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| Politics, Philosophy & Economics Certificate : Publications since January 2023List all publications in the database. :chronological alphabetical combined listing:%% Munger, Michael C. @article{fds371869, Author = {Munger, M and Tilley, C}, Title = {Race, risk, and greed: Harold Black's contributions to the institutional economics of finance}, Journal = {Public Choice}, Volume = {197}, Number = {3-4}, Pages = {335-346}, Year = {2023}, Month = {December}, url = {http://dx.doi.org/10.1007/s11127-023-01073-w}, Abstract = {Dr. Harold Black has made a career of investigating the effects of different rules and institutional arrangements on the extent to which market participants in finance can exercise a taste for discrimination. This paper considers the nature of Black's contributions, and reviews some particulars of his voluminous published research, focusing especially on his work on the number of "overages" charged by banks, and the differences in the effects of the race of bank owners, as explained by the race of customers. The paper concludes by connecting Dr. Black’s work to his “origin story,” which helps explain his consistent focus on careful empirical distinctions rather than preconceptions and biases.}, Doi = {10.1007/s11127-023-01073-w}, Key = {fds371869} } @article{fds355327, Author = {Munger, M and Vanberg, G}, Title = {Contractarianism, constitutionalism, and the status quo}, Journal = {Public Choice}, Volume = {195}, Number = {3-4}, Pages = {323-339}, Year = {2023}, Month = {June}, url = {http://dx.doi.org/10.1007/s11127-021-00878-x}, Abstract = {The constitutional political economy (CPE) approach as developed by James Buchanan places emphasis on supermajority rules—in particular, a unanimity requirement for constitutional change. Critics argue that this approach “privileges the status quo” in two problematic ways: (1) alternatives are treated unequally, because the status quo requires a smaller coalition to be “chosen” than any other institutional arrangement selected to replace it; and (2) individuals are treated unequally, because those who happen to support the status quo have excessive power to impose their will on the larger group, implying that a minority illegitimately is privileged to block change. This is a serious and important challenge. At the same time, we argue that critics have conflated two analytically distinct issues in arguing that the CPE paradigm (and constitutionalism more generally) “privilege the status quo”. Moreover, we aim to show that in rejecting the “privileged position of the status quo”, critics must confront an equally challenging task: Providing a “measuring stick” by which the legitimacy of the status quo, and changes to it, can be judged. It is precisely skepticism regarding the possibility of providing a criterion of legitimacy that is independent of agreement that leads to the peculiar position of the status quo in Buchanan’s thought.}, Doi = {10.1007/s11127-021-00878-x}, Key = {fds355327} } @article{fds374313, Author = {Munger, MC}, Title = {Christopher Kam and Adlai Newson, The Economic Origins of Political Parties}, Journal = {OEconomia}, Number = {13-1}, Pages = {115-118}, Publisher = {OpenEdition}, Year = {2023}, Month = {March}, url = {http://dx.doi.org/10.4000/oeconomia.13996}, Doi = {10.4000/oeconomia.13996}, Key = {fds374313} } @article{fds374354, Author = {Munger, M}, Title = {“Apparently, You Don’t”: Economist Jokes as an Educational Tool}, Journal = {Journal of Private Enterprise}, Volume = {38}, Number = {3}, Pages = {61-82}, Year = {2023}, Month = {January}, Abstract = {This paper addresses the growing literature on the comparative statics of rhetorical equilibrium, using humor as the animating device that corrodes existing norms for understanding the commercial system. Three motivations for economics jokes are advanced: to be funny, to illustrate, and to mock. A simple model of humor is advanced, with three independent variables—whether the joke is funny, insightful, or accurately mocking—that are argued to generate different levels of amusement, the dependent variable. One conclusion is that jokes economists tell each other, jokes economists tell outsiders, and jokes outsiders tell themselves about economists have different mixes of the essential arguments of the amusement function.}, Key = {fds374354} } @article{fds376034, Author = {Riess, H and Munger, M and Zavlanos, MM}, Title = {Max-Plus Synchronization in Decentralized Trading Systems}, Journal = {Proceedings of the IEEE Conference on Decision and Control}, Pages = {221-227}, Year = {2023}, Month = {January}, ISBN = {9798350301243}, url = {http://dx.doi.org/10.1109/CDC49753.2023.10383918}, Abstract = {We introduce a decentralized mechanism for pricing and exchanging alternatives constrained by transaction costs. We characterize the time-invariant solutions of a heat equation involving a (weighted) Tarski Laplacian operator, defined for max-plus matrix-weighted graphs, as approximate equilibria of the trading system. We study algebraic properties of the solution sets as well as convergence behavior of the dynamical system. We apply these tools to the 'economic problem' of allocating scarce resources among competing uses. Our theory suggests differences in competitive equilibrium, bargaining, or cost-benefit analysis, depending on the context, are largely due to differences in the way that transaction costs are incorporated into the decision-making process. We present numerical simulations of the synchronization algorithm (RRAggU), demonstrating our theoretical findings.}, Doi = {10.1109/CDC49753.2023.10383918}, Key = {fds376034} } @article{fds374317, Author = {Munger, MC}, Title = {Karl Mittermaier Economic Theory vs. Reality}, Journal = {INDEPENDENT REVIEW}, Volume = {28}, Number = {2}, Pages = {281-289}, Year = {2023}, Key = {fds374317} } @article{fds374318, Author = {Munger, MC}, Title = {The Governance Cycle in Parliamentary Democracies: A Computational Social Science Approach}, Journal = {INDEPENDENT REVIEW}, Volume = {28}, Number = {2}, Pages = {334-339}, Year = {2023}, Key = {fds374318} } | |
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