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Costly information and the evolution of self-organization in a small, complex economy
Wilson, James; Hill, J.; Kersula, M.; Wilson, C.L.; … - In: Journal of Economic Behavior & Organization 90 (2013) S, pp. 76-76
The core idea of evolution is that order in living systems emerges from a simple process of variation and selection. In biological systems we usually understand the source of variation as best described by the mechanisms of genetics. If human social systems are evolutionary systems, however, it...
Persistent link: https://www.econbiz.de/10010678983
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Consumer myopia, competition and the incentives to unshroud add-on information
Wenzel, Tobias - In: Journal of Economic Behavior & Organization 98 (2014) C, pp. 89-96
This paper studies unshrouding decisions in a framework similar to Gabaix and Laibson (2006), but considers an alternative unshrouding mechanism where the impact of advertising add-on information depends on the number of unshrouding firms. We show that shrouding becomes less prevalent as the...
Persistent link: https://www.econbiz.de/10010743940
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On the use of heuristics to approximate competitors’ private information
Lin, C.-Y. Cynthia; Muehlegger, Erich J. - In: Journal of Economic Behavior & Organization 86 (2013) C, pp. 10-23
Firms often lack knowledge of the nature of the uncertainty they or their opponents face and use heuristics or approximations to determine their strategy. We define and analyze one type of “heuristic strategy”, in which firms choose strategies based on the expectation of their opponents’...
Persistent link: https://www.econbiz.de/10011048189
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Differential awareness, ambiguity, and incomplete contracts: A model of contractual disputes
Grant, Simon; Kline, J. Jude; Quiggin, John - In: Journal of Economic Behavior & Organization 82 (2012) 2, pp. 494-504
We focus on aspects of differential awareness that give rise to contractual disputes. Parties to a contract are boundedly rational as the state space available to them is coarser than the complete state space. Hence, they may disagree as to which state of the world has occurred, and therefore as...
Persistent link: https://www.econbiz.de/10010573075
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Economic emergence: An evolutionary economic perspective
Foster, John; Metcalfe, J. Stan - In: Journal of Economic Behavior & Organization 82 (2012) 2, pp. 420-432
The standard neoclassical approach to economic theorising excludes, by definition, economic emergence and the related phenomenon of entrepreneurship. We explore how the most economic of human behaviours, entrepreneurship, came to be largely excluded from mainstream economic theory. In contrast,...
Persistent link: https://www.econbiz.de/10010576973
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The impact of complexity and managerial diseconomies on hierarchical governance
Brahm, Francisco; Tarziján, Jorge - In: Journal of Economic Behavior & Organization 84 (2012) 2, pp. 586-599
by the number of activities integrated elsewhere in a project and by the level of “between complexity” and “within … complexity” of those activities. Our results show that managerial diseconomies of scale, which arise when contractors integrate … more activities, and the different types of complexity, affect the relative advantages of hierarchical governance. In a …
Persistent link: https://www.econbiz.de/10011048167
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Satisficing choice procedures
Papi, Mauro - In: Journal of Economic Behavior & Organization 84 (2012) 1, pp. 451-462
under various informational structures. In particular we examine the cases in which search behavior is both observable …
Persistent link: https://www.econbiz.de/10010594627
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Commodity cycles, a function of market complexity? Extending the cobweb experiment
Arango, Santiago; Moxnes, Erling - In: Journal of Economic Behavior & Organization 84 (2012) 1, pp. 321-334
validity to the basic design. As complexity increases, prices become autocorrelated with cyclical tendencies. Regressions and …
Persistent link: https://www.econbiz.de/10010594599
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Strategic complexity and cooperation: An experimental study
Jones, Matthew T. - In: Journal of Economic Behavior & Organization 106 (2014) C, pp. 352-366
complexity of cooperative strategies. An experimental design which allows manipulations of the complexity of these strategies by … a cooperative strategy and more likely to use a simpler selfish strategy when the complexity of cooperative strategies … action is made state-dependent, which increases the complexity of punishment-enforced cooperative strategies. A link between …
Persistent link: https://www.econbiz.de/10010930936
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Trading partner choice and bargaining culture in negotiations
Phillips, Owen R.; Nagler, Amy M.; Menkhaus, Dale J.; … - In: Journal of Economic Behavior & Organization 105 (2014) C, pp. 178-190
In negotiated transactions the act of choosing trading partners and “who chooses” creates a bargaining culture that influences trading behavior. Results are presented from experimental markets in which paired buyers and sellers negotiate the repeated sale of units. Relative to a market...
Persistent link: https://www.econbiz.de/10011261615