hebrew University and at Princeton and currently is a Professor (Emeritus) at Tel Aviv University and a Professor of Economics at New York University. He has served as the President of the Econometric Society (2004). He is a foreign honorary member of the American Academy of Arts and Sciences and the American Economic Association, an Elected Fellow of the Israeli Academy of Sciences and Elected Corresponding Fellow of the British Academy. His 7 books reflect his research interests: Bargaining and Markets (with M. Osborne) (1990), A Course in Game Theory (with M. Osborne) (1994), Modeling Bounded Rationality (1998), Economics and Language (2000), Lecture Notes in Microeconomics (2005) and Models of Microeconomic Theory (with M.Osborne) (2020). His book Economic Fables (2012) presents his general views about Economic Theory. He created and manages the Atlas of Cafes (where one can think). All his books and articles are accessed through his homepage https://arielrubinstein.tau.ac.il