New Frontiers in EconomicsMichael Szenberg, Lall Ramrattan Leading economists analyze the new directions that subdisciplines of economics have taken in the face of modern economic challenges. These essays represent invention and discovery in the areas of information, macroeconomics and public policies, international trade and development, finance, business, contracts, law, gaming, and government, as these areas of study evolve through the different phases of the scientific process. They offer a wealth of factual information on the current state of the economy. Theoretical and empirical innovations conceptualize reality and values in different ways from their predecessors. Together the essays offer the reader a balanced look at the various fields, approaches, and dimensions that comprise future directions in economic theory, research, and practice. The extensive introduction by the editors not only summarizes and reviews the implications of the contributions presented in the volume, but also examines how scientific progress takes place, with special reference to economics and finance. |
Contents
INFORMATIONAL BEHAVIORAL ECONOMICS AND FINANCE | 14 |
Information and the Change in the Paradigm in Economics 27 | 27 |
Behavioral Economics 66 | 66 |
Implications for Asset | 103 |
Two Puzzles of Asset Pricing and Their Implications | 128 |
Whither Macro? | 173 |
Recent Developments in and Future Prospects for Public | 185 |
Economic Theory and the Interpretation of GATTWTO | 205 |
Whats New in Development Economics? | 235 |
Contract or War? On the Consequences of a Broader View | 261 |
New Directions in Law and Economics | 281 |
| 303 | |
| 309 | |
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adverse selection agent aggregate allocation American Economic Review analysis argued Arrow-Debreu model asset pricing theory assumptions asymmetries average behavior behavioral economics Bossaerts Campbell capital CAPM changes choice competitive conflict consumption growth contract costs countries crime criminal distribution dividend-price ratio economists effects efficiency equilibrium equity premium puzzle example expected Experimental experiments financial markets firms future GATT/WTO imperfect imperfect information implies important incentive income increase individual information asymmetries interest rate intertemporal investment investors issues John Y Journal of Economics Kahneman labor loss aversion macroeconomics marginal marginal utility monetary Nash Nash equilibrium negotiations nomic optimal outcome paradigm payoffs percent portfolio predictions preferences problem production public economics reciprocity risk aversion riskless Sharpe ratio Shiller social stock market stock prices stock returns subjects tariff Taylor Rule terms-of-trade Thaler theoretical tion trade agreement trade policy Tversky wage wealth