Convex Programming for The New Palgrave Dictionary of Economics, 2nd ed

Precautionary Saving and Precautionary Wealth

This is an entry for The New Palgrave Dictionary of Economics, 2nd Ed.

Experimental economics, history of This is a slightly longer version of an entry prepared for the 2nd edition of The New Palgrave Dictionary of Economics, edited by Steven Durlauf and Lawrence Blume

This is a slightly longer version of an entry prepared for the 2nd edition of The New Palgrave Dictionary of Economics, edited by Steven Durlauf and Lawrence Blume (Palgrave-Macmillan, forthcoming). Since the New Palgrave does not include acknowledgments, I should use this chance to thank Roger Backhouse, Philippe Fontaine, Daniel Kahneman, Kyu Sang Lee, Ivan Moscati, and Vernon Smith for their...

The Rodney L. White Center for Financial Research Prediction Markets in Theory and Practice

Prediction Markets, sometimes referred to as “information markets,” “idea futures” or “event futures”, are markets where participants trade contracts whose payoffs are tied to a future event, thereby yielding prices that can be interpreted as marketaggregated forecasts. This article summarizes the recent literature on prediction markets, highlighting both theoretical contributions that emphasiz...

EQUIVALENCE SCALES Entry for The New Palgrave Dictionary of Economics, 2nd edition

An equivalence scale is a measure of the cost of living of a household of a given size and demographic composition, relative to the cost of living of a reference household (usually a single adult), when both households attain the same level of utility or standard of living. Equivalence scales are dif cult to construct because household utility cannot be directly measured, which results in econo...

Trademarks forthcoming in the New Palgrave Dictionary of Economics and the Law