tag:blogger.com,1999:blog-4644418472886415157.post341044979773042941..comments2024-03-15T00:14:16.082-07:00Comments on Reviving Economics: Paul Ormerod and revising textbooksGarth A Brazeltonhttp://www.blogger.com/profile/15769889043950844781noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-4644418472886415157.post-27351573918880607312009-12-26T05:39:22.900-08:002009-12-26T05:39:22.900-08:00In this era of web 2.0, we easily get nice & u...In this era of web 2.0, we easily get nice & updated information for research purposes... I'd definitely appreciate the work of the said blog owner... Thanks!<br />................................<br /><br /><b><a href="http://www.usatermpapers.com" rel="nofollow">write term paper</a>-<a href="http://www.usatermpapers.com/custom_essays_writing.htm" rel="nofollow">Essay Writing Help</a></b>Term Paper Samplehttp://www.usatermpapers.com/Term_Paper_Sample.htmnoreply@blogger.comtag:blogger.com,1999:blog-4644418472886415157.post-76596726346571950212008-11-03T08:53:00.000-08:002008-11-03T08:53:00.000-08:00"Economists by and large are in love with form ove..."Economists by and large are in love with form over substance"<BR/><BR/>This is a very elegant formulation of one of the most pervasive problems of mainstream economic theory. The continuing use of the Black and Scholes model is a good example. It's based, and even entirely dependent, on the assumption that prize movements follow a Gaussian distribution. We know for a fact that this is not true, but that prize movements rather obey a power law, but still economists persist in using the model. One plausible cause for this is the elegance of the model and the results it implies.<BR/><BR/>Game theory is widely considered the cure for the instability and uncertainty in economic models. It supplies a way of bringing order to seemingly disordered relationships, and of finding equilibrium where other methods fail. The problem is however, that, in most multi-player games, which the economy can, by all means, be said to be an example of, there is no game-theoretic equilibrium. Game theory is a great tool for many simplified games between two parties, but it fails in most more complex models.Göranhttps://www.blogger.com/profile/03345144767062847676noreply@blogger.comtag:blogger.com,1999:blog-4644418472886415157.post-27730093867716429832007-04-29T18:09:00.000-07:002007-04-29T18:09:00.000-07:00I'm glad its been updated. Maybe things are movin...I'm glad its been updated. Maybe things are movin up in the world?! But I wonder, is behavioral economics, which has been with us now in earnest for a couple decades now at least, really a "frontier?" My overall point I guess is that we shouldn't be sticking this stuff in the back of a textbook and labelling it as if it is some fringe element. We should be trying to incorporate these things fully into our understanding (and our texts).Garth A Brazeltonhttps://www.blogger.com/profile/15769889043950844781noreply@blogger.comtag:blogger.com,1999:blog-4644418472886415157.post-78781193307195102412007-04-29T16:37:00.000-07:002007-04-29T16:37:00.000-07:00Actually, in recent editions, the Mankiw text has ...Actually, in recent editions, the Mankiw text has a section on behavioral economics. See chapter 22 "Frontiers of Microeconomics."Anonymousnoreply@blogger.com