Fabrizio Benedetti
- Published in print:
- 2008
- Published Online:
- September 2009
- ISBN:
- 9780199559121
- eISBN:
- 9780191724022
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199559121.001.0001
- Subject:
- Neuroscience, Molecular and Cellular Systems
One of the most widespread words in medicine is the placebo and placebo effect, although it is not always clear what it means exactly. Recent progress in biomedical research has allowed a better ...
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One of the most widespread words in medicine is the placebo and placebo effect, although it is not always clear what it means exactly. Recent progress in biomedical research has allowed a better clarification of the placebo effect. This is an active psychobiological phenomenon which takes place in the patient's brain and that is capable of influencing both the course of a disease and the response to a therapy. The psychosocial context around the patient is crucial to placebo effects, for example the doctor's words and attitudes, and this may have a profound impact on the patient's brain which, in turn, may affect several physiological functions of the body. This book emphasizes that there is not a single placebo effect but many. The book critically reviews them in different medical conditions, such as pain, neurological disorders, psychiatric and behavioural disorders, immune and endocrine systems, cardiovascular and respiratory systems, gastrointestinal and genitourinary disorders, as well as some special conditions, such as oncology, surgery, sports medicine, and acupuncture.Less
One of the most widespread words in medicine is the placebo and placebo effect, although it is not always clear what it means exactly. Recent progress in biomedical research has allowed a better clarification of the placebo effect. This is an active psychobiological phenomenon which takes place in the patient's brain and that is capable of influencing both the course of a disease and the response to a therapy. The psychosocial context around the patient is crucial to placebo effects, for example the doctor's words and attitudes, and this may have a profound impact on the patient's brain which, in turn, may affect several physiological functions of the body. This book emphasizes that there is not a single placebo effect but many. The book critically reviews them in different medical conditions, such as pain, neurological disorders, psychiatric and behavioural disorders, immune and endocrine systems, cardiovascular and respiratory systems, gastrointestinal and genitourinary disorders, as well as some special conditions, such as oncology, surgery, sports medicine, and acupuncture.
Bernard J. Baars
- Published in print:
- 1997
- Published Online:
- May 2009
- ISBN:
- 9780195102659
- eISBN:
- 9780199864126
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195102659.001.1
- Subject:
- Neuroscience, Sensory and Motor Systems, Behavioral Neuroscience
The study of conscious experience has seen remarkable strides in the last ten years, reflecting important technological breakthroughs and the enormous efforts of researchers. Although still embroiled ...
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The study of conscious experience has seen remarkable strides in the last ten years, reflecting important technological breakthroughs and the enormous efforts of researchers. Although still embroiled in debate, scientists are now beginning to find common ground in their understanding of consciousness, which may pave the way for a unified explanation of how and why we experience and understand the world around us. This book brings the subject to life with a metaphor that has been used to understand consciousness since the time of Aristotle—the mind as theater. Here consciousness is seen as a “stage” on which our sensations, perceptions, thoughts, and feelings play to a vast, silent audience (the immensely complicated inner-workings of the brain's unconscious processes). Behind the scenes, silent context operators shape conscious experience; they include implicit expectations, self systems, and scene setters. Using this framework, the book presents compelling evidence that human consciousness rides on top of biologically ancient mechanisms. In humans it manifests itself in inner speech, imagery, perception, and voluntary control of thought and action. Topics like hypnosis, absorbed states of mind, adaptation to trauma, and the human propensity to project expectations on uncertainty, all fit into the expanded theater metaphor.Less
The study of conscious experience has seen remarkable strides in the last ten years, reflecting important technological breakthroughs and the enormous efforts of researchers. Although still embroiled in debate, scientists are now beginning to find common ground in their understanding of consciousness, which may pave the way for a unified explanation of how and why we experience and understand the world around us. This book brings the subject to life with a metaphor that has been used to understand consciousness since the time of Aristotle—the mind as theater. Here consciousness is seen as a “stage” on which our sensations, perceptions, thoughts, and feelings play to a vast, silent audience (the immensely complicated inner-workings of the brain's unconscious processes). Behind the scenes, silent context operators shape conscious experience; they include implicit expectations, self systems, and scene setters. Using this framework, the book presents compelling evidence that human consciousness rides on top of biologically ancient mechanisms. In humans it manifests itself in inner speech, imagery, perception, and voluntary control of thought and action. Topics like hypnosis, absorbed states of mind, adaptation to trauma, and the human propensity to project expectations on uncertainty, all fit into the expanded theater metaphor.
G. B. Richardson
- Published in print:
- 1997
- Published Online:
- November 2003
- ISBN:
- 9780198292432
- eISBN:
- 9780191596810
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198292430.001.0001
- Subject:
- Economics and Finance, Microeconomics
Firms base their investment decisions on expectations, these being based, in turn, upon information about relevant future circumstance. The availability of this information depends partly upon the ...
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Firms base their investment decisions on expectations, these being based, in turn, upon information about relevant future circumstance. The availability of this information depends partly upon the market structure within which firms operate. In perfect competition, firms would find this information impossible to obtain, which is the reason why no plausible account has been provided of how, given that particular market structure, movement to equilibrium could take place. In order to understand how market economies work, how competitive and complementary investments are coordinated, we need to take explicit account of circumstances, which commonly feature as ‘imperfections’, but make informed expectations possible.The information available to firms will always be incomplete and the expectations based on it necessarily uncertain. Consideration is therefore given to the strategies adopted in order to cope with this uncertainty.The selective or evolutionary function of competition is discussed, particular attention being given to its compatibility with the circumstances, which, by providing a firm's environment with stability, facilitate foresight.There is a discussion of whether firms’ response to uncertainty is likely to result in undue (or insufficient) discrimination against risky ventures and to a consequent misallocation of resources.Two articles published since the first edition of this book feature as Annexes to this edition. The Organisation of Industry explains the networks of inter‐firm cooperation and affiliation in terms of the need to coordinate activities that are complementary in a process of production but require different capabilities for their undertaking. Planning versus Competition deals with the ways in which economic activities can be coordinated, contrasting centralized and de‐centralized systems.Less
Firms base their investment decisions on expectations, these being based, in turn, upon information about relevant future circumstance. The availability of this information depends partly upon the market structure within which firms operate. In perfect competition, firms would find this information impossible to obtain, which is the reason why no plausible account has been provided of how, given that particular market structure, movement to equilibrium could take place. In order to understand how market economies work, how competitive and complementary investments are coordinated, we need to take explicit account of circumstances, which commonly feature as ‘imperfections’, but make informed expectations possible.
The information available to firms will always be incomplete and the expectations based on it necessarily uncertain. Consideration is therefore given to the strategies adopted in order to cope with this uncertainty.
The selective or evolutionary function of competition is discussed, particular attention being given to its compatibility with the circumstances, which, by providing a firm's environment with stability, facilitate foresight.
There is a discussion of whether firms’ response to uncertainty is likely to result in undue (or insufficient) discrimination against risky ventures and to a consequent misallocation of resources.
Two articles published since the first edition of this book feature as Annexes to this edition. The Organisation of Industry explains the networks of inter‐firm cooperation and affiliation in terms of the need to coordinate activities that are complementary in a process of production but require different capabilities for their undertaking. Planning versus Competition deals with the ways in which economic activities can be coordinated, contrasting centralized and de‐centralized systems.
Edmund S. Phelps
- Published in print:
- 1990
- Published Online:
- November 2003
- ISBN:
- 9780198283331
- eISBN:
- 9780191596766
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198283334.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This volume represents the publication of seven lectures––the first annual Arne Ryde Memorial lectures administered by the University of Lund––on what the author deems to be the seven leading schools ...
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This volume represents the publication of seven lectures––the first annual Arne Ryde Memorial lectures administered by the University of Lund––on what the author deems to be the seven leading schools of thought in contemporary macroeconomics. The result is a wide‐ranging appreciation of the richness of macro theory and a commentary on some of its more doubtful tenets by a scholar who has himself made contributions to all seven schools. The recurring motif is that actual economies are complicated and each school has its own important insights into them. The first four schools have in common that they regard monetary mechanisms as a key part of the engine determining the level of economic activity while the last three schools all adopt essentially non‐monetary perspectives. The first chapter considers at length the basis for Keynes's break from classical economics. The next chapter addresses the sister school called ‘monetarism’. Chapters on the New Classical school and the New Keynesian school follow. The supply side is the first stop in the non‐monetary realm and the related school, called ‘Real Business Cycle theory’, is the next. The last chapter looks at the early work of the structuralist school, which was at an early stage of development when these lectures were given.Less
This volume represents the publication of seven lectures––the first annual Arne Ryde Memorial lectures administered by the University of Lund––on what the author deems to be the seven leading schools of thought in contemporary macroeconomics. The result is a wide‐ranging appreciation of the richness of macro theory and a commentary on some of its more doubtful tenets by a scholar who has himself made contributions to all seven schools. The recurring motif is that actual economies are complicated and each school has its own important insights into them. The first four schools have in common that they regard monetary mechanisms as a key part of the engine determining the level of economic activity while the last three schools all adopt essentially non‐monetary perspectives. The first chapter considers at length the basis for Keynes's break from classical economics. The next chapter addresses the sister school called ‘monetarism’. Chapters on the New Classical school and the New Keynesian school follow. The supply side is the first stop in the non‐monetary realm and the related school, called ‘Real Business Cycle theory’, is the next. The last chapter looks at the early work of the structuralist school, which was at an early stage of development when these lectures were given.
Ser-Huang Poon and Richard Stapleton
- Published in print:
- 2005
- Published Online:
- July 2005
- ISBN:
- 9780199271443
- eISBN:
- 9780191602559
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199271445.001.0001
- Subject:
- Economics and Finance, Financial Economics
Relying on the existence, in a complete market, of a pricing kernel, this book covers the pricing of assets, derivatives, and bonds in a discrete time, complete markets framework. It is primarily ...
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Relying on the existence, in a complete market, of a pricing kernel, this book covers the pricing of assets, derivatives, and bonds in a discrete time, complete markets framework. It is primarily aimed at advanced Masters and PhD students in finance. Topics covered include CAPM, non-marketable background risks, European-style contingent claims as in Black–Scholes and in cases where risk-neutral valuation relationship does not exist, multi-period asset pricing under rational expectations, forward and futures contracts on assets and derivatives, and bond pricing under stochastic interest rates. All the proofs, including a discrete time proof of the Libor market model, are shown explicitly.Less
Relying on the existence, in a complete market, of a pricing kernel, this book covers the pricing of assets, derivatives, and bonds in a discrete time, complete markets framework. It is primarily aimed at advanced Masters and PhD students in finance. Topics covered include CAPM, non-marketable background risks, European-style contingent claims as in Black–Scholes and in cases where risk-neutral valuation relationship does not exist, multi-period asset pricing under rational expectations, forward and futures contracts on assets and derivatives, and bond pricing under stochastic interest rates. All the proofs, including a discrete time proof of the Libor market model, are shown explicitly.
David A. Nadler and Michael L. Tushman
- Published in print:
- 1997
- Published Online:
- October 2011
- ISBN:
- 9780195099171
- eISBN:
- 9780199854868
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195099171.001.0001
- Subject:
- Business and Management, Organization Studies
If the defining goal of modern-day business can be isolated to just one item, it would be the search for competitive advantage. Competition is more intense than ever—technological innovation, ...
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If the defining goal of modern-day business can be isolated to just one item, it would be the search for competitive advantage. Competition is more intense than ever—technological innovation, consumer expectations, and government deregulation all combine to create more opportunities for new competitors to change the basic rules of the game. At the same time, most of the old reliable sources of competitive advantage are drying up: the strategies employed by GM, IBM, and AT&T to maintain their positions of dominance in the 1960s and 70s are now obsolete. The authors of this book argue that the last remaining source of truly sustainable competitive advantage lies in “organizational capabilities”: the unique ways each organization structures its work and motivates its people to achieve clearly articulated strategic objectives. The book argues that managers must understand the concepts and learn the skills involved in designing their organization to exploit their inherent strengths. All the reengineering, restructuring, and downsizing in the world will merely destabilize a company if the change doesn't address the fundamental patterns of performance—and if the change doesn't recognize the unique core competencies of that company. The authors draw upon specific cases to illustrate the design process in practice, and they provide a set of tools for using strategic organization design to gain competitive advantage. They present a design process, explore key decisions managers face, and list the guiding principles for incorporating the design function as a continuing and integral process.Less
If the defining goal of modern-day business can be isolated to just one item, it would be the search for competitive advantage. Competition is more intense than ever—technological innovation, consumer expectations, and government deregulation all combine to create more opportunities for new competitors to change the basic rules of the game. At the same time, most of the old reliable sources of competitive advantage are drying up: the strategies employed by GM, IBM, and AT&T to maintain their positions of dominance in the 1960s and 70s are now obsolete. The authors of this book argue that the last remaining source of truly sustainable competitive advantage lies in “organizational capabilities”: the unique ways each organization structures its work and motivates its people to achieve clearly articulated strategic objectives. The book argues that managers must understand the concepts and learn the skills involved in designing their organization to exploit their inherent strengths. All the reengineering, restructuring, and downsizing in the world will merely destabilize a company if the change doesn't address the fundamental patterns of performance—and if the change doesn't recognize the unique core competencies of that company. The authors draw upon specific cases to illustrate the design process in practice, and they provide a set of tools for using strategic organization design to gain competitive advantage. They present a design process, explore key decisions managers face, and list the guiding principles for incorporating the design function as a continuing and integral process.
Paul Stoneman
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199572489
- eISBN:
- 9780191722257
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199572489.003.0008
- Subject:
- Business and Management, Innovation
This chapter considers alternative models of the demand for (diffusion of) soft innovations. From the several models, the list of factors shown to be important in the innovation process includes the ...
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This chapter considers alternative models of the demand for (diffusion of) soft innovations. From the several models, the list of factors shown to be important in the innovation process includes the level and, particularly, changes in costs of generating and developing innovations, fixed costs of production, variable production costs, the number of suppliers, the allocation of buyers' preferences, buyers' knowledge bases, buyers price, and technology expectations and the nature of the product. The theoretical analysis in Chapters 7 and 8 also jointly shows that there is no guarantee that free markets will produce a welfare optimal outcome. The outcome may involve either too much or too little variety and innovation. The market failure thus identified can come from a number of sources. One general source is that there are positive or negative externalities in the market that drive a wedge between private and social incentives. Other factors such as creative destruction effects and the standing on shoulders effects also have a role to play.Less
This chapter considers alternative models of the demand for (diffusion of) soft innovations. From the several models, the list of factors shown to be important in the innovation process includes the level and, particularly, changes in costs of generating and developing innovations, fixed costs of production, variable production costs, the number of suppliers, the allocation of buyers' preferences, buyers' knowledge bases, buyers price, and technology expectations and the nature of the product. The theoretical analysis in Chapters 7 and 8 also jointly shows that there is no guarantee that free markets will produce a welfare optimal outcome. The outcome may involve either too much or too little variety and innovation. The market failure thus identified can come from a number of sources. One general source is that there are positive or negative externalities in the market that drive a wedge between private and social incentives. Other factors such as creative destruction effects and the standing on shoulders effects also have a role to play.
Roman Frydman and Edmund S. Phelps (eds)
- Published in print:
- 2013
- Published Online:
- October 2017
- ISBN:
- 9780691155234
- eISBN:
- 9781400846450
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691155234.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This book originated from a 2010 conference marking the fortieth anniversary of the publication of the landmark “Phelps microfoundations volume,” Microeconomic Foundations of Employment and Inflation ...
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This book originated from a 2010 conference marking the fortieth anniversary of the publication of the landmark “Phelps microfoundations volume,” Microeconomic Foundations of Employment and Inflation Theory, a book that is often credited with pioneering the currently dominant approach to macroeconomic analysis. However, this book argues that the vast majority of macroeconomic and finance models developed over the last four decades derailed, rather than built on, the Phelps volume's “microfoundations” approach. Whereas the contributors to the 1970 volume recognized the fundamental importance of according market participants' expectations an autonomous role, contemporary models rely on the Rational Expectations Hypothesis (REH), which rules out such a role by design. The financial crisis that began in 2007, preceded by a spectacular boom and bust in asset prices that REH models implied could never happen, has spurred a quest for fresh approaches to macroeconomic analysis. While the alternatives to REH presented in the book differ from the approach taken in the original Phelps volume, they are notable for returning to its major theme: understanding aggregate outcomes requires according expectations an autonomous role. The introductory chapter interprets the various efforts to reconstruct the field—some of which promise to chart its direction for decades to come.Less
This book originated from a 2010 conference marking the fortieth anniversary of the publication of the landmark “Phelps microfoundations volume,” Microeconomic Foundations of Employment and Inflation Theory, a book that is often credited with pioneering the currently dominant approach to macroeconomic analysis. However, this book argues that the vast majority of macroeconomic and finance models developed over the last four decades derailed, rather than built on, the Phelps volume's “microfoundations” approach. Whereas the contributors to the 1970 volume recognized the fundamental importance of according market participants' expectations an autonomous role, contemporary models rely on the Rational Expectations Hypothesis (REH), which rules out such a role by design. The financial crisis that began in 2007, preceded by a spectacular boom and bust in asset prices that REH models implied could never happen, has spurred a quest for fresh approaches to macroeconomic analysis. While the alternatives to REH presented in the book differ from the approach taken in the original Phelps volume, they are notable for returning to its major theme: understanding aggregate outcomes requires according expectations an autonomous role. The introductory chapter interprets the various efforts to reconstruct the field—some of which promise to chart its direction for decades to come.
Stephen Banfield
- Published in print:
- 2005
- Published Online:
- January 2012
- ISBN:
- 9780197263242
- eISBN:
- 9780191734014
- Item type:
- chapter
- Publisher:
- British Academy
- DOI:
- 10.5871/bacad/9780197263242.003.0009
- Subject:
- History, Cultural History
This lecture discusses Jerome Kern, who provides a convenient and important case study for the reclamation of the musical as historical output. It explores how the cross-disciplinary, unruly, and ...
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This lecture discusses Jerome Kern, who provides a convenient and important case study for the reclamation of the musical as historical output. It explores how the cross-disciplinary, unruly, and sometimes ephemeral, materials of popular musical theatre can best be first located and safeguarded. These materials are then reconstituted for the detached assessment they now demand, away from the pressures and traditions of showbusiness and popular canons. The lecture touches on four areas: the changing expectations of genre, the workings of nationalism, the nature and scope of the source materials, and the interplay of creative ambition and commercial expediency.Less
This lecture discusses Jerome Kern, who provides a convenient and important case study for the reclamation of the musical as historical output. It explores how the cross-disciplinary, unruly, and sometimes ephemeral, materials of popular musical theatre can best be first located and safeguarded. These materials are then reconstituted for the detached assessment they now demand, away from the pressures and traditions of showbusiness and popular canons. The lecture touches on four areas: the changing expectations of genre, the workings of nationalism, the nature and scope of the source materials, and the interplay of creative ambition and commercial expediency.
Jay Schulkin
- Published in print:
- 2013
- Published Online:
- October 2017
- ISBN:
- 9780691157443
- eISBN:
- 9781400849031
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691157443.003.0005
- Subject:
- Psychology, Cognitive Neuroscience
This chapter examines the human problem of grappling with the unexpected while sustaining the familiar, a core feature that underlies human experience and inquiry in general, but which is also ...
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This chapter examines the human problem of grappling with the unexpected while sustaining the familiar, a core feature that underlies human experience and inquiry in general, but which is also essential, in part, to musical sensibility. One neurochemical that is often linked to expectations and the organization of behavior, including that of music, is dopamine. The chapter explains how musical expectations permeate diverse forms of problem solving, such as coping with “the shocks and instabilities, the conflicts and resolution” that we experience every day. It also discusses music and musical expectations in relation to aesthetics and aesthetic judgment, learning, probabilities, discrepancy, uncertainty, change, brain activation, statistical inference, abduction, emotions, and numbers. Finally, it explores the concept of musical meaning, musical order, and musical syntax.Less
This chapter examines the human problem of grappling with the unexpected while sustaining the familiar, a core feature that underlies human experience and inquiry in general, but which is also essential, in part, to musical sensibility. One neurochemical that is often linked to expectations and the organization of behavior, including that of music, is dopamine. The chapter explains how musical expectations permeate diverse forms of problem solving, such as coping with “the shocks and instabilities, the conflicts and resolution” that we experience every day. It also discusses music and musical expectations in relation to aesthetics and aesthetic judgment, learning, probabilities, discrepancy, uncertainty, change, brain activation, statistical inference, abduction, emotions, and numbers. Finally, it explores the concept of musical meaning, musical order, and musical syntax.
Federico Varese
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780198297369
- eISBN:
- 9780191600272
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019829736X.003.0003
- Subject:
- Political Science, Russian Politics
The Russian state is examined as a supplier of protection. The chapter first explores how Russian citizens perceive the institutions of authority that are supposed to supply services of protection ...
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The Russian state is examined as a supplier of protection. The chapter first explores how Russian citizens perceive the institutions of authority that are supposed to supply services of protection and dispute resolution, such as the legal system, state (government) officials and the police, and whether they expect fair treatment from them. Survey data from several Eastern European countries are compared in order to establish whether people should be expected to use these institutions and, more generally, to determine the levels of confidence in the legal system: the data indicate a low level of confidence in crucial institutions of authority. The second section of the chapter looks at one instance of state-supplied protection services – the courts of arbitration or Arbitrazh: the court where cases involving property rights and the privatization process are heard. The survey data presented suggest that the majority of the customers of the Arbitrazh courts are large enterprises that were formerly state-owned and were privatized in the 1990s.Less
The Russian state is examined as a supplier of protection. The chapter first explores how Russian citizens perceive the institutions of authority that are supposed to supply services of protection and dispute resolution, such as the legal system, state (government) officials and the police, and whether they expect fair treatment from them. Survey data from several Eastern European countries are compared in order to establish whether people should be expected to use these institutions and, more generally, to determine the levels of confidence in the legal system: the data indicate a low level of confidence in crucial institutions of authority. The second section of the chapter looks at one instance of state-supplied protection services – the courts of arbitration or Arbitrazh: the court where cases involving property rights and the privatization process are heard. The survey data presented suggest that the majority of the customers of the Arbitrazh courts are large enterprises that were formerly state-owned and were privatized in the 1990s.
George W. Evans and Seppo Honkapohja
- Published in print:
- 2013
- Published Online:
- October 2017
- ISBN:
- 9780691155234
- eISBN:
- 9781400846450
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691155234.003.0003
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This chapter examines the central ideas about learning and bounded rationality for macroeconomics and finance. It first introduces the main methodological issues concerning expectation formation and ...
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This chapter examines the central ideas about learning and bounded rationality for macroeconomics and finance. It first introduces the main methodological issues concerning expectation formation and learning before discussing the circumstances in which rational expectations may arise. It then reviews empirical work that applies learning to macroeconomic issues and asset prices, along with the implications of the use of structural knowledge in learning and the form of the agents' decision rules. As an application, the scope of Ricardian Equivalence is considered. The chapter also presents three applications of the learning approach to monetary policy: the appropriate specification of interest rate rules; implementation of price-level targeting to achieve learning stability of the optimal rational expectations equilibrium; and whether under learning, commitment to price-level targeting can be sufficient to rule out the deflation trap of a zero interest rate lower bound and return the economy to the intended rational expectations steady state.Less
This chapter examines the central ideas about learning and bounded rationality for macroeconomics and finance. It first introduces the main methodological issues concerning expectation formation and learning before discussing the circumstances in which rational expectations may arise. It then reviews empirical work that applies learning to macroeconomic issues and asset prices, along with the implications of the use of structural knowledge in learning and the form of the agents' decision rules. As an application, the scope of Ricardian Equivalence is considered. The chapter also presents three applications of the learning approach to monetary policy: the appropriate specification of interest rate rules; implementation of price-level targeting to achieve learning stability of the optimal rational expectations equilibrium; and whether under learning, commitment to price-level targeting can be sufficient to rule out the deflation trap of a zero interest rate lower bound and return the economy to the intended rational expectations steady state.
J. C. B. Gosling
- Published in print:
- 1969
- Published Online:
- October 2011
- ISBN:
- 9780198243397
- eISBN:
- 9780191680670
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198243397.003.0009
- Subject:
- Philosophy, Moral Philosophy
This chapter discusses and establishes a connection between pleasure and human wanting, which is a more direct connection between ‘pleasure’ and one force of the word ‘want’. This relationship only ...
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This chapter discusses and establishes a connection between pleasure and human wanting, which is a more direct connection between ‘pleasure’ and one force of the word ‘want’. This relationship only holds with one out of many pleasure expectations, and is relied on by arguments for hedonism.Less
This chapter discusses and establishes a connection between pleasure and human wanting, which is a more direct connection between ‘pleasure’ and one force of the word ‘want’. This relationship only holds with one out of many pleasure expectations, and is relied on by arguments for hedonism.
David Albert Jones
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199213009
- eISBN:
- 9780191707179
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199213009.003.0010
- Subject:
- Religion, Church History
This chapter investigates the evidence for the oversight and supervision of the clergy. It examines the processes of visitations by bishops and archdeacons, and the use of rural deans in monitoring ...
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This chapter investigates the evidence for the oversight and supervision of the clergy. It examines the processes of visitations by bishops and archdeacons, and the use of rural deans in monitoring the conduct and activities of parish clergy. It looks at the evidence for clerical societies and deanery meetings of clergy which were encouraged by bishops, especially in the early 18th and early 19th centuries. The process for making and investigating complaints against clergy is examined. The procedures used by bishops for disciplining clergy, and the levels of expectation by parishioners and bishops are considered.Less
This chapter investigates the evidence for the oversight and supervision of the clergy. It examines the processes of visitations by bishops and archdeacons, and the use of rural deans in monitoring the conduct and activities of parish clergy. It looks at the evidence for clerical societies and deanery meetings of clergy which were encouraged by bishops, especially in the early 18th and early 19th centuries. The process for making and investigating complaints against clergy is examined. The procedures used by bishops for disciplining clergy, and the levels of expectation by parishioners and bishops are considered.
Thomas J. Sargent
- Published in print:
- 2013
- Published Online:
- October 2017
- ISBN:
- 9780691158709
- eISBN:
- 9781400847648
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691158709.001.0001
- Subject:
- Economics and Finance, Economic History
This collection of essays uses the lens of rational expectations theory to examine how governments anticipate and plan for inflation, and provides insight into the pioneering research for which the ...
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This collection of essays uses the lens of rational expectations theory to examine how governments anticipate and plan for inflation, and provides insight into the pioneering research for which the author was awarded the 2011 Nobel Prize in economics. Rational expectations theory is based on the simple premise that people will use all the information available to them in making economic decisions, yet applying the theory to macroeconomics and econometrics is technically demanding. This book engages with practical problems in economics in a less formal, noneconometric way, demonstrating how rational expectations can satisfactorily interpret a range of historical and contemporary events. It focuses on periods of actual or threatened depreciation in the value of a nation's currency. Drawing on historical attempts to counter inflation, from the French Revolution and the aftermath of World War I to the economic policies of Margaret Thatcher and Ronald Reagan, the book finds that there is no purely monetary cure for inflation; rather, monetary and fiscal policies must be coordinated. This fully expanded edition includes the author's 2011 Nobel lecture, “United States Then, Europe Now.” It also features new articles on the macroeconomics of the French Revolution and government budget deficits.Less
This collection of essays uses the lens of rational expectations theory to examine how governments anticipate and plan for inflation, and provides insight into the pioneering research for which the author was awarded the 2011 Nobel Prize in economics. Rational expectations theory is based on the simple premise that people will use all the information available to them in making economic decisions, yet applying the theory to macroeconomics and econometrics is technically demanding. This book engages with practical problems in economics in a less formal, noneconometric way, demonstrating how rational expectations can satisfactorily interpret a range of historical and contemporary events. It focuses on periods of actual or threatened depreciation in the value of a nation's currency. Drawing on historical attempts to counter inflation, from the French Revolution and the aftermath of World War I to the economic policies of Margaret Thatcher and Ronald Reagan, the book finds that there is no purely monetary cure for inflation; rather, monetary and fiscal policies must be coordinated. This fully expanded edition includes the author's 2011 Nobel lecture, “United States Then, Europe Now.” It also features new articles on the macroeconomics of the French Revolution and government budget deficits.
Arthur Miller and Ola Listhaug
- Published in print:
- 1999
- Published Online:
- November 2003
- ISBN:
- 9780198295686
- eISBN:
- 9780191600043
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198295685.003.0010
- Subject:
- Political Science, Comparative Politics
Previous chapters have demonstrated that low and declining citizen respect for government institutions and political leaders is characteristic of contemporary industrialized societies. Evidence since ...
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Previous chapters have demonstrated that low and declining citizen respect for government institutions and political leaders is characteristic of contemporary industrialized societies. Evidence since the early 1970s reveals a trend toward growing distrust of government institutions in a number of countries. While this trend is evident, the interpretation of this phenomenon has proved far more controversial. One explanation focuses upon public dissatisfaction with government performance. This chapter explores this question. First, it examines the direct link between government performance, as measured by objective indicators of inflation, unemployment, or government deficits, and institutional confidence in support for government. It then considers the dynamics of political trust and government performance, before moving on to examine the role that expectations play in translating evaluations of government performance into political distrust in three countries where long‐term time‐series data are available—the US, Norway, and Sweden. The study explores how ethical expectations about government standards influence trust in politicians and the conclusion draws some general lessons from the results. The survey data employed in the analysis include the 1990–1 World Values Survey, the Norwegian, Swedish, and US Election Studies, surveys in the US, Russia, Ukraine, and Lithuania; data from the International Monetary Fund (IMF) and OECD are used to measure inflation, unemployment, and government deficits.Less
Previous chapters have demonstrated that low and declining citizen respect for government institutions and political leaders is characteristic of contemporary industrialized societies. Evidence since the early 1970s reveals a trend toward growing distrust of government institutions in a number of countries. While this trend is evident, the interpretation of this phenomenon has proved far more controversial. One explanation focuses upon public dissatisfaction with government performance. This chapter explores this question. First, it examines the direct link between government performance, as measured by objective indicators of inflation, unemployment, or government deficits, and institutional confidence in support for government. It then considers the dynamics of political trust and government performance, before moving on to examine the role that expectations play in translating evaluations of government performance into political distrust in three countries where long‐term time‐series data are available—the US, Norway, and Sweden. The study explores how ethical expectations about government standards influence trust in politicians and the conclusion draws some general lessons from the results. The survey data employed in the analysis include the 1990–1 World Values Survey, the Norwegian, Swedish, and US Election Studies, surveys in the US, Russia, Ukraine, and Lithuania; data from the International Monetary Fund (IMF) and OECD are used to measure inflation, unemployment, and government deficits.
Juan J. Linz
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780199246748
- eISBN:
- 9780191599385
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199246742.003.0011
- Subject:
- Political Science, Comparative Politics
Juan Linz examines the same theme of anti‐party sentiments among citizens in contemporary democracies as did the previous chapter, but from an entirely different perspective. He starts by looking at ...
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Juan Linz examines the same theme of anti‐party sentiments among citizens in contemporary democracies as did the previous chapter, but from an entirely different perspective. He starts by looking at the fundamental differences between the roles played by parties in presidential and parliamentary democracies, and notes that each type of party system also generates different critiques of parties. Notwithstanding, these differences among party systems and between presidential and parliamentary democracies, Linz notes that parties everywhere have become the focus of a remarkably similar litany of complaints and criticisms, and asks to what extent these represent expressions of reasoned concerns over the shortcomings of the actual performance of parties, and conversely, to what extent they reflect ambiguous, confusing, or even self‐contradictory evaluations by citizens based upon unreasonable expectations or a lack of understanding of the complexities and cross‐pressures that parties are subjected to in performing their many roles in democratic politics. On the basis of survey data from Spain and Latin America, he suggests that the increase in negative attitudes towards political parties maybe less attributable to the behaviour of parties themselves than it is to inconsistencies or outright contradictions among relevant beliefs held by citizens, to unrealistic expectations concerning the extent to which parties can achieve a series of demanding objectives, or to the increasing number of the functions that parties must play in representative democracies. The main sections of the chapter are: Attitudes towards parties: paradoxes, contradictions, and ambiguities; Personalization of politics and professionalization of politics; Parties, money, and party democracy; and Distrust of parties and the legitimacy of democracy.Less
Juan Linz examines the same theme of anti‐party sentiments among citizens in contemporary democracies as did the previous chapter, but from an entirely different perspective. He starts by looking at the fundamental differences between the roles played by parties in presidential and parliamentary democracies, and notes that each type of party system also generates different critiques of parties. Notwithstanding, these differences among party systems and between presidential and parliamentary democracies, Linz notes that parties everywhere have become the focus of a remarkably similar litany of complaints and criticisms, and asks to what extent these represent expressions of reasoned concerns over the shortcomings of the actual performance of parties, and conversely, to what extent they reflect ambiguous, confusing, or even self‐contradictory evaluations by citizens based upon unreasonable expectations or a lack of understanding of the complexities and cross‐pressures that parties are subjected to in performing their many roles in democratic politics. On the basis of survey data from Spain and Latin America, he suggests that the increase in negative attitudes towards political parties maybe less attributable to the behaviour of parties themselves than it is to inconsistencies or outright contradictions among relevant beliefs held by citizens, to unrealistic expectations concerning the extent to which parties can achieve a series of demanding objectives, or to the increasing number of the functions that parties must play in representative democracies. The main sections of the chapter are: Attitudes towards parties: paradoxes, contradictions, and ambiguities; Personalization of politics and professionalization of politics; Parties, money, and party democracy; and Distrust of parties and the legitimacy of democracy.
Edeltraud Roller
- Published in print:
- 1998
- Published Online:
- November 2003
- ISBN:
- 9780198294740
- eISBN:
- 9780191598838
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198294743.003.0003
- Subject:
- Political Science, Comparative Politics
Focuses on public expectations and demand for government services, at the specific level at which general expectations and desires are converted into specific political demands. The conversion of ...
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Focuses on public expectations and demand for government services, at the specific level at which general expectations and desires are converted into specific political demands. The conversion of wants into demands—the politicization process—is the crucial point which determines whether such public input is relevant to the political process. The analysis involves two aspects of public perception: first, the issue of value changes that determine priorities on the political agenda; second, the evolving public consensus about the proper scope of government responsibility. These translate into two key theoretical dimensions of public concern—the range of issues over which government should exercise control, and the degree of control it should exercise over them.Less
Focuses on public expectations and demand for government services, at the specific level at which general expectations and desires are converted into specific political demands. The conversion of wants into demands—the politicization process—is the crucial point which determines whether such public input is relevant to the political process. The analysis involves two aspects of public perception: first, the issue of value changes that determine priorities on the political agenda; second, the evolving public consensus about the proper scope of government responsibility. These translate into two key theoretical dimensions of public concern—the range of issues over which government should exercise control, and the degree of control it should exercise over them.
Roger V. Gould
- Published in print:
- 2003
- Published Online:
- November 2003
- ISBN:
- 9780199251780
- eISBN:
- 9780191599057
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199251789.003.0010
- Subject:
- Political Science, Comparative Politics
Evaluates the contribution of the relational perspective to our understanding of individual activism by contrasting it to traditional rational choice theory. The author exposes the limitations of ...
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Evaluates the contribution of the relational perspective to our understanding of individual activism by contrasting it to traditional rational choice theory. The author exposes the limitations of rational choice reasoning by noting that future expectations are often difficult to calculate and challenging the equation of social ties with prospects of future interaction. Alternatively, he emphasizes the dynamic role of activism in transforming lives and, by doing so, changing the meaning and the impact of the ties in which prospective activists are involved. The chapter shows how discussions of networks and collective action can illuminate our understanding of social conflict and cooperation in general.Less
Evaluates the contribution of the relational perspective to our understanding of individual activism by contrasting it to traditional rational choice theory. The author exposes the limitations of rational choice reasoning by noting that future expectations are often difficult to calculate and challenging the equation of social ties with prospects of future interaction. Alternatively, he emphasizes the dynamic role of activism in transforming lives and, by doing so, changing the meaning and the impact of the ties in which prospective activists are involved. The chapter shows how discussions of networks and collective action can illuminate our understanding of social conflict and cooperation in general.
Brigitte Madrian, Olivia S. Mitchell, and Beth J. Soldo
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199230778
- eISBN:
- 9780191710971
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199230778.003.0002
- Subject:
- Business and Management, Pensions and Pension Management
This chapter compares retirement expectations, retirement patterns, and expectations of future work across different cohorts of the Health and Retirement Study, including the new cohort of Baby ...
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This chapter compares retirement expectations, retirement patterns, and expectations of future work across different cohorts of the Health and Retirement Study, including the new cohort of Baby Boomers currently in their late fifties. The Boomers appear more strongly attached to the labor force as they enter their retirement years than were earlier cohorts at the same age. Compared to the preceding birth cohort, they expect to retire nearly one year later, they are 14% more likely to expect to be working full-time at age 65, and they are 21% more likely to expect to work in the future if they are not currently working. These differences are not entirely explained by cohort differences in socioeconomic status, pension incentives, demographics, or health. In all, Baby Boomers may have stronger preferences for work than previous cohorts.Less
This chapter compares retirement expectations, retirement patterns, and expectations of future work across different cohorts of the Health and Retirement Study, including the new cohort of Baby Boomers currently in their late fifties. The Boomers appear more strongly attached to the labor force as they enter their retirement years than were earlier cohorts at the same age. Compared to the preceding birth cohort, they expect to retire nearly one year later, they are 14% more likely to expect to be working full-time at age 65, and they are 21% more likely to expect to work in the future if they are not currently working. These differences are not entirely explained by cohort differences in socioeconomic status, pension incentives, demographics, or health. In all, Baby Boomers may have stronger preferences for work than previous cohorts.
