The Experts below are selected from a list of 3891 Experts worldwide ranked by ideXlab platform
Lynn A Stout - One of the best experts on this subject based on the ideXlab platform.
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on the proper motives of corporate directors or why you don t want to invite Homo Economicus to join your board
Social Science Research Network, 2003Co-Authors: Lynn A StoutAbstract:One of the most important questions in corporate governance is how directors of public corporations can be motivated to serve the interests of the firm. Directors frequently hold only small stakes in the companies they manage. Moreover, a variety of legal rules and contractual arrangements insulate them from liability for business failures. Why then should we expect them to do a good job? Conventional corporate scholarship has great difficulty wrestling with this question, in large part because conventional scholarship usually adopts the economist's assumption that directors are rational actors motivated purely by self-interest. This Homo Economicus model of behavior may be fundamentally misleading when applied to corporate directors. The institution of the corporate board is premised on the expectation, and the experience, of director altruism, in the form of a sense of obligation to the firm and its shareholders. As a result, to properly understand the role and conduct of corporate directors, we must take account of the empirical phenomenon of other-regarding behavior. One potential starting point for such a project can be found in the extensive evidence that has been developed over the past four decades on other-regarding behavior among strangers in experimental games. This evidence demonstrates that cooperative, altruistic behavior is in fact quite common. More important, it is predictable. A variety of factors can reliably increase, or decrease, the incidence of cooperation observed in experimental games. These results may offer a foundation for building a model of human behavior that is both more accurate and more useful than the Homo Economicus model. They also carry important implications for how we select, educate, regulate, and compensate corporate directors.
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on the proper motives of corporate directors or why you don t want to invite Homo Economicus to join your board
UCLA School of Law, 2003Co-Authors: Lynn A StoutAbstract:Author(s): Stout, Lynn A. | Abstract: One of the most important questions in corporate governance is how directors of public corporations can be motivated to serve the interests of the firm. Directors frequently hold only small stakes in the companies they manage. Moreover, a variety of legal rules and contractual arrangements insulate them from liability for business failures. Why then should we expect them to do a good job?Conventional corporate scholarship has great difficulty wrestling with this question, in large part because conventional scholarship usually adopts the economist's assumption that directors are rational actors motivated purely by self-interest. This Homo Economicus model of behavior may be fundamentally misleading when applied to corporate directors. The institution of the corporate board is premised on the expectation, and the experience, of director altruism, in the form of a sense of obligation to the firm and its shareholders. As a result, to properly understand the role and conduct of corporate directors, we must take into account the empirical phenomenon of altruism.One potential starting point for such a project can be found in the extensive evidence that has been developed over the past four decades on altruism among strangers in experimental games. This evidence demonstrates that altruistic behavior is in fact quite common. More important, it is predictable. A variety of factors can reliably increase, or decrease, the incidence of altruism observed in experimental games. These results may offer a foundation for building a model of human behavior that is both more accurate and more useful than the Homo Economicus model. They also carry important implications for how we select, educate, regulate, and compensate corporate directors.
Adi Osovsky - One of the best experts on this subject based on the ideXlab platform.
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the misconception of the consumer as a Homo Economicus a behavioral economic approach to consumer protection in the credit reporting system
Suffolk University Law Review, 2013Co-Authors: Adi OsovskyAbstract:The significant increase in the number of consumer transactions, along with the expansion of information technology, has created massive amounts of detailed information on an individual’s credit history. Consumer credit reporting agencies (CRAs) play an important role in this financial-information market. Although the credit-reporting system has significant economic benefits, CRAs have a tarnished reputation as far as consumer protection is concerned. While making their business out of gathering, compiling, and analyzing consumers’ information, CRAs generally do not have privity of contract with those very same consumers. Thus, the CRAs have little or no incentive to protect consumers’ privacy and ensure the accuracy of every single credit report. Such lack of incentive has resulted in numerous consumer problems, including inaccuracies in credit reports and erroneous credit scores; infringement of consumers’ right to privacy; contribution to the prevalence of identity theft; and the creation of a fertile ground for consumer manipulation through targeted marketing lists. This Article suggests that the current regulatory system has been captivated by the misconception of the consumer as a Homo Economicus. Existing regulations have given consumers a significant role in facilitating the production of more accurate credit, envisioning rational, vigilant, and alert consumers who regularly monitor their credit reports, dispute errors, and opt out from marketing lists. Studies have shown, however, that consumers’ rationality in decision-making is in fact doubtful, and so too is the justification of imposing monitoring responsibilities on consumers. This Article challenges the economic-regulatory approach through the behavioral-economic approach—a relatively new model that aspires to explain consumers’ biases and cognitive limitations, which are absent in the standard * S.J.D. Candidate, Harvard Law School. I would like to thank the participants of the Symposium on Credit Scoring and Credit Reporting held at Suffolk University Law School, as well as Howell Jackson and Brigitte Madrian, for helpful comments. I am also thankful to Tal Achituv for sparking my interest in the intricate world of credit reporting. 882 SUFFOLK UNIVERSITY LAW REVIEW [Vol. XLVI:881 economic framework. This Article explores two potential consumer-protection mechanisms, drawn from the behavioral-economic framework: applying psychological tools, such as disclosure and framing, for a better-designed system; and enhancing consumer financial literacy.
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the misconception of the consumer as a Homo Economicus a behavioral economic approach to consumer protection in the credit reporting system
Social Science Research Network, 2012Co-Authors: Adi OsovskyAbstract:The significant increase in the number of consumer transactions, along with the expansion of information technology, have created massive amounts of detailed information on each individual's credit history. Consumer credit reporting agencies ("CRAs") play an important role in this financial information market. Although the credit reporting system has significant economic benefits, CRAs have a tarnished reputation as far as consumer protection is concerned. While making their business out of gathering, compiling and analyzing consumers' information, CRAs generally do not have privity of contract with those very same consumers and thus have little or no incentive to protect consumers' privacy and ensure the accuracy of every single credit report. Such lack of incentive has resulted in numerous consumer problems, including inaccuracies in credit reports and erroneous credit scores; infringement of consumers' right to privacy; contribution to the prevalence of identity theft; and the creation of a fertile ground for consumer manipulation through targeted marketing lists. This paper suggests that the current regulatory system has been captivated by the misconception of the consumer as Homo Economicus. Existing regulation has given consumers a significant role in facilitating the production of more accurate credit, envisioning rational, vigilant and alert consumers, who regularly monitor their credit reports, dispute errors and opt-out from marketing lists. However, studies have shown that consumers' rationality in decision making is in fact doubtful, and so too is the justification of imposing monitoring responsibilities on consumers. The paper challenges the economic regulatory approach through the behavioral economic approach – a relatively new model that aspires to explain consumers' biases and cognitive limitations, which are absent in the standard economic framework. The paper then explores two potential consumer protection mechanisms, drawn from the behavioral economic framework: applying psychological tools, such as disclosure and framing, for a better designed system; and enhancing consumer financial literacy.
Linda Weiser Friedman - One of the best experts on this subject based on the ideXlab platform.
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can Homo spiritualis replace Homo Economicus in the business curriculum
Social Science Research Network, 2008Co-Authors: Hershey H Friedman, Linda Weiser FriedmanAbstract:The authors suggest that it is time to incorporate spiritual values into the business curriculum. About 80% of students are interested in spirituality. Spirituality is not religion so there are few problems with discussing this in a class. Spiritual values include making work meaningful, respect for the creativity of employees, and improving the world. The authors also present examples of firms that have incorporated spiritual values into the way they conduct business.
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can Homo spiritualis replace Homo Economicus in the business curriculum
e-Journal of Business Education and Scholarship of Teaching, 2008Co-Authors: Hershey H Friedman, Linda Weiser FriedmanAbstract:The authors suggest that it is time to incorporate spiritual values – rather than just ethics – into the business curriculum. The traditional approach to teaching economics and business, one that instructs students that “economic man” acts with perfect rationality and is interested in maximizing his/her self-interest, may be contributing to the destruction of capitalism. About 80% of students are interested in spirituality. Spirituality is not religion so there are few problems with discussing this in a class. Spiritual values include making work meaningful, respect for the creativity of employees, behaving in an ethical manner, and improving the world.
Robert C Tatum - One of the best experts on this subject based on the ideXlab platform.
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Homo Economicus as fallen man the need for theological economics
The Journal of Markets and Morality, 2017Co-Authors: Robert C TatumAbstract:Once dominant in mainstream economics discourse, theology has not played any significant role in that discourse for more than a century. Yet the economics discipline has much to gain by devoting more scholarly attention to theologically-informed economic inquiry, which is neither the reserve of economists who believe in the divine? nor limited to a single religion. Theological considerations can yield both better positive and normative economic analysis, as this article illustrates through examples regarding economic inequality, work, debt, and trade. Theology cannot be the sole source of economic understanding, though, as the article demonstrates using a narrative analogous to the biblical story of the fall of man. However, theological insights can nonetheless complement our understanding of economics through other means. Robert C. Tatum, " Homo Economicus as Fallen Man: The Need for Theological Economics," Journal of Markets & Morality 20, no. 1 (Spring 2017): 127-140
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Homo Economicus as fallen man the need for theological economics
Social Science Research Network, 2016Co-Authors: Robert C TatumAbstract:Once dominant, theology has not played any significant role in mainstream economics discourse for more than a century. Yet, the economics discipline has much to gain by devoting more scholarly attention to theology-informed economics inquiry that is neither the reserve of economists who believe in the divine nor limited to a single religion. Illustrations regarding economic inequality, work, debt, and trade suggest that theological considerations can yield both better positive and normative economic analysis. For the rich and varied questions of economics though, a narrative analogous to the biblical story of the fall of man makes clear that theology cannot be the sole source of economic understanding, but that theological insights can complement our understanding of economics through other means.
Euclid Tsakalotos - One of the best experts on this subject based on the ideXlab platform.
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Homo Economicus and the reconstruction of political economy six theses on the role of values in economics
Social Science Research Network, 2008Co-Authors: Euclid TsakalotosAbstract:This paper argues for an explicit engagement of political economy with values, and presents a number of criticisms of the ethical limitations of both markets and neoclassical economics. Neoclassical theory is unlikely to be able to take on board this critique because of its commitment to Homo Economicus and the ideal of the market. But this is not the case for political economy in the tradition of post-Keynesianism, Marxism and institutionalism. The reason why political economy has not exploited this advantage to any great extent has to do with the fear of many political economists that an engagement with values necessarily diminishes the scientific status of their approach. The paper presents six theses in order to convince them that this fear is fundamentally misconceived.
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Homo Economicus and the reconstruction of political economy six theses on the role of values in economics
Cambridge Journal of Economics, 2005Co-Authors: Euclid TsakalotosAbstract:This paper argues for an explicit engagement of political economy with values, and presents a number of criticisms of the ethical limitations of both markets and neoclassical economics. Neoclassical theory is unlikely to be able to take on board this critique because of its commitment to Homo Economicus and the ideal of the market. But this is not the case for political economy in the tradition of post-Keynesianism, Marxism and institutionalism. The reason why political economy has not exploited this advantage to any great extent has to do with the fear of many political economists that an engagement with values necessarily diminishes the scientific status of their approach. The paper presents six theses in order to convince them that this fear is fundamentally misconceived. Copyright 2005, Oxford University Press.
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Homo Economicus political economy and socialism
Science & Society, 2004Co-Authors: Euclid TsakalotosAbstract:Abstract Neither the critique of capitalism nor the search for socialist economic alternatives can avoid an explicit engagement with values. This entails rejecting Homo Economicus, which acts as a basic building block for both neoclassical economic theory and the defense of the market economic order. Socialists have much to learn from three recent literatures: on the ethical limitations of the market, endogenous preferences and the social determinants of superior economic performance — all based on an explicit rejection of the Homo Economicus assumption. None of these literatures is unproblematic from a socialist perspective, but there is much that is useful and much more that can become useful with an appropriate critical engagement. Institutions and processes that promote socialist values such as cooperation and solidarity are a crucial part of both the transition to and the maturing of a more participatory and coordinated economic system.
