European Journal of Information Systems (2004) 13, 165. doi:10.1057/palgrave.ejis.3000506 With the passage of time, and inevitable change, peoples’ belief systems are often put to the test. Sometimes holders of beliefs find their beliefs under pressure from the changes around them. Some believers then seek to explain why their beliefs are still intact but that the world is not behaving as it sh...

S. N. Durlauf and L. E. Blume, The New Palgrave Dictionary of Economics, forthcoming, Palgrave Macmillan, reproduced with permission of Palgrave Macmillan. This article is taken from the author's original manuscript and has not been reviewed or edited. The definitive published version of this extract may be found in the complete New Palgrave Dictionary of Economics in print and online, forthcom...

Resale markets are necessary to correct misallocations of assets, but do they always ensure that goods end up in the hands of those who value them most? This article reviews theoretical arguments as to why this need not necessarily be so and when inefficiencies might be expected despite the presence of resale markets. Policy implications are also suggested.

Semiparametric estimation methods are used for models which are partly parametric and partly nonparametric; typically the parametric part is an underlying regression function which is assumed to be linear in the observable explanatory variables, while the nonparametric component involves the distribution of the model's ‘error terms’. Semiparametric methods are particularly useful for limited de...

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...

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Economic activity in different industries is linked to each other through aggregate income (horizontal linkages) and input-output relationships (vertical linkages). Could such linkages give rise to vicious circles of underdevelopment or virtuous circles of development when there are increasing returns to scale at the firm level? We show that vicious or virtuous circles based on demand linkages ...

This paper features an analysis of volatility spillover effects from Australia's major trading partners, namely, China, Japan, Korea and the United States, for a period running from 12th September 2002 to 9th September 2012. This captures the impact of the Global Financial Crisis (GFC). These markets are represented by the following major indices: The Shanghai composite and the Hangseng (in the...