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Lawlessness and Economics: Alternative Modes of Governance (The Gorman Lectures in Economics #1)
Par Avinash K. Dixit. 2004
How can property rights be protected and contracts be enforced in countries where the rule of law is ineffective or…
absent? How can firms from advanced market economies do business in such circumstances? In Lawlessness and Economics, Avinash Dixit examines the theory of private institutions that transcend or supplement weak economic governance from the state. In much of the world and through much of history, private mechanisms--such as long-term relationships, arbitration, social networks to disseminate information and norms to impose sanctions, and for-profit enforcement services--have grown up in place of formal, state-governed institutions. Even in countries with strong legal systems, many of these mechanisms continue under the shadow of the law. Numerous case studies and empirical investigations have demonstrated the variety, importance, and merits, and drawbacks of such institutions. This book builds on these studies and constructs a toolkit of theoretical models to analyze them. The models shed new conceptual light on the different modes of governance, and deepen our understanding of the interaction of the alternative institutions with each other and with the government's law. For example, one model explains the limit on the size of social networks and illuminates problems in the transition to more formal legal systems as economies grow beyond this limit. Other models explain why for-profit enforcement is inefficient. The models also help us understand why state law dovetails with some non-state institutions and collides with others. This can help less-developed countries and transition economies devise better processes for the introduction or reform of their formal legal systems.The Terrorist's Dilemma: Managing Violent Covert Organizations
Par Jacob N. Shapiro. 2013
A comprehensive look at how terrorist groups organize themselvesHow do terrorist groups control their members? Do the tools groups use…
to monitor their operatives and enforce discipline create security vulnerabilities that governments can exploit? The Terrorist's Dilemma is the first book to systematically examine the great variation in how terrorist groups are structured. Employing a broad range of agency theory, historical case studies, and terrorists' own internal documents, Jacob Shapiro provocatively discusses the core managerial challenges that terrorists face and illustrates how their political goals interact with the operational environment to push them to organize in particular ways.Shapiro provides a historically informed explanation for why some groups have little hierarchy, while others resemble miniature firms, complete with line charts and written disciplinary codes. Looking at groups in Africa, Asia, Europe, and North America, he highlights how consistent and widespread the terrorist's dilemma--balancing the desire to maintain control with the need for secrecy--has been since the 1880s. Through an analysis of more than a hundred terrorist autobiographies he shows how prevalent bureaucracy has been, and he utilizes a cache of internal documents from al-Qa'ida in Iraq to outline why this deadly group used so much paperwork to handle its people. Tracing the strategic interaction between terrorist leaders and their operatives, Shapiro closes with a series of comparative case studies, indicating that the differences in how groups in the same conflict approach their dilemmas are consistent with an agency theory perspective.The Terrorist's Dilemma demonstrates the management constraints inherent to terrorist groups and sheds light on specific organizational details that can be exploited to more efficiently combat terrorist activity.How our stone-age brains made modern society, and why it matters for relationships between men and womenAs countless love songs,…
movies, and self-help books attest, men and women have long sought different things. The result? Seemingly inevitable conflict. Yet we belong to the most cooperative species on the planet. Isn't there a way we can use this capacity to achieve greater harmony and equality between the sexes? In The War of the Sexes, Paul Seabright argues that there is—but first we must understand how the tension between conflict and cooperation developed in our remote evolutionary past, how it shaped the modern world, and how it still holds us back, both at home and at work.Drawing on biology, sociology, anthropology, and economics, Seabright shows that conflict between the sexes is, paradoxically, the product of cooperation. The evolutionary niche—the long dependent childhood—carved out by our ancestors requires the highest level of cooperative talent. But it also gives couples more to fight about. Men and women became experts at influencing one another to achieve their cooperative ends, but also became trapped in strategies of manipulation and deception in pursuit of sex and partnership. In early societies, economic conditions moved the balance of power in favor of men, as they cornered scarce resources for use in the sexual bargain. Today, conditions have changed beyond recognition, yet inequalities between men and women persist, as the brains, talents, and preferences we inherited from our ancestors struggle to deal with the unpredictable forces unleashed by the modern information economy.Men and women today have an unprecedented opportunity to achieve equal power and respect. But we need to understand the mixed inheritance of conflict and cooperation left to us by our primate ancestors if we are finally to escape their legacy.This book reviews and develops Bayesian non-parametric and semi-parametric methods for applications in microeconometrics and quantitative marketing. Most econometric models…
used in microeconomics and marketing applications involve arbitrary distributional assumptions. As more data becomes available, a natural desire to provide methods that relax these assumptions arises. Peter Rossi advocates a Bayesian approach in which specific distributional assumptions are replaced with more flexible distributions based on mixtures of normals. The Bayesian approach can use either a large but fixed number of normal components in the mixture or an infinite number bounded only by the sample size. By using flexible distributional approximations instead of fixed parametric models, the Bayesian approach can reap the advantages of an efficient method that models all of the structure in the data while retaining desirable smoothing properties. Non-Bayesian non-parametric methods often require additional ad hoc rules to avoid "overfitting," in which resulting density approximates are nonsmooth. With proper priors, the Bayesian approach largely avoids overfitting, while retaining flexibility. This book provides methods for assessing informative priors that require only simple data normalizations. The book also applies the mixture of the normals approximation method to a number of important models in microeconometrics and marketing, including the non-parametric and semi-parametric regression models, instrumental variables problems, and models of heterogeneity. In addition, the author has written a free online software package in R, "bayesm," which implements all of the non-parametric models discussed in the book.Lectures on Behavioral Macroeconomics
Par Paul De Grauwe. 2013
In mainstream economics, and particularly in New Keynesian macroeconomics, the booms and busts that characterize capitalism arise because of large…
external shocks. The combination of these shocks and the slow adjustments of wages and prices by rational agents leads to cyclical movements. In this book, Paul De Grauwe argues for a different macroeconomics model--one that works with an internal explanation of the business cycle and factors in agents' limited cognitive abilities. By creating a behavioral model that is not dependent on the prevailing concept of rationality, De Grauwe is better able to explain the fluctuations of economic activity that are an endemic feature of market economies. This new approach illustrates a richer macroeconomic dynamic that provides for a better understanding of fluctuations in output and inflation. De Grauwe shows that the behavioral model is driven by self-fulfilling waves of optimism and pessimism, or animal spirits. Booms and busts in economic activity are therefore natural outcomes of a behavioral model. The author uses this to analyze central issues in monetary policies, such as output stabilization, before extending his investigation into asset markets and more sophisticated forecasting rules. He also examines how well the theoretical predictions of the behavioral model perform when confronted with empirical data. Develops a behavioral macroeconomic model that assumes agents have limited cognitive abilities Shows how booms and busts are characteristic of market economies Explores the larger role of the central bank in the behavioral model Examines the destabilizing aspects of asset marketsInformation and Learning in Markets: The Impact of Market Microstructure
Par Xavier Vives. 2008
The ways financial analysts, traders, and other specialists use information and learn from each other are of fundamental importance to…
understanding how markets work and prices are set. This graduate-level textbook analyzes how markets aggregate information and examines the impacts of specific market arrangements--or microstructure--on the aggregation process and overall performance of financial markets. Xavier Vives bridges the gap between the two primary views of markets--informational efficiency and herding--and uses a coherent game-theoretic framework to bring together the latest results from the rational expectations and herding literatures. Vives emphasizes the consequences of market interaction and social learning for informational and economic efficiency. He looks closely at information aggregation mechanisms, progressing from simple to complex environments: from static to dynamic models; from competitive to strategic agents; and from simple market strategies such as noncontingent orders or quantities to complex ones like price contingent orders or demand schedules. Vives finds that contending theories like informational efficiency and herding build on the same principles of Bayesian decision making and that "irrational" agents are not needed to explain herding behavior, booms, and crashes. As this book shows, the microstructure of a market is the crucial factor in the informational efficiency of prices. Provides the most complete analysis of the ways markets aggregate information Bridges the gap between the rational expectations and herding literatures Includes exercises with solutions Serves both as a graduate textbook and a resource for researchers, including financial analystsThe Bankers' New Clothes: What's Wrong with Banking and What to Do about It - Updated Edition
Par Anat Admati, Martin Hellwig. 2014
Why our banking system is broken—and what we must do to fix itAs memories of the Global Financial Crisis have…
faded, it has been tempting to believe that the banking system is now safe and that we will never again have to choose between havoc and massive bailouts. But The Bankers’ New Clothes shows that reforms have changed little—and that the banks still present serious dangers to the world economy. Writing in clear language anyone can understand, Anat Admati and Martin Hellwig explain how we can have a healthier banking system without sacrificing any benefits. They also debunk the false and misleading narratives of bankers, regulators, politicians, academics, and others who oppose real reform.In April 1956, a refitted oil tanker carried fifty-eight shipping containers from Newark to Houston. From that modest beginning, container…
shipping developed into a huge industry that made the boom in global trade possible. The Box tells the dramatic story of the container's creation, the decade of struggle before it was widely adopted, and the sweeping economic consequences of the sharp fall in transportation costs that containerization brought about. But the container didn't just happen. Its adoption required huge sums of money, both from private investors and from ports that aspired to be on the leading edge of a new technology. It required years of high-stakes bargaining with two of the titans of organized labor, Harry Bridges and Teddy Gleason, as well as delicate negotiations on standards that made it possible for almost any container to travel on any truck or train or ship. Ultimately, it took McLean's success in supplying U.S. forces in Vietnam to persuade the world of the container's potential. Drawing on previously neglected sources, economist Marc Levinson shows how the container transformed economic geography, devastating traditional ports such as New York and London and fueling the growth of previously obscure ones, such as Oakland. By making shipping so cheap that industry could locate factories far from its customers, the container paved the way for Asia to become the world's workshop and brought consumers a previously unimaginable variety of low-cost products from around the globe. Published in hardcover on the fiftieth anniversary of the first container voyage, this is the first comprehensive history of the shipping container. Now with a new chapter, The Box tells the dramatic story of how the drive and imagination of an iconoclastic entrepreneur turned containerization from an impractical idea into a phenomenon that transformed economic geography, slashed transportation costs, and made the boom in global trade possible.Portfolios of the Poor: How the World's Poor Live on $2 a Day
Par Daryl Collins, Jonathan Morduch, Stuart Rutherford, Orlanda Ruthven. 2009
Nearly forty percent of humanity lives on an average of two dollars a day or less. If you've never had…
to survive on an income so small, it is hard to imagine. How would you put food on the table, afford a home, and educate your children? How would you handle emergencies and old age? Every day, more than a billion people around the world must answer these questions. Portfolios of the Poor is the first book to systematically explain how the poor find solutions to their everyday financial problems. The authors conducted year-long interviews with impoverished villagers and slum dwellers in Bangladesh, India, and South Africa--records that track penny by penny how specific households manage their money. The stories of these families are often surprising and inspiring. Most poor households do not live hand to mouth, spending what they earn in a desperate bid to keep afloat. Instead, they employ financial tools, many linked to informal networks and family ties. They push money into savings for reserves, squeeze money out of creditors whenever possible, run sophisticated savings clubs, and use microfinancing wherever available. Their experiences reveal new methods to fight poverty and ways to envision the next generation of banks for the "bottom billion." Indispensable for those in development studies, economics, and microfinance, Portfolios of the Poor will appeal to anyone interested in knowing more about poverty and what can be done about it.After Civil Rights: Racial Realism in the New American Workplace
Par John D. Skrentny. 2013
A provocative new approach to race in the workplaceWhat role should racial difference play in the American workplace? As a…
nation, we rely on civil rights law to address this question, and the monumental Civil Rights Act of 1964 seemingly answered it: race must not be a factor in workplace decisions. In After Civil Rights, John Skrentny contends that after decades of mass immigration, many employers, Democratic and Republican political leaders, and advocates have adopted a new strategy to manage race and work. Race is now relevant not only in negative cases of discrimination, but in more positive ways as well. In today's workplace, employers routinely practice "racial realism," where they view race as real—as a job qualification. Many believe employee racial differences, and sometimes immigrant status, correspond to unique abilities or evoke desirable reactions from clients or citizens. They also see racial diversity as a way to increase workplace dynamism. The problem is that when employers see race as useful for organizational effectiveness, they are often in violation of civil rights law.After Civil Rights examines this emerging strategy in a wide range of employment situations, including the low-skilled sector, professional and white-collar jobs, and entertainment and media. In this important book, Skrentny urges us to acknowledge the racial realism already occurring, and lays out a series of reforms that, if enacted, would bring the law and lived experience more in line, yet still remain respectful of the need to protect the civil rights of all workers.From Neighborhoods to Nations: The Economics of Social Interactions
Par Yannis Ioannides. 2013
Just as we learn from, influence, and are influenced by others, our social interactions drive economic growth in cities, regions,…
and nations--determining where households live, how children learn, and what cities and firms produce. From Neighborhoods to Nations synthesizes the recent economics of social interactions for anyone seeking to understand the contributions of this important area. Integrating theory and empirics, Yannis Ioannides explores theoretical and empirical tools that economists use to investigate social interactions, and he shows how a familiarity with these tools is essential for interpreting findings. The book makes work in the economics of social interactions accessible to other social scientists, including sociologists, political scientists, and urban planning and policy researchers. Focusing on individual and household location decisions in the presence of interactions, Ioannides shows how research on cities and neighborhoods can explain communities' composition and spatial form, as well as changes in productivity, industrial specialization, urban expansion, and national growth. The author examines how researchers address the challenge of separating personal, social, and cultural forces from economic ones. Ioannides provides a toolkit for the next generation of inquiry, and he argues that quantifying the impact of social interactions in specific contexts is essential for grasping their scope and use in informing policy. Revealing how empirical work on social interactions enriches our understanding of cities as engines of innovation and economic growth, From Neighborhoods to Nations carries ramifications throughout the social sciences and beyond.Selling Women Short: Gender and Money on Wall Street
Par Louise Marie Roth. 2006
Rocked by a flurry of high-profile sex discrimination lawsuits in the 1990s, Wall Street was supposed to have cleaned up…
its act. It hasn't. Selling Women Short is a powerful new indictment of how America's financial capital has swept enduring discriminatory practices under the rug. Wall Street is supposed to be a citadel of pure economics, paying for performance and evaluating performance objectively. People with similar qualifications and performance should receive similar pay, regardless of gender. They don't. Comparing the experiences of men and women who began their careers on Wall Street in the late 1990s, Louise Roth finds not only that women earn an average of 29 percent less but also that they are shunted into less lucrative career paths, are not promoted, and are denied the best clients. Selling Women Short reveals the subtle structural discrimination that occurs when the unconscious biases of managers, coworkers, and clients influence performance evaluations, work distribution, and pay. In their own words, Wall Street workers describe how factors such as the preference to associate with those of the same gender contribute to systematic inequality. Revealing how the very systems that Wall Street established ostensibly to combat discrimination promote inequality, Selling Women Short closes with Roth's frank advice on how to tackle the problem, from introducing more tangible performance criteria to curbing gender-stereotypical client entertaining activities. Above all, firms could stop pretending that market forces lead to fair and unbiased outcomes. They don't.Finance and the Good Society
Par Robert J. Shiller. 2013
Nobel Prize-winning economist explains why we need to reclaim finance for the common goodThe reputation of the financial industry could…
hardly be worse than it is today in the painful aftermath of the 2008 financial crisis. New York Times best-selling economist Robert Shiller is no apologist for the sins of finance—he is probably the only person to have predicted both the stock market bubble of 2000 and the real estate bubble that led up to the subprime mortgage meltdown. But in this important and timely book, Shiller argues that, rather than condemning finance, we need to reclaim it for the common good. He makes a powerful case for recognizing that finance, far from being a parasite on society, is one of the most powerful tools we have for solving our common problems and increasing the general well-being. We need more financial innovation—not less—and finance should play a larger role in helping society achieve its goals.Challenging the public and its leaders to rethink finance and its role in society, Shiller argues that finance should be defined not merely as the manipulation of money or the management of risk but as the stewardship of society's assets. He explains how people in financial careers—from CEO, investment manager, and banker to insurer, lawyer, and regulator—can and do manage, protect, and increase these assets. He describes how finance has historically contributed to the good of society through inventions such as insurance, mortgages, savings accounts, and pensions, and argues that we need to envision new ways to rechannel financial creativity to benefit society as a whole.Ultimately, Shiller shows how society can once again harness the power of finance for the greater good.Chasing Stars: The Myth of Talent and the Portability of Performance
Par Boris Groysberg. 2010
Why corporate stars often lose their luster after changing jobsIt is taken for granted in the knowledge economy that companies…
must employ the most talented performers to compete and succeed. Many firms try to buy stars by luring them away from competitors. But Boris Groysberg shows what an uncertain and disastrous practice this can be.After examining the careers of more than a thousand star analysts at Wall Street investment banks, and conducting more than two hundred frank interviews, Groysberg comes to a striking conclusion: star analysts who change firms suffer an immediate and lasting decline in performance. Their earlier excellence appears to have depended heavily on their former firms' general and proprietary resources, organizational cultures, networks, and colleagues. There are a few exceptions, such as stars who move with their teams and stars who switch to better firms. Female stars also perform better after changing jobs than their male counterparts do. But most stars who switch firms turn out to be meteors, quickly losing luster in their new settings.Groysberg also explores how some Wall Street research departments are successfully growing, retaining, and deploying their own stars. Finally, the book examines how its findings apply to many other occupations, from general managers to football players.Chasing Stars offers profound insights into the fundamental nature of outstanding performance. It also offers practical guidance to individuals on how to manage their careers strategically, and to companies on how to identify, develop, and keep talent.Power and Plenty: Trade, War, and the World Economy in the Second Millennium (The Princeton Economic History of the Western World #30)
Par Ronald Findlay, Kevin H. O'Rourke. 2007
International trade has shaped the modern world, yet until now no single book has been available for both economists and…
general readers that traces the history of the international economy from its earliest beginnings to the present day. Power and Plenty fills this gap, providing the first full account of world trade and development over the course of the last millennium. Ronald Findlay and Kevin O'Rourke examine the successive waves of globalization and "deglobalization" that have occurred during the past thousand years, looking closely at the technological and political causes behind these long-term trends. They show how the expansion and contraction of the world economy has been directly tied to the two-way interplay of trade and geopolitics, and how war and peace have been critical determinants of international trade over the very long run. The story they tell is sweeping in scope, one that links the emergence of the Western economies with economic and political developments throughout Eurasia centuries ago. Drawing extensively upon empirical evidence and informing their systematic analysis with insights from contemporary economic theory, Findlay and O'Rourke demonstrate the close interrelationships of trade and warfare, the mutual interdependence of the world's different regions, and the crucial role these factors have played in explaining modern economic growth. Power and Plenty is a must-read for anyone seeking to understand the origins of today's international economy, the forces that continue to shape it, and the economic and political challenges confronting policymakers in the twenty-first century.When Washington Shut Down Wall Street unfolds like a mystery story. It traces Treasury Secretary William Gibbs McAdoo's triumph over…
a monetary crisis at the outbreak of World War I that threatened the United States with financial disaster. The biggest gold outflow in a generation imperiled America's ability to repay its debts abroad. Fear that the United States would abandon the gold standard sent the dollar plummeting on world markets. Without a central bank in the summer of 1914, the United States resembled a headless financial giant. William McAdoo stepped in with courageous action, we read in Silber's gripping account. He shut the New York Stock Exchange for more than four months to prevent Europeans from selling their American securities and demanding gold in return. He smothered the country with emergency currency to prevent a replay of the bank runs that swept America in 1907. And he launched the United States as a world monetary power by honoring America's commitment to the gold standard. His actions provide a blueprint for crisis control that merits attention today. McAdoo's recipe emphasizes an exit strategy that allows policymakers to throttle a crisis while minimizing collateral damage. When Washington Shut Down Wall Street recreates the drama of America's battle for financial credibility. McAdoo's accomplishments place him alongside Paul Volcker and Alan Greenspan as great American financial leaders. McAdoo, in fact, nursed the Federal Reserve into existence as the 1914 crisis waned and served as the first chairman of the Federal Reserve Board.Intelligent Control and Smart Energy Management: Renewable Resources and Transportation (Springer Optimization and Its Applications #181)
Par Maude Josée Blondin, João Pedro Fernandes Trovão, Hicham Chaoui, Panos M. Pardalos. 2022
This volume aims to provide a state-of-the-art and the latest advancements in the field of intelligent control and smart energy…
management. Techniques, combined with technological advances, have enabled the deployment of new operating systems in many engineering applications, especially in the domain of transport and renewable resources. The control and energy management of transportation and renewable resources are shifting towards autonomous reasoning, learning, planning and operating. As a result, these techniques, also referred to as autonomous control and energy management, will become practically ubiquitous soon. The discussions include methods, based on neural control (and others) as well as distributed and intelligent optimization. While the theoretical concepts are detailed and explained, the techniques presented are tailored to transport and renewable resources applications, such as smart grids and automated vehicles. The reader will grasp the most important theoretical concepts as well as to fathom the challenges and needs related to timely practical applications. Additional content includes research perspectives and future direction as well as insight into the devising of techniques that will meet tomorrow’s scientific needs. This contributed volume is for researchers, graduate students, engineers and practitioners in the domains of control, energy, and transportation.Fairplay Franchising: Spielregeln für partnerschaftlichen Erfolg
Par Waltraud Martius. 2024
Dieses Grundlagenwerk für Franchisegeber und -nehmer beschreibt die besonderen Regeln des nachhaltigen, fairen Franchisings zum beiderseitigen Vorteil. Doch wie gelingen…
partnerschaftliche Geschäftsbeziehungen, welche Hard- und Softfacts sind ausschlaggebend? Die Autorin zeigt, welche Tools Franchisegeber und -nehmer nutzen können, um Wertschätzung, Anerkennung und Partizipation zu fördern. Anhand konkreter Praxisbeispiele führender Systeme wird deutlich, wie die zehn Regeln des Fairplay ausgestaltet werden und allen Partnern dauerhaft zum Erfolg verhelfen können.Die 4. Auflage wurde umfassend überarbeitet und um zahlreiche Best-Practice-Beispiele ergänzt. Mit Checklisten zum Download.„In diesem Buch wird sehr kenntnisreich beschrieben, wie partnerschaftliches Franchising zur Realisierung des gemeinsamen Geschäftserfolgs funktioniert. Waltraud Martius zeigt, wie die Regeln des Fairplay im Franchising konkret umgesetzt werden können.“ Jan Schmelzle, Geschäftsführer, Deutscher Franchiseverband e.V..Flexible Automation and Intelligent Manufacturing: Proceedings of FAIM 2023, June 18–22, 2023, Porto, Portugal, Volume 2: Industrial Management (Lecture Notes in Mechanical Engineering)
Par Francisco J. G. Silva, Luís Pinto Ferreira, José Carlos Sá, Maria Teresa Pereira, Carla M. A. Pinto. 2024
This book reports on cutting-edge research and developments in manufacturing, giving a special emphasis to solutions fostering automation, sustainability and…
health, safety and well-being at work. Topics cover manufacturing process analysis and optimization, supply chain management, quality control, as well as human factors and logistics. They highlight the role and advantages of intelligent systems and technologies, discussing current best-practices and challenges to cope with in the near future. Based on proceedings of the 32nd edition of the International Conference on Flexible Automation and Intelligent Manufacturing, FAIM 2023, held on June 18–22, 2023, in Porto, Portugal, this second volume of a 2-volume set provides academics and professionals with extensive information on innovative strategies for industrial management in the era of industry 5.0.Esports in the Asia-Pacific: Ecosystem, Communities, and Identities (Palgrave Series in Asia and Pacific Studies)
Par Filippo Gilardi, Paul Martin. 2023
This is an edited book that fills a gap in knowledge by providing a comprehensive view of esports practice from…
the Asia and Pacific region. The volume looks at the development of esports through the interconnections between institutions, industries, players, and society, across the Asia-Pacific. Over the last two decades, the Asia-Pacific region has been central to the growth and development of esports. The value of this book lies in its ability to provide a view of esport from countries that are currently underrepresented in the literature such as Vietnam, Malaysia, Taiwan, Hong Kong, Singapore, Philippines and Australia while still integrating chapters looking at more well-researched countries such as China, Korea, and Japan. Through its diverse case studies, the book serves as a resource for scholars and educators worldwide who seek diverse examples with which to improve understanding of the esports phenomenon and the inclusiveness of media and communication curricula. chapters “Introduction to Esports in the Asia-Pacific” and “Conclusions to Esports in the Asia–Pacific” are available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.