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Identity Economics
Identity economics captures the idea that people make economic choices based on both monetary incentives and their identity: holding monetary incentives constant, people avoid actions that conflict with their concept of self. The fundamentals of identity economics was first formulated by Nobel Prize–winning economist George Akerlof and Rachel Kranton in their article "Economics and Identity," published in the ''Quarterly Journal of Economics''. This article provides a framework for incorporating social identities into standard economics models, expanding the standard utility function to include both pecuniary payoffs and identity utility. The authors demonstrate the importance of identity in economics by showing how predictions of the classic principal-agent problem change when the identity of the agent is considered. Research Akerlof and Kranton provide an overview of their work in the book "Identity Economics," published in 2010. In the book, they provide a layman's approach t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Prize In Economics
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered by the Nobel Foundation. Although not one of the five Nobel Prizes which were established by Alfred Nobel's will in 1895, it is commonly referred to as the Nobel Prize in Economics. The winners of the Nobel Memorial Prize in Economic Sciences are chosen in a similar way, are announced along with the Nobel Prize recipients, and the prize is presented at the Nobel Prize Award Ceremony. The award was established in 1968 by an endowment "in perpetuity" from Sweden's central bank, Sveriges Riksbank, to commemorate the bank's 300th anniversary. It is administered and referred to along with the Nobel Prizes by the Nobel Foundation. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Akerlof
George Arthur Akerlof (born June 17, 1940) is an American economist and a university professor at the McCourt School of Public Policy at Georgetown University and Koshland Professor of Economics Emeritus at the University of California, Berkeley. Akerlof was awarded 2001 Nobel Memorial Prize in Economic Sciences, jointly with Michael Spence and Joseph Stiglitz, "for their analyses of markets with asymmetric information." Early life and education Akerlof was born in New Haven, Connecticut, on June 17, 1940, into a Jewish family. His mother was Rosalie Clara Grubber (née Hirschfelder), a housewife of German Jewish descent, and his father was Gösta Carl Åkerlöf, a chemist and inventor, who was a Swedish immigrant. "The Princeton Country Day School ended at grade nine. At that point most of my classmates dispersed among different New England prep schools. Both for financial reasons and also because they preferred that I stay at home, my family sent me down the road to the Lawrenc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rachel Kranton
Rachel E. Kranton (born c. 1962) is an American economist and James B. Duke Professor of Economics at Duke University. She is a member of the National Academy of Sciences, the American Academy of Arts & Science, Fellow of the Econometric Society, and 2010 recipient of the Blaise Pascal Chair. She was elected to serve on thExecutive Committee of the American Economic Associationfrom 2015 to 2018. Kranton's research focuses on how social institutions affect economic outcomes, and has applications in a variety of fields within economics, such as economic development, international economics, and industrial organization. More specifically, Kranton studies social networks and develops formal theories of how social networks affect economic behavior, the effects of buyer-seller networks, institutions in colonial India, and reciprocal exchange. By this, she's a major contributor to the emerging new field of economics of networks. She uses formal models of strategic interaction in sele ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quarterly Journal Of Economics
''The Quarterly Journal of Economics'' is a peer-reviewed academic journal published by the Oxford University Press for the Harvard University Department of Economics. Its current editors-in-chief are Robert J. Barro, Lawrence F. Katz, Nathan Nunn, Andrei Shleifer, and Stefanie Stantcheva. History It is the oldest professional journal of economics in the English language, and covers all aspects of the field—from the journal's traditional emphasis on micro-theory to both empirical and theoretical macroeconomics. Reception According to the ''Journal Citation Reports'', the journal has a 2015 impact factor of 6.662, ranking it first out of 347 journals in the category "Economics". It is generally regarded as one of the top 5 journals in economics, together with the American Economic Review, Econometrica, the Journal of Political Economy, and the Review of Economic Studies. Notable papers Some of the most influential and well-read papers in economics have been published ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Identity
Identity is the qualities, beliefs, personality traits, appearance, and/or expressions that characterize a person or group.Compare ''Collins Dictionary of Sociology'', quoted in In sociology, emphasis is placed on collective identity, in which an individual's identity is strongly associated with role-behavior or the collection of group memberships that define them. According to Peter Burke, "Identities tell us who we are and they announce to others who we are." Identities subsequently guide behavior, leading "fathers" to behave like "fathers" and "nurses" to act like "nurses." In psychology, the term "identity" is most commonly used to describe personal identity, or the distinctive qualities or traits that make an individual unique. Identities are strongly associated with self-concept, self-image (one's mental model of oneself), self-esteem, and individuality. Individuals' identities are situated, but also contextual, situationally adaptive and changing. Despite their fluid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Utility Function
As a topic of economics, utility is used to model worth or value. Its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or happiness as part of the theory of utilitarianism by moral philosophers such as Jeremy Bentham and John Stuart Mill. The term has been adapted and reapplied within neoclassical economics, which dominates modern economic theory, as a utility function that represents a single consumer's preference ordering over a choice set but is not comparable across consumers. This concept of utility is personal and based on choice rather than on pleasure received, and so is specified more rigorously than the original concept but makes it less useful (and controversial) for ethical decisions. Utility function Consider a set of alternatives among which a person can make a preference ordering. The utility obtained from these alternatives is an unknown function of the utilities obtained from each alternative, not the s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Principal–agent Problem
The principal–agent problem refers to the conflict in interests and priorities that arises when one person or entity (the "agent") takes actions on behalf of another person or entity (the " principal"). The problem worsens when there is a greater discrepancy of interests and information between the principal and agent, as well as when the principal lacks the means to punish the agent. The deviation from the principal's interest by the agent is called "agency costs".''Pay Without Performance'', Lucian Bebchuk and Jesse Fried, Harvard University Press 2004preface and introduction Common examples of this relationship include corporate management (agent) and shareholders (principal), elected officials (agent) and citizens (principal), or brokers (agent) and markets (buyers and sellers, principals). In all these cases, the principal has to be concerned with whether the agent is acting in the best interest of the principal. The concepts of moral hazard and conflict of interest r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Psychology
Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals or institutions, such as how those decisions vary from those implied by classical economic theory. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. The study of behavioral economics includes how market decisions are made and the mechanisms that drive public opinion. The concepts used in behavioral economics today can be traced back to 18th-century economists, such as Adam Smith, who deliberated how the economic behavior of individuals could be influenced by their desires. The status of behavioral economics as a subfield of economics is a fairly recent development; the breakthroughs that laid the foundation for it were published through the last three decades of the 20th century. Behavio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michael Wallerstein
Michael Wallerstein (16 January 1951 – 7 January 2006) was a noted political scientist and the son of psychoanalyst Robert S. Wallerstein and psychologist Judith Wallerstein. He was also the cousin of the American sociologist Immanuel Wallerstein. Education Wallerstein received his undergraduate education at the Stanford University, majoring in political science and graduating in 1974. He received his graduate training in political science at the University of Chicago. After receiving his Ph.D. in 1985, he was affiliated with UCLA. Career In 1994, he moved to Northwestern University, and finally moved to Yale University in 2004, where he was named as Saden Professor. Research Wallerstein's research concerned inequality in advanced industrial societies. In particular, he studied the impact of labor market institutions, such as systems of collective bargaining, as well as the politics of income redistribution, such as social insurance and affirmative action. He and Ka ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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