Trademarks forthcoming in the New Palgrave Dictionary of Economics and the Law

Religion and Economic Development

S. N. Durlauf and L. E. Blume, The New Palgrave Dictionary of Economics, forthcoming, Palgrave Macmillan, reproduced with permission of Palgrave Macmillan. This article is taken from the author's original manuscript and has not been reviewed or edited. The definitive published version of this extract may be found in the complete New Palgrave Dictionary of Economics in print and online, forthcom...

Clubs forthcoming Palgrave Dictionary of Economics 2007

Experimental economics, history of This is a slightly longer version of an entry prepared for the 2nd edition of The New Palgrave Dictionary of Economics, edited by Steven Durlauf and Lawrence Blume

This is a slightly longer version of an entry prepared for the 2nd edition of The New Palgrave Dictionary of Economics, edited by Steven Durlauf and Lawrence Blume (Palgrave-Macmillan, forthcoming). Since the New Palgrave does not include acknowledgments, I should use this chance to thank Roger Backhouse, Philippe Fontaine, Daniel Kahneman, Kyu Sang Lee, Ivan Moscati, and Vernon Smith for their...

Pareto Principle and Competing Principles

The Pareto principle, the seemingly incontrovertible dictum that if all individuals prefer some regime to another then so should society, may conflict with competing principles. Arrow’s impossibility theorem and Sen’s liberal paradox are two notable examples. Subsequent work indicates more broadly that the Pareto principle conflicts with all nonwelfarist principles. This essay surveys these res...

The Rodney L. White Center for Financial Research Prediction Markets in Theory and Practice

Prediction Markets, sometimes referred to as “information markets,” “idea futures” or “event futures”, are markets where participants trade contracts whose payoffs are tied to a future event, thereby yielding prices that can be interpreted as marketaggregated forecasts. This article summarizes the recent literature on prediction markets, highlighting both theoretical contributions that emphasiz...