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1

What Economists are to learn from the Economic Crisis?

100%

Żylicz T.

Studia Ekonomiczne (Economic Studies)

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2009

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issue 3-4(62-63)

157-162

EN

The paper discusses whether the current economic downturn calls for a “major rethinking” of economic theory. While it could have shocked some economists and prompted them to revise their views, it have not contradicted what modern economics – especially microeconomics – contains. Contemporary mainstream economics has been heavily influenced by so-called Industrial Organization which analyzes how economic agents co-operate in order to reach their objectives, and whether any optimality criteria are met in this process. Thus, for well-trained economists, it is not surprising that firm managers may not act in the interest of shareholders, or banks may consistently miscalculate the risk of financial operations. Also the 2009 Nobel Prize nominations suggest that the mainstream economics does not need to be revised in response to the turmoil in global financial markets. On the contrary, both Elinor Ostrom and Oliver Williamson’s works are deeply rooted in standard economic theories, and they prove that these theories, when confronted with empirical evidence, can convincingly explain development patterns. An open question, however, remains how to promote in the real world all the efficiency-enhancing solutions developed by economists.

2

On the core of a cost allocation problem under asymmetric information

100%

KAMISHIRO Y.

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2015

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vol. 25

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issue 1

17-32

EN

We study a cost allocation problem under asymmetric information, and show that the ex ante incentive compatible core is non-empty. We also obtain a non-emptiness result for the incentive compatible coarse core, which is one concept of an interim core.

3

A Consequential Contingent Valuation Referendum: Still Not Enough to Elicit True Preferences for Public Goods!

75%

Zawojska E.

Central European Economic Journal

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2017

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vol. 2

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issue 49

EN

Whether respondents disclose their preferences truthfully in surveys that are used to assess the values of public goods remains a crucial question for the practical application of stated preference methods. The literature suggests that in order to elicit true preferences, respondents should see a valuation survey as consequential: they must believe in the actual consequences that may follow from the survey result. Drawing on recent empirical findings, we develop a model depicting the importance of the consequentiality requirement for truthful preference disclosure in a survey that evaluates a public policy project based on a referendum-format value elicitation question. First, we show that a respondent’s belief that his vote may influence the outcome of the referendum plays a central role for revealing his preferences truthfully. Second, we find that the subjectively perceived probabilities of the successful provision of the public good and of the collection of the payment related to the project implementation not only need to be positive but also to be in a particular relationship with each other. This relationship varies in respondents’ preferences towards risk.

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What Economists are to learn from the Economic Crisis?

On the core of a cost allocation problem under asymmetric information

A Consequential Contingent Valuation Referendum: Still Not Enough to Elicit True Preferences for Public Goods!