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Is there a constituency for efficiency? Tomasz Żylicz.

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Presentation on theme: "Is there a constituency for efficiency? Tomasz Żylicz."— Presentation transcript:

1 Is there a constituency for efficiency? Tomasz Żylicz

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

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

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

5 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.

6 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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