Journal of Economic Perspectives

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Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades
Journal of Economic Perspectives - Tập 12 Số 3 - Trang 151-170 - 1998
Sushil Bikhchandani, David Hirshleifer, Ivo Welch
Learning by observing the past decisions of others can help explain some otherwise puzzling phenomena about human behavior. For example, why do people tend to converge on similar behavior? Why is mass behavior prone to error and fads? The authors argue that the theory of observational learning, and particularly of informational cascades, has much to offer economics, business strategy, political sc... hiện toàn bộ
Choice Under Uncertainty: Problems Solved and Unsolved
Journal of Economic Perspectives - Tập 1 Số 1 - Trang 121-154 - 1987
Mark J. Machina
Fifteen years ago, the theory of choice under uncertainty could be considered one of the “success stories” of economic analysis: it rested on solid axiomatic foundations, it had seen important breakthroughs in the analytics of risk, risk aversion, and their applications to economic issues, and it stood ready to provide the theoretical underpinnings for the newly emerging “information revolution” i... hiện toàn bộ
Economic Prescriptions for Environmental Problems: How the Patient Followed the Doctor's Orders
Journal of Economic Perspectives - Tập 3 Số 2 - Trang 95-114 - 1989
Robert W. Hahn
In this paper, I consider two tools which have received widespread support from the economics community: marketable permits and emission charges. Until the 1960s, these tools only existed on blackboards and in academic journals, as products of the fertile imaginations of academics. However, some countries have recently begun to explore using these tools as part of a broader strategy for managing e... hiện toàn bộ
Protecting Competition in the American Economy: Merger Control, Tech Titans, Labor Markets
Journal of Economic Perspectives - Tập 33 Số 3 - Trang 69-93 - 2019
Carl Shapiro
Accumulating evidence points to the need for more vigorous antitrust enforcement in the United States in three areas. First, stricter merger control is warranted in an economy where large, highly efficient and profitable “superstar” firms account for an increasing share of economic activity. Evidence from merger retrospectives further supports the conclusion that stricter merger control is needed.... hiện toàn bộ
Anomalies: Ultimatums, Dictators and Manners
Journal of Economic Perspectives - Tập 9 Số 2 - Trang 209-219 - 1995
Colin F. Camerer, Richard H. Thaler
The recent research on ultimatum and dictator games is reviewed. New experiments reveal that the ultimatum game is quite robust to changes in stakes and the nationality of the players but dictator games are sensitive to many design features. Information in the ultimatum game is important. Responders will reject offers only if they are known to be proportionally stingy and are known to be chosen by... hiện toàn bộ
Social Norms and Economic Theory
Journal of Economic Perspectives - Tập 3 Số 4 - Trang 99-117 - 1989
Jon Elster
One of the most persistent cleavages in the social sciences is the opposition between two lines of thought conveniently associated with Adam Smith and Emile Durkheim, between homo economicus and homo sociologicus. Of these, the former is supposed to be guided by instrumental rationality, while the behavior of the latter is dictated by social norms. In this paper I characterize this contrast more f... hiện toàn bộ
The Efficient Market Hypothesis and Its Critics
Journal of Economic Perspectives - Tập 17 Số 1 - Trang 59-82 - 2003
Burton G. Malkiel
Revolutions often spawn counterrevolutions and the efficient market hypothesis in finance is no exception. The intellectual dominance of the efficient-market revolution has more been challenged by economists who stress psychological and behavorial elements of stock-price determination and by econometricians who argue that stock returns are, to a considerable extent, predictable. This survey examin... hiện toàn bộ
The Great Divide and Beyond: Financial Architecture in Transition
Journal of Economic Perspectives - Tập 16 Số 1 - Trang 77-100 - 2002
Erik Berglöf, Patrick Bolton
The Great Divide in economic and financial development and the convergence in financial architecture among the successful countries raise fundamental questions about how financial development interacts with economic growth. Is it possible to engineer a development takeoff by creating a modern financial architecture from scratch? Or are financial institutions and markets a reflection of underlying ... hiện toàn bộ
Applications of Generalized Method of Moments Estimation
Journal of Economic Perspectives - Tập 15 Số 4 - Trang 87-100 - 2001
Jeffrey M. Wooldridge
I describe how the method of moments approach to estimation, including the more recent generalized method of moments (GMM) theory, can be applied to problems using cross section, time series, and panel data. Method of moments estimators can be attractive because in many circumstances they are robust to failures of auxiliary distributional assumptions that are not needed to identify key parameters.... hiện toàn bộ
What Do We Know about the Evolution of Top Wealth Shares in the United States?
Journal of Economic Perspectives - Tập 29 Số 1 - Trang 47-66 - 2015
Wojciech Kopczuk
I discuss available evidence about the evolution of top wealth shares in the United States over the course of the 20th century. The three main approaches—the Survey of Consumer Finances, estate tax multiplier, and capitalization methods—generate generally consistent findings until mid-1980s but diverge since then, with the capitalization method showing a dramatic increase in wealth concentration a... hiện toàn bộ
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