Showing archive for: “Economics”
Henry Manne on Behavioral Overreach
Henry G. Manne is Dean Emeritus at George Mason University School of Law Behavioral Economics, like so many efforts previously to upend the hegemony of the neo-classical market model, will leave some footprints on the intellectual sands of time. However, there is no way that it can accomplish what many of its disciples seem, subliminally ... Henry Manne on Behavioral Overreach
David Levine on Behavioral Economics: The Good, the Bad and the Middle Ground
Behavioral economics: love it or hate it – there seems to be no middle ground. Lovers take the obvious fact people are not frictionless maximizing machines together with the false premise that economists assume that they are to conclude that all of economics must be wrong. The haters take the equally obvious fact that laboratories ... David Levine on Behavioral Economics: The Good, the Bad and the Middle Ground
Larry Ribstein on Free to Lose?
Larry E. Ribstein is the Mildred Van Voorhis Jones Chair in Law and the associate dean for Research, University of Illinois College of Law I thought I’d aim my opening post at the question that motivated my interest in this symposium: is behavioral economics leading us to the end of free markets and the takeover ... Larry Ribstein on Free to Lose?
David Friedman on Behavioral Economics: Intriguing Research Project, with Reservations
I have long argued that the economic assumption of rationality is useful not because it is a complete and correct description of real world behavior but because it describes that part of behavior that is predictable. If half the time an individual takes the actions that best achieve his goals and half the time he ... David Friedman on Behavioral Economics: Intriguing Research Project, with Reservations
Decision Trees
Nobel Laureate economist Gary Becker’s decision tree (HT: Freakonomics, from the new illustrated SuperFreakonomics):
Free to Choose? A Symposium on Behavioral Law and Economics
Mark your calendars! Truth on the Market will be holding a two day symposium on behavioral law and economics and its implications on December 6th and 7th. We’ve got a great lineup of participants confirmed — and several invitations pending. We’ll have more announcements as we get closer to the date. Stay tuned. Free ... Free to Choose? A Symposium on Behavioral Law and Economics
More backdating detritus
I’ve written (e.g.) about the misguided criminal prosecutions spawned by the backdating so-called scandal. WSJ’s Holman Jenkins, who has been on the story from the beginning, echoes these sentiments, emphasizing the real scandal of the prosecutorial misconduct spawned by backdating: it’s . . . hard not to see the self-interested ethics of the plaintiff’s bar ... More backdating detritus
Jail time for backdaters
I’ve blogged fairly extensively about backdating, including serious questions about whether and when it was wrong at all, and even more serious questions about whether it should be criminalized. Among the specific issues are whether any misrepresentations were material to investors. And then there’s the epidemic of prosecutorial misconduct that has occurred in these cases. ... Jail time for backdaters
Business Law and the Austrian Theory of the Firm
My Missouri colleague, Peter Klein, of Organizations and Markets fame (and, like Larry, a proud non-voter), has been asked to contribute a book chapter on the Austrian theory of the firm and the law. Peter, who has written extensively on the Austrian theory of the firm and maintains an online bibliography on the subject, is ... Business Law and the Austrian Theory of the Firm
Don’t vote
[In honor of the coming election. The following is reprised from the last election. It still applies.] Here’s the basic instruction (stop after 1:22). Dubner & Levitt giving the sober economics (of course it’s about social norms). Gordon Tullock, in the inimitable style I recognize from being officed down the hall from him back at ... Don’t vote
Agents Prosecuting Agents, at Overcriminalization 2.0.
Tomorrow in D.C. I’m joining a distinguished group for a program called “Overcriminalization 2.0” (agenda) presented by GMU’s Journal of Law, Economics & Policy and Law & Economics Center, the National Association of Criminal Defense Lawyers, and the Foundation for Criminal Justice. According to the program, “[t]his symposium will capture the broad consensus on the ... Agents Prosecuting Agents, at Overcriminalization 2.0.
Do Republicans Hate Behavioral Economics?
Ezra Klein has an interesting blog post covering Peter Diamond’s nomination to Federal Reserve Board. The standard refrain in this debate has been something like: “See! The Republicans blocked Diamond and now he won the Nobel — don’t they look silly now.” I don’t find the particular issue of comparing Diamond’s qualifications as an economist ... Do Republicans Hate Behavioral Economics?
