The ‘Savage paradigm’ of rational decision-making under uncertainty has become the dominant model of human behavior in mainstream economics and game theory. However, under the rubric of ‘bounded-rationality’, this model has been criticized as inadequate from both normative and descriptive viewpoints. This paper sketches the historical roots and some current developments of this movement, distin...

Behavioral economics confronts a problem when it argues for its scientific relevance based on claims of superior empirical realism while defending models that are almost surely wrong as descriptions of true psychological processes (e.g., prospect theory, hyperbolic discounting, and social preference utility functions). Behavioral economists frequently observe that constrained optimization of ne...

Welfare Economics is fortunate that there are two Fundamental Theorems of Welfare Economics. Positive Economics on the other hand is seemingly endowed with none. One of the fundamental results of Positive Economics is that a competitive equilibrium exists under fairly general conditions; this then may be called the First Fundamental Theorem of Positive Economics (FFTPE). The existing results on...

A positive relationship between employee engagement and affective commitment is already documented in the literature. However, we do not adequately know how engagement is associated with continuance and normative commitment. Using survey methodology we find that while engagement has a non-significant positive association with continuance commitment; it has a positive association with normative ...

This study examines some of the important organizational consequences of the fashion phenomenon in information technology. An IT fashion is an information technology transitorily collectively believed as new, efficient, and at the forefront of practice. Using data collected from published discourse and annual corporate IT budgets, I have found that companies associated with IT fashions did not ...

INTRODUCTION.............................................................................336 I. THE DOCTRINAL DIMENSION ....................................................336 II. THE NORMATIVE DIMENSION...................................................342 A. On Becoming Marks .......................................................343 B. Distinctiveness Versus Functionality ......................

Proliferation of content on the internet offers consumers access to more sources than had been possible with traditional media. Disaggregated content also increases the relevance of targeting for advertisers. But at the same time, search costs increase the role of intermediaries in media consumption in ways that are poorly understood. This paper studies the effects of search technology and aggr...

Mark Blaug used to begin his history of economics course with an old Greek proverb: “the fox knows many little things, but the hedgehog knows one big thing”. He would then say that one could characterise most thinkers in the history of economic thought as either a fox or a hedgehog. As a student, I found that this character-driven view illuminated past economists’ theories in a fresh way and br...