The Ratio Bias Phenomenon: Fact or Artifact? The ratio bias – according to which individuals prefer to bet on probabilities expressed as a ratio of large numbers to normatively equivalent or superior probabilities expressed as a ratio of small numbers – has recently gained momentum, with researchers especially in health economics emphasizing the policy importance of the phenomenon. Although the...

This paper develops a model to explain why mass privatization can become troublesome when taking into account asymmetry of information and economies of scale. It also shows that, in early stages of reforms, organizational form is irrelevant, but cooperation among the contractual parties is necessary for efficiency. We then incorporates repeated-game framework into the model to study how propert...

A wide variety of conditional and stochastic variance models has been used to estimate latent volatility (or risk). In this paper, we propose a new long memory asymmetric volatility model which captures more flexible asymmetric patterns as compared with existing models. We extend the new specification to realized volatility by taking account of measurement errors, and use the Efficient Importan...

employment agencies have gained an increasing significance in matching employment and vacancies in the economy. solo searches by workers, and shorterperiods of employment, have necessarilyadded to the need for third party agents for the matching process in labour markets. thus the existence of these agents and sole agent searches has created a multiplicity of wages across labour . markets. we d...

This chapter focuses on the inner rationale and consequences of four different archetypal positions regarding how ethical political values are tackled in welfare economics. Welfare economics is standardly associated with welfarist framework, for which social based individual utility only. Beyond this, we distinguish value-neutrality claim – should be out scope –, value confinement ideal accepta...

in modern economics, intellectual capital is described as an intangible asset which can be used as a source of sustainable competitive advantage. however, intellectual capital components have to interact in themselves to create value. the paper seeks to examine the impact of intellectual capital on firms’ market value and financial performance. the efficiency of the value added by corporate int...

Part of the difficulty of introducing social economics into the principles course is the perception that social economics is anathema to mainstream economics. 1 As noted by Warren Samuels, however, "neoclassical economics is already a form of social economics" despite its "pretensions of methodological individualism and value-neutrality" [Samuels, p. 2]. Heilbroner also makes the case that the ...

Academicians and practitioners are becoming increasingly interested in the economics of Information Technology (IT). In part, this interest stems from the increased role that IT now plays in the strategic thinking of most large organizations, and from the significant dollar costs expended by these organizations on IT. Naturally enough, researchers are turning to economics as a reference discipl...