تصمیم‌گیری اقتصادی هوشمند در دنیای پیچیده

Smart Economic Decision-Making in a Complex World is a fresh and reality-based perspective on decision-making with significant implications for analysis, self-understanding and policy. The book examines the conditions under which smart people generate outcomes that improve their place of work, their household and society. Within this work, the curious reader will find interesting open questions on many fascinating areas of current economic debate, including, the role of realistic assumptions robust model building, understanding how and when non-neoclassical behavior is best practice, why the assumption of smart decision-makers is best to understand and explain our economies and societies, and under what conditions individuals can make the best possible choices for themselves and society at large. Additional sections cover when and how efficiency is achieved, why inefficiencies can persist, when and how consumer welfare is maximized, and what benchmarks should be used to determine efficiency and rationality. Makes the case for 'smart and rational' decision-making as a context-dependent rational process that is framed by socio-cultural environment and conditioned by institutional capacities Explains how incorporation of the 'smart' decision-maker concept into economic thought improves our understanding of how, why and when people generate certain outcomes Explores how economic efficiency can be achieved, individual preferences realized, and social welfare maximized through the use of 'smart and rational' approaches Front matter Copyright Dedication Endorsements Acknowledgements Introduction: Smart thinking in the real world of complexity What this book is all about Appendix: Background sources for, smart economic decision-making in a complex world References The evolution of decision-making: Why institutions and capabilities matters Introduction Assumptions matter and behavioural economics The conventional wisdom and the different faces of behavioural economics The bounded rationality approach in context Satisficing and procedural rationality in context X-efficiency theory and external benchmarks for optimal behaviour Nudging versus constraints change and redesign Conclusion References How complexity affects decision-making Introduction Key points of overlap: Hayek and behavioural economics Assumptions matter Revisiting complexity and the expert Contemporary views on bottom-up decision making and individualized norms for rationality Ecological rationality and the spontaneous order Opening the door to intelligent design Opening the door to multiple equilibria: Casting shadows on the spontaneous order and ecological rationality Conclusion: Hayek’s Golden nugget in decision-making theory References Freedom of choice in a complex world Introduction Multiple equilibria in consumption Multiple equilibria in production: An introduction Multiple equilibria in production: X-inefficiency and managerial slack Multiple equilibria in production: X-inefficiency and agency Multiple equilibria in production: Some related scenarios Historical and logical time Rent seeking and x-efficiency Conclusion References Understanding rational inefficiency: A scientific basis for economic failure and success Introduction Introducing rationality and rational inefficiency Institutions, efficiency, and rationality Different types of rationality Production inefficiency Consumption inefficiencies Macroeconomic choices and rational behaviour Conclusion References How consumers can achieve freedom of choice: When consumers are truly sovereign Introduction An alternative model of preference formation Conventional perspectives and critiques Constructing an alternative theory of welfare maximization Choice x-inefficiency and x-inefficiency in production Conclusion References Inside the black box of the firm: Why choice, power and preferences matter for productivity and efficiency Introduction Origins of efficiency wage theory Real wages, effort variability, and efficiency wages Efficiency wage theory revised Foundations of x-efficiency theory Linking x-efficiency and efficiency theories Conclusion References How smart people can be involuntarily employment when misguided policy dominates decision-making Introduction Keynes and the real wage rate Keynes and the demand side The behavioural model and employment Conclusion References Why financial literacy matters for socio-economic wellbeing Introduction The conventional wisdom Fast and frugal decision-making and smart heuristics Institutions matter Errors and biases and ‘irrational’ heuristics Financial education and literacy and the different faces of behavioural economics Linkages between financial issues, financial education, and financial literacy Pensions and saving Investing in financial assets Bubbles and busts: Animal spirits and decision-making Informational problems and errors in decision making The trust heuristic Ponzi schemes and the trust heuristic Conclusion: Economic theory, financial literacy and public policy References How labour markets really work Introduction What is behavioural labour economics Modelling labour supply: A standard rendering A behavioural model of labour supply: A target approach Non-labour market income and labour supply Unemployment insurance and labour supply Non-economic variables and errors or biases in labour market decision-making Demand for labour and the supply of effort Efficiency wage and x-efficiency theory Some labour market implications of generalized x-efficiency theory Population growth with real women Conclusion References Index A B C D E F G H I K L M N O P Q R S T U W X __Smart Economic Decision-Making in a Complex World__ is a fresh and reality-based perspective on decision-making with significant implications for analysis, self-understanding and policy. The book examines the conditions under which smart people generate outcomes that improve their place of work, their household and society. Within this work, the curious reader will find interesting open questions on many fascinating areas of current economic debate, including, the role of realistic assumptions robust model building, understanding how and when non-neoclassical behavior is best practice, why the assumption of smart decision-makers is best to understand and explain our economies and societies, and under what conditions individuals can make the best possible choices for themselves and society at large. Additional sections cover when and how efficiency is achieved, why inefficiencies can persist, when and how consumer welfare is maximized, and what benchmarks should be used to determine efficiency and rationality.