Author: Ernst FehrPublisher:
ISBN:
Category : Money illusion
Languages : en
Pages : 42
Book Description
Money Illusion and Coordination Failure
Author: Ernst FehrPublisher:
ISBN:
Category : Money illusion
Languages : en
Pages : 42
Book Description
Money Illusions and Coordination Failure
Author: Ernst FehrPublisher:
ISBN:
Category : Money illusion
Languages : en
Pages : 19
Book Description
Does Money Illusion Matter?
Author: Ernst FehrPsychology, Rationality and Economic Behaviour
Author: B. AgarwalPublisher: Springer
ISBN: 0230522343
Category : Business & Economics
Languages : en
Pages : 281
Book Description
Economics has paid little attention to the psychology of economic behaviour, leading to somewhat simplistic assumptions about human nature. The psychological aspects have typically been reduced to standard utility theory, based on a narrow conception of rationality and self-interest maximization. The contributions in this volume, some focused on analytical models and methodology, others on laboratory and field experiments, challenge these assumptions, and provide novel and complex understandings of human motivation and economic decision-making. With a pioneering introduction by the book's two editors, this volume brings together exciting contributions to a field that is rapidly growing in influence and reach.
Economic Literacy and Money Illusion
Author: Helena ChytilovaPublisher: Taylor & Francis
ISBN: 1315304465
Category : Business & Economics
Languages : en
Pages : 192
Book Description
The concept of money illusion, a recently resurrected phenomenon of behavioral economics, is a real fact of economic life, the potential role of which should no longer be dismissed. Despite money illusion being utterly suppressed by mainstream economists, small deviations from rationality, together with trends in behavioral economics, alleviate the denial of money illusion induced by the rational expectations revolution. This book argues that money illusion seems to be a ubiquitous phenomenon, affecting various areas such as financial markets, housing markets, labor markets, consumption-saving decisions, and even development at the aggregate level induced by coordination issues. Furthermore, in light of the educational efforts of central banks and other institutions, it is worth considering whether solid economic training would provide guidance for the public regarding their decision-making and thereby alleviate the effects of money illusion. The emerging field of experimental economics provides a unique opportunity for us to verify the presence of money illusion. Specifically, attention is devoted to the experimental investigation of reduction in the direct and indirect effects of money illusion with respect to the level of economic literacy acquired through economic education. Economic Literacy and Money Illusion will be of interest to the general audience and to those who are interested in behavioral economics, economics education, and experimental economics, as well as to policy makers and institutions. Last but not least, it will help develop students’ interest in alternative economic theories. NB. The research and writing of this book was made possible with the support of the University of Economics, Prague, Faculty of Economics, Department of Economics.
The Money Illusion
Author: Scott SumnerPublisher: University of Chicago Press
ISBN: 0226826562
Category : Business & Economics
Languages : en
Pages : 415
Book Description
The first book-length work on market monetarism, written by its leading scholar. Is it possible that the consensus around what caused the 2008 Great Recession is almost entirely wrong? It’s happened before. Just as Milton Friedman and Anna Schwartz led the economics community in the 1960s to reevaluate its view of what caused the Great Depression, the same may be happening now to our understanding of the first economic crisis of the 21st century. Foregoing the usual relitigating of problems such as housing markets and banking crises, renowned monetary economist Scott Sumner argues that the Great Recession came down to one thing: nominal GDP, the sum of all nominal spending in the economy, which the Federal Reserve erred in allowing to plummet. The Money Illusion is an end-to-end case for this school of thought, known as market monetarism, written by its leading voice in economics. Based almost entirely on standard macroeconomic concepts, this highly accessible text lays the groundwork for a simple yet fundamentally radical understanding of how monetary policy can work best: providing a stable environment for a market economy to flourish.
Is Behavioral Economics Doomed?
Author: David K. LevinePublisher: Open Book Publishers
ISBN: 1906924929
Category : Business & Economics
Languages : en
Pages : 154
Book Description
In this book, David K. Levine questions the idea that behavioral economics is the answer to economic problems. He explores the successes and failures of contemporary economics both inside and outside the laboratory, and asks whether popular behavioral theories of psychological biases are solutions to the failures. The book not only provides an overview of popular behavioral theories and their history, but also gives the reader the tools for scrutinizing them.
Behavioural and Experimental Economics
Author: Steven DurlaufPublisher: Springer
ISBN: 0230280781
Category : Business & Economics
Languages : en
Pages : 279
Book Description
Specially selected from The New Palgrave Dictionary of Economics 2nd edition, each article within this compendium covers the fundamental themes within the discipline and is written by a leading practitioner in the field. A handy reference tool.
American Default
Author: Sebastian EdwardsPublisher: Princeton University Press
ISBN: 0691196044
Category : Business & Economics
Languages : en
Pages : 288
Book Description
The untold story of how FDR did the unthinkable to save the American economy.
Author: John Maynard Keynes