Is there a constituency for efficiency? Tomasz Żylicz.

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Presentation transcript:

Is there a constituency for efficiency? Tomasz Żylicz

Overview of the presentation 1.Economists’ paradoxes 2.Correcting economic theories 3.Heterogeneity of the mainstream economics 4.Main challenges

1.Economists’ paradoxes de Condrocet’s paradox Prisoner’s dilemma Voting equilibrium Coase theorem Equilibrium does not have to be optimal!

2.Correcting economic theories Arrow’s impossibility theorem Seeking Nash equilibria Discovering transaction costs Seeking representation mechanisms

3.Heterogeneity of the mainstream economics Public choice economics -- Limits to market allocation Chicago school: Ronald Coase Chicago school: Gary Becker Psychological economics Beyond Nash equilibria Agency Theory Etc.

4.Scientific challenges Chasing Nash equilibria Calculating transaction costs Identification of „relevant majorities” Appreciation for the logic Using advances of econometrics Institutional analysis

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