Microtheory Seminar Series. "Economics with no prices and no games"
Published: 6 November 2024
10 December 2024. Professor Ariel Rubinstein, Tel Aviv University and New York University
Professor Ariel Rubinstein, Tel Aviv University and New York University
"Economics with no prices and no games"
Tuesday, 10 December 2024. 16:00-17:30
Room 709A, Boyd Orr Building
Abstract
The lecture is an introduction to my book coauthored with Michael Richter.
While current economic theory focuses on prices and games, this book models economic settings where harmony is established through one of the following societal conventions:
• A power relation according to which stronger agents are able to force weaker ones to do things against their will.
• A norm that categorizes actions as permissible or forbidden.
• A status relation over alternatives which limits each agent's choices.
• Systematic biases in agents' preferences.
These four conventions are analysed using simple and mathematically straightforward models, without any pretensions regarding direct applied usefulness. While we do not advocate for the adoption of any of these conventions specifically – we do advocate that when modelling an economic situation, alternative equilibrium notions should be considered, rather than automatically reaching for the familiar approaches of prices or games.
Bio
Ariel Rubinstein was born in Jerusalem and received his PhD from the Hebrew University in Jerusalem in 1979. Has been a Professor at the Hebrew University and at Princeton and currently is a Professor (Emeritus) at Tel Aviv University and a Professor of Economics at New York University. His 8 books reflect his research interests: Bargaining and Markets (with M. Osborne) (1990), A Course in Game Theory (with M. Osborne) (1994), Modeling Bounded Rationality (1998), Economics and Language (2000), Lecture Notes in Microeconomics (2005) and Models of Microeconomic Theory (with M. Osborne) (2020), Economics with No Prices and No Games (with M.Richter) . His book Economic Fables (2012) presents his general views about Economic Theory. He created and manages the Atlas of Cafes (where one can think). All his books and articles are accessed through his homepage https://arielrubinstein.tau.ac.il.
For further information, please contact business-seminar-series@glasgow.ac.uk.
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First published: 6 November 2024