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Time in Economic Theory
No question has more intrigued the minds of scholars of economic thought throughout history than that of the nature and meaning of time. The articles in this insightful collection attempt to provide satisfactory answers to fundamental issues on the use of time in economic theory. These volumes bring together the most important contributions on the subject, ranging from issues about the allocation of time, theory of choice, preference reversal and time in equilibrium to the issues of irreversibility, complex systems and the role of time.
This comprehensive collection will be of great interest to researchers and students alike.
This comprehensive collection will be of great interest to researchers and students alike.
More Information
Contributors
Contents
More Information
No question has more intrigued the minds of scholars of economic thought throughout history than that of the nature and meaning of time. The articles in this insightful collection attempt to provide satisfactory answers to fundamental issues on the use of time in economic theory. These volumes bring together the most important contributions on the subject, ranging from issues about the allocation of time, theory of choice, preference reversal and time in equilibrium to the issues of irreversibility, complex systems and the role of time.
This comprehensive collection will be of great interest to researchers and students alike.
This comprehensive collection will be of great interest to researchers and students alike.
Contributors
75 articles, dating from 1928 to 2002
Contributors include: W. Baumol, R. Bausor, P. David, A. Dixit, N. Georgescu-Roegen, S. Grossman, F. Hahn, D. North, P. Samuelson, G. Winston
Contributors include: W. Baumol, R. Bausor, P. David, A. Dixit, N. Georgescu-Roegen, S. Grossman, F. Hahn, D. North, P. Samuelson, G. Winston
Contents
Contents:
Volume I
Acknowledgements
Introduction Stefano Zamagni and Elettra Agliardi
PART I METHODOLOGICAL ISSUES ON TIME IN ECONOMICS
1. Randall Bausor (1983), ‘Time and the Structure of Economic Analysis’
2. Fernando Carvalho (1984), ‘On the Concept of Time in Shacklean and Sraffian Economics’
3. M. Dummett (1986), ‘Causal Loops’
4. N. Georgescu-Roegen (1971), ‘Instants of Time and Duration’, ‘Hysteresis and History’, ‘Time and “Time”’, ‘Stocks and Flows’, ‘Funds and Services’, and ‘Entropy and Economic Value’
5. Nicholas Georgescu-Roegen (1985), ‘Time and Value in Economics and in Gossen’s System’
6. Derek Parfit (1984), ‘Different Attitudes to Time’
7. F.P. Ramsey (1928), ‘A Mathematical Theory of Saving’
8. Paul A. Samuelson (1944), ‘The Relation Between Hicksian Stability and True Dynamic Stability’
9. G.L.S. Shackle (1958), ‘The Complex Concept of Economic Time’
10. G.L.S. Shackle (1976), ‘Time and Choice’
11. Stephen Smale ([1977] 1980), ‘Some Dynamical Questions in Mathematical Economics’
12. Gordon C. Winston (1982), ‘Economic Events in Time’
13. Gordon C. Winston (1988), ‘Three Problems with the Treatment of Time in Economics: Perspectives, Repetitiveness, and Time Units’
14. Stefano Zamagni (1984), ‘Ricardo and Hayek Effects in a Fixwage Model of Traverse’
PART II TIME AND EQUILIBRIUM
15. Randall Bausor (1986), ‘Time and Equilibrium’
16. Jean-Pierre Danthine (1978), ‘Information, Futures Prices, and Stabilizing Speculation’
17. Gérard Fuchs and Guy Laroque (1976), ‘Dynamics of Temporary Equilibria and Expectations’
18. Jean Michel Grandmont (1977), ‘Temporary General Equilibrium Theory’
19. Jean-Michel Grandmont (1985), ‘On Endogenous Competitive Business Cycles’
20. Jerry R. Green (1973), ‘Temporary General Equilibrium in a Sequential Trading Model with Spot and Futures Transactions’
21. Sanford J. Grossman (1977), ‘The Existence of Futures Markets, Noisy Rational Expectations and Informational Externalities’
22. Frank H. Hahn and Takashi Negishi (1962), ‘A Theorem on Non-Tâtonnement Stability’
23. Frank Hahn ([1989] 1990), ‘Information Dynamics and Equilibrium’
24. Roy Radner (1972), ‘Existence of Equilibrium of Plans, Prices, and Price Expectations in a Sequence of Markets’
25. Stephen Smale (1976), ‘Dynamics in General Equilibrium Theory’
Name Index
Volume II
Acknowledgements
An introduction by the editors to all three volumes appears in Volume I
PART I TIME AND IRREVERSIBILITY
1. Olivier J. Blanchard and Lawrence H. Summers (1986), ‘Hysteresis and the European Unemployment Problem’
2. Christophe Chamley and Douglas Gale (1994), ‘Information Revelation and Strategic Delay in a Model of Investment’
3. Avinash Dixit (1992), ‘Investment and Hysteresis’
4. Nicholas Georgescu-Roegen (1975), ‘Bio-Economic Aspects of Entropy’
5. Donald W. Katzner (2000), ‘Economics and the Principle of Uniformity’
6. Robert S. Pindyck (1991), ‘Irreversibility, Uncertainty, and Investment’
7. Jennifer F. Reinganum (1981), ‘Market Structure and the Diffusion of New Technology’
8. Joan Robinson (1974), ‘History Versus Equilibrium’
PART II TIME AND COMPLEX SYSTEMS
9. W. Brian Arthur (1988), ‘Self-Reinforcing Mechanisms in Economics’
10. Lawrence Blume and David Easley (1992), ‘Evolution and Market Behavior’
11. William A. Brock (1991), ‘Understanding Macroeconomic Time Series Using Complex Systems Theory’
12. Paul A. David (1994), ‘Why are Institutions the ‘Carriers of History’?: Path Dependence and the Evolution of Conventions, Organizations and Institutions’
13. Steven N. Durlauf (1993), ‘Nonergodic Economic Growth’
14. Hans Föllmer (1974), ‘Random Economies with Many Interacting Agents’
15. John Foster (1997), ‘The Analytical Foundations of Evolutionary Economics: From Biological Analogy to Economic Self-Organization’
16. Nicholas Georgescu-Roegen (1977), ‘What Thermodynamics and Biology can Teach Economists’
17. Douglass C. North (1994), ‘Economic Performance Through Time’
18. Michael Woodford (1989), ‘Imperfect Financial Intermediation and Complex Dynamics’
PART III TIME AND “PARADOXES” IN GAME THEORY
19. James W. Friedman (1971), ‘A Non-cooperative Equilibrium for Supergames’
20. Mordecai Kurz (1992), ‘Understanding the Past in Order to Assess the Future: On Learning Equilibrium Price Processes’
21. Reinhard Selten (1978), ‘The Chain Store Paradox’
22. Eric van Damme (1989), ‘Stable Equilibria and Forward Induction’
Name Index
Volume III
Acknowledgements
An introduction by the editors to all three volumes appears in Volume I
PART I THE ALLOCATION OF TIME
A Theories of the Allocation of Time
1. William J. Baumol (1968), ‘On the Social Rate of Discount’
2. Gary S. Becker (1965), ‘A Theory of the Allocation of Time’
3. Jeff E. Biddle and Daniel S. Hamermesh (1990), ‘Sleep and the Allocation of Time’
4. Reuben Gronau (1977), ‘Leisure, Home Production, and Work – the Theory of the Allocation of Time Revisited’
5. F. Thomas Juster and Frank P. Stafford (1991), ‘The Allocation of Time: Empirical Findings, Behavioral Models, and Problems of Measurement’
6. Robert A. Pollak and Michael L. Wachter (1975), ‘The Relevance of the Household Production Function and Its Implications for the Allocation of Time’
7. David L. Wetzell (2002), ‘On Some Unappreciated Implications of Becker’s Time Allocation Model of Labor Supply’
8. Richard Zeckhauser (1973), ‘Time as the Ultimate Source of Utility’
B The Allocation of Time: Applications
9. Rudolf Andorka (1987), ‘Time Budgets and Their Uses’
10. Dagfinn Ås (1978), ‘Studies of Time-Use: Problems and Prospects’
11. Corry Azzi and Ronald Ehrenberg (1975), ‘Household Allocation of Time and Church Attendance’
12. Alok Bhargava (1997), ‘Nutritional Status and the Allocation of Time in Rwandese Households’
13. Robert W. Fogel (1999), ‘Catching Up with the Economy’
14. J. Gershuny (1995), ‘Time Budget Research in Europe’ [First prepared as J. Gershuny (1992), ‘Time Budget Research in Europe’
15. Peter Kooreman and Arie Kapteyn (1987), ‘A Disaggregated Analysis of the Allocation of Time within the Household’
16. Tadashi Yamada, Tetsuji Yamada and J. Moonwon Kang (1999), ‘A Study of Time Allocation of Japanese Households’
PART II TIME, PREFERENCE REVERSAL AND THE THEORY OF CHOICE
17. David E. Bell (1982), ‘Regret in Decision Making under Uncertainty’
18. David M. Grether and Charles R. Plott (1979), ‘Economic Theory of Choice and the Preference Reversal Phenomenon’
19. Jon Elster and George Loewenstein (1992), ‘Utility from Memory and Anticipation’
20. Peter J. Hammond (1976), ‘Changing Tastes and Coherent Dynamic Choice’
21. Tjalling C. Koopmans (1964), ‘On Flexibility of Future Preference’
22. David M. Kreps (1979), ‘A Representation Theorem for “Preference for Flexibility”’
23. Graham Loomes and Robert Sugden (1982), ‘Regret Theory: An Alternative Theory of Rational Choice Under Uncertainty’
24. Maurizio Mistri (2002), ‘Addiction and the Dynamic Inconsistency of Consumption Plans’
25. Robert A. Pollak (1970), ‘Habit Formation and Dynamic Demand Functions’
26. Ian Steedman (2001), ‘Consumption Takes Time’
27. R.H. Strotz (1955), ‘Myopia and Inconsistency in Dynamic Utility Maximization’
28. Douglas Vickers (1981), ‘Real Time and the Choice-decision Point: A Comment on Findlay and Williams’ “Financial Theory”’
Name Index
Volume I
Acknowledgements
Introduction Stefano Zamagni and Elettra Agliardi
PART I METHODOLOGICAL ISSUES ON TIME IN ECONOMICS
1. Randall Bausor (1983), ‘Time and the Structure of Economic Analysis’
2. Fernando Carvalho (1984), ‘On the Concept of Time in Shacklean and Sraffian Economics’
3. M. Dummett (1986), ‘Causal Loops’
4. N. Georgescu-Roegen (1971), ‘Instants of Time and Duration’, ‘Hysteresis and History’, ‘Time and “Time”’, ‘Stocks and Flows’, ‘Funds and Services’, and ‘Entropy and Economic Value’
5. Nicholas Georgescu-Roegen (1985), ‘Time and Value in Economics and in Gossen’s System’
6. Derek Parfit (1984), ‘Different Attitudes to Time’
7. F.P. Ramsey (1928), ‘A Mathematical Theory of Saving’
8. Paul A. Samuelson (1944), ‘The Relation Between Hicksian Stability and True Dynamic Stability’
9. G.L.S. Shackle (1958), ‘The Complex Concept of Economic Time’
10. G.L.S. Shackle (1976), ‘Time and Choice’
11. Stephen Smale ([1977] 1980), ‘Some Dynamical Questions in Mathematical Economics’
12. Gordon C. Winston (1982), ‘Economic Events in Time’
13. Gordon C. Winston (1988), ‘Three Problems with the Treatment of Time in Economics: Perspectives, Repetitiveness, and Time Units’
14. Stefano Zamagni (1984), ‘Ricardo and Hayek Effects in a Fixwage Model of Traverse’
PART II TIME AND EQUILIBRIUM
15. Randall Bausor (1986), ‘Time and Equilibrium’
16. Jean-Pierre Danthine (1978), ‘Information, Futures Prices, and Stabilizing Speculation’
17. Gérard Fuchs and Guy Laroque (1976), ‘Dynamics of Temporary Equilibria and Expectations’
18. Jean Michel Grandmont (1977), ‘Temporary General Equilibrium Theory’
19. Jean-Michel Grandmont (1985), ‘On Endogenous Competitive Business Cycles’
20. Jerry R. Green (1973), ‘Temporary General Equilibrium in a Sequential Trading Model with Spot and Futures Transactions’
21. Sanford J. Grossman (1977), ‘The Existence of Futures Markets, Noisy Rational Expectations and Informational Externalities’
22. Frank H. Hahn and Takashi Negishi (1962), ‘A Theorem on Non-Tâtonnement Stability’
23. Frank Hahn ([1989] 1990), ‘Information Dynamics and Equilibrium’
24. Roy Radner (1972), ‘Existence of Equilibrium of Plans, Prices, and Price Expectations in a Sequence of Markets’
25. Stephen Smale (1976), ‘Dynamics in General Equilibrium Theory’
Name Index
Volume II
Acknowledgements
An introduction by the editors to all three volumes appears in Volume I
PART I TIME AND IRREVERSIBILITY
1. Olivier J. Blanchard and Lawrence H. Summers (1986), ‘Hysteresis and the European Unemployment Problem’
2. Christophe Chamley and Douglas Gale (1994), ‘Information Revelation and Strategic Delay in a Model of Investment’
3. Avinash Dixit (1992), ‘Investment and Hysteresis’
4. Nicholas Georgescu-Roegen (1975), ‘Bio-Economic Aspects of Entropy’
5. Donald W. Katzner (2000), ‘Economics and the Principle of Uniformity’
6. Robert S. Pindyck (1991), ‘Irreversibility, Uncertainty, and Investment’
7. Jennifer F. Reinganum (1981), ‘Market Structure and the Diffusion of New Technology’
8. Joan Robinson (1974), ‘History Versus Equilibrium’
PART II TIME AND COMPLEX SYSTEMS
9. W. Brian Arthur (1988), ‘Self-Reinforcing Mechanisms in Economics’
10. Lawrence Blume and David Easley (1992), ‘Evolution and Market Behavior’
11. William A. Brock (1991), ‘Understanding Macroeconomic Time Series Using Complex Systems Theory’
12. Paul A. David (1994), ‘Why are Institutions the ‘Carriers of History’?: Path Dependence and the Evolution of Conventions, Organizations and Institutions’
13. Steven N. Durlauf (1993), ‘Nonergodic Economic Growth’
14. Hans Föllmer (1974), ‘Random Economies with Many Interacting Agents’
15. John Foster (1997), ‘The Analytical Foundations of Evolutionary Economics: From Biological Analogy to Economic Self-Organization’
16. Nicholas Georgescu-Roegen (1977), ‘What Thermodynamics and Biology can Teach Economists’
17. Douglass C. North (1994), ‘Economic Performance Through Time’
18. Michael Woodford (1989), ‘Imperfect Financial Intermediation and Complex Dynamics’
PART III TIME AND “PARADOXES” IN GAME THEORY
19. James W. Friedman (1971), ‘A Non-cooperative Equilibrium for Supergames’
20. Mordecai Kurz (1992), ‘Understanding the Past in Order to Assess the Future: On Learning Equilibrium Price Processes’
21. Reinhard Selten (1978), ‘The Chain Store Paradox’
22. Eric van Damme (1989), ‘Stable Equilibria and Forward Induction’
Name Index
Volume III
Acknowledgements
An introduction by the editors to all three volumes appears in Volume I
PART I THE ALLOCATION OF TIME
A Theories of the Allocation of Time
1. William J. Baumol (1968), ‘On the Social Rate of Discount’
2. Gary S. Becker (1965), ‘A Theory of the Allocation of Time’
3. Jeff E. Biddle and Daniel S. Hamermesh (1990), ‘Sleep and the Allocation of Time’
4. Reuben Gronau (1977), ‘Leisure, Home Production, and Work – the Theory of the Allocation of Time Revisited’
5. F. Thomas Juster and Frank P. Stafford (1991), ‘The Allocation of Time: Empirical Findings, Behavioral Models, and Problems of Measurement’
6. Robert A. Pollak and Michael L. Wachter (1975), ‘The Relevance of the Household Production Function and Its Implications for the Allocation of Time’
7. David L. Wetzell (2002), ‘On Some Unappreciated Implications of Becker’s Time Allocation Model of Labor Supply’
8. Richard Zeckhauser (1973), ‘Time as the Ultimate Source of Utility’
B The Allocation of Time: Applications
9. Rudolf Andorka (1987), ‘Time Budgets and Their Uses’
10. Dagfinn Ås (1978), ‘Studies of Time-Use: Problems and Prospects’
11. Corry Azzi and Ronald Ehrenberg (1975), ‘Household Allocation of Time and Church Attendance’
12. Alok Bhargava (1997), ‘Nutritional Status and the Allocation of Time in Rwandese Households’
13. Robert W. Fogel (1999), ‘Catching Up with the Economy’
14. J. Gershuny (1995), ‘Time Budget Research in Europe’ [First prepared as J. Gershuny (1992), ‘Time Budget Research in Europe’
15. Peter Kooreman and Arie Kapteyn (1987), ‘A Disaggregated Analysis of the Allocation of Time within the Household’
16. Tadashi Yamada, Tetsuji Yamada and J. Moonwon Kang (1999), ‘A Study of Time Allocation of Japanese Households’
PART II TIME, PREFERENCE REVERSAL AND THE THEORY OF CHOICE
17. David E. Bell (1982), ‘Regret in Decision Making under Uncertainty’
18. David M. Grether and Charles R. Plott (1979), ‘Economic Theory of Choice and the Preference Reversal Phenomenon’
19. Jon Elster and George Loewenstein (1992), ‘Utility from Memory and Anticipation’
20. Peter J. Hammond (1976), ‘Changing Tastes and Coherent Dynamic Choice’
21. Tjalling C. Koopmans (1964), ‘On Flexibility of Future Preference’
22. David M. Kreps (1979), ‘A Representation Theorem for “Preference for Flexibility”’
23. Graham Loomes and Robert Sugden (1982), ‘Regret Theory: An Alternative Theory of Rational Choice Under Uncertainty’
24. Maurizio Mistri (2002), ‘Addiction and the Dynamic Inconsistency of Consumption Plans’
25. Robert A. Pollak (1970), ‘Habit Formation and Dynamic Demand Functions’
26. Ian Steedman (2001), ‘Consumption Takes Time’
27. R.H. Strotz (1955), ‘Myopia and Inconsistency in Dynamic Utility Maximization’
28. Douglas Vickers (1981), ‘Real Time and the Choice-decision Point: A Comment on Findlay and Williams’ “Financial Theory”’
Name Index