No Prices, No Games! Four Economic Models, 2nd Edition

No Prices, No Games! Four Economic Models, 2nd Edition

Michael Richter, Ariel Rubinstein

While traditional economic theory focuses on prices and games, this book models how economic stability is maintained through four alternative societal conventions: Power Relations: Stronger agents compelling compliance from weaker ones. Social Norms: Rules defining actions as permissible or forbidden. Status Hierarchies: Rankings over alternatives that constrain individual choice. Preference Biases: Systematic deviations that alter decision-making. Using straightforward mathematical models, this theoretical work does not endorse a specific convention. Instead, it urges economists to consider alternative equilibrium frameworks rather than automatically defaulting to price or game-theoretic approaches.

Economics

OpenBook Publishers

2024

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This work is under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0).

English

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