Choice And Chance

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Chance, Choice and Determinism in Strategy

Experience suggests that strategy entails some interplay of choice, chance, and determinism as causal elements. Specifically, strategy is predicated on causality, or the principle that strategic choices have causes as well as consequences. Yet our discipline lacks a fundamental theory of causation, one that integrates strategic choice and deterministic perspectives and leaves room for chance. I...

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Aggregate Labor Market Outcomes: The Role of Choice and Chance∗

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Aggregate labor market outcomes: The roles of choice and chance

Commonly used frictional models of the labor market imply that changes in frictions have large effects on steady state employment and unemployment. We use a model that features both frictions and an operative labor supply margin to examine the robustness of this feature to the inclusion of an empirically reasonable labor supply channel. The response of unemployment to changes in frictions is si...

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ژورنال

عنوان ژورنال: Nature

سال: 1870

ISSN: 0028-0836,1476-4687

DOI: 10.1038/002004a0