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Binary choice models with aversion to inequality. Individual interactions vs. mean-field interaction

100%
Ostasiewicz K.
Śląski Przegląd Statystyczny
|
2019
|
issue 17 (23)
71-84
EN
For several decades the problem of common goods has been intensively discussed and studied not only by economists, but also by politicians. One particular field of study concerns the problem of social choices realized by collective decisions, or rather individual decisions within some social collective (group). Several analytical models of using common-pool resources are proposed. Most approaches adopted within welfare economics are restricted to the maxim of this part of economics, i.e. to the maximization of the utility function. It was however discovered a long time ago that social interactions may play a significant role. In particular, aversion to inequality can be taken into account as the quantitative manifestation of the human sense of justice. Based on a simple binary choice model it is shown in this paper that by including social interactions into the decisional system of using a common-good resource, it is possible to reveal many stationary states (system multistability). Some of these stationary states may be more, and some others less beneficial from the global point of view. In this paper we investigate the eventual differences introduced by different forms of interactions between individuals. The status of the so-called mean-field approach is also examined.
2

The Principle of Population for the 21st Century: The Never Coming Stationary State

75%
Machay M.
Review of Economic Perspectives
|
2012
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vol. 12
|
issue 3
168-184
EN
Forward-thinking is one of the most enchanting areas in economics. While Malthus and Ricardo agreed on the gloomy vision of the future, Mill described the wider stationary state and foresaw it in a more optimistic way. Space sciences and improvements in our technology provided us with the solution decades ago, although economics have not noticed this possible solution of the classical stationary state until now. This article incorporates this knowledge into economics. Calories integrate the supply of means of production and the demand for means of consumption in one market. The stationary state could come only if the demand for means of subsistence grows faster than the supply of means of production. Increasing scarcity of free calories exceeding the minimal required volume of it preventing the malnutrition and death will push the calorie price up while economy will move towards the stationary state. But where to get the land when the very last piece of it - even the deserts - will have been already cultivated? Increasing scarcity of land opens possibility for firms to make profit from producing land. Thus, the classical stationary state is only an illusion.
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