When consumers' willingness-to-pay increases by a uniform amount, the change in the resulting monopoly price is generally indeterminate. Our analysis identifies sufficient conditions on the underlying demand curve which predict both the sign and the magnitude of the resulting price change.
We argue that a way culture influences decisions is through the reasons that individuals recruit when required to explain their choices. Specifically, we propose that cultures endow individuals with different rules or principles that provide guidance for making decisions, and a need to provide reasons activates such cultural knowledge. This proposition, representing a dynamic rather than dispositional view of cultural influence, is investigated in studies of consumer decisions that involve a trade-off between diverging attributes, such as low price and high quality.
The authors present a new approach to culture and cognition, which focuses on the dynamics through which specific pieces of cultural knowledge (implicit theories) become operative in guiding the construction of meaning from a stimulus. Whether a construct comes to the fore in a perceiver's mind depends on the extent to which the construct is highly accessible (because of recent exposure).
This paper reviews briefly the arguments for capital market liberalization, and identifies their theoretical and empirical weaknesses. This provides the foundations for the argument for intervention in short-term capital flows. The paper concludes with a brief discussion of the various ways in which such interventions may be implemented.
The author argues that the Washington consensus is too narrow in its objectives - in its focus on GDP - and in what it sees as the instruments of development, the improvement of resource allocation, through trade liberalization, privatization and stabilization, that development needs to be seen as a transformation of society, a change in mindsets, and that workers and workers' institutions have to be at the center of the development process.
In the immediate aftermath of the onset of the global financial crises, attention was focused on the weaknesses in the borrowing countries; the suggestion was that, by pursuing unsound policies and indulging in "crony capitalism" these countries had brought the ills upon themselves.
The author explains why he thinks the Global Development Network is so important and why it is that the World Bank has taken such an active role in acting as a catalytic agent in promoting it, and develops some of the underlying epistemology that lies behind the creation of this new institution.
The author argues that the Russia's transitional failures stem from a misunderstanding of the very foundations of a market economy, as well as a failure to grasp the fundamentals of reform processes.
In this chapter, we argue that a better understanding of how individuals are affected by national culture is achieved when the subjectivist analysis of internal attitudes is supplemented with the structuralist approach of focusing on the external social relations that constrain behavior. More specifically, we suggest that the concepts developed for studying patterns of social relations are useful in cultural research.