Name: Deception in Markets
ISBN: 978-1-4039-4345-3

Overview

Editors:

C. Gerschlager

C. Gerschlager

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About this book

This volume focuses on modern economic analyses of deception in markets. The contributors offer a systematic account of how different approaches to modern economics deal with dishonesty and cheating in the marketplace. The particular focus is on economic concepts such as rationality and behaviour in relation to deception. Analyses are presented from the perspective of standard economic frameworks (i.e. game theory, new institutional economics, new classical macroeconomics) while behavioural developments (i.e. behavioural economics and finance) are referred to, challenging the basic economic concepts of rationality and self-interest. Finally, anthropological findings are used to contrast these economic conceptions of deception.

Keywords

bounded rationality
economics
finance
game theory
institutional economics
macroeconomics
new institutional economics
price theory

Reviews

'Though deception, cheating, lying and fraud are common in the market system, remarkably they have been mostly overlooked by economists. This wonderfully diverse collection makes excellent contribution to changing this state of affairs by demonstrating the difference that deception makes to rationality theory and competition. Very much recommended for those interested in sorting out new directions in economic theory.' - Professor John Davis, University of Amsterdam and Marquette University

'With the experience of Enron and Parmalat still fresh in our minds, this volume supplies a timely and revealing discussion of deception: how it arises and what can be done about it. The insights of mainstream economics are supplemented by those of psychology and anthropology and the result is an exciting piece of social science.' - Professor Shaun Hargreaves-Heap, University of East Anglia, UK

'Caroline Gerschlager has assembled an international set of scholars from diverse disciplines to discuss a most timely subject - deception in markets and self-deception in human relations. The scholars do not only discuss what went wrong recently in markets in Europe and the US. They also discuss what might have gone wrong in the discipline of economics for its failure to anticipate the recent massive market as well as institutional failures.' - Elias L. Khalil, Max Planck Institute for Research into Economic Systems, Germany

About the authors

JOSHUA COVAL Harvard Business School, USA RACHEL T. A. CROSON University of Pennsylvania, OPIM, The Wharton School, USA PAUL DUMOUCHEL Graduate School of Core Ethics and Frontier Science, Ritsumeikan University, Japan PAUL VAN DER GRIJP Université de Provence, France ALAN HAMLIN Department of Economics, University of Southampton, UK MARCÉL HENAFF Department of Cultural and Religious Studies, University of California, USA ELLEN HERTZ Université de Neuchâtel, Institut d'ethnologie, Switzerland DAVID HIRSHLEIFER Department of Finance, Ohio State University, USA GISELA KUBON-GILKE Evangelische Fachhochschule Darmstadt, Germany VINCENT-ANTONIN LÉPINAY Sociology Department, Columbia University, USA & Centre de Sociologie de 'Innovation, Ecole des Mines, France LAWRENCE S. MOSS Economics Department, Babson College, USA S. ABU TURAB RIZVI Department of Economics, University of Vermont, USA ESTHER-MIRJAM SENT Nijmegen School of Management, University of Nijmegen, The Netherlands SIEW HONG TEOH Department of Finance, Ohio State University, USA

Bibliographic Information

Book Title: Deception in Markets
Book Subtitle: An Economic Analysis
Editors: C. Gerschlager
Publisher: Palgrave Macmillan London
eBook Packages: History (R0)
Copyright Information: Palgrave Macmillan, a division of Macmillan Publishers Limited 2004
Hardcover ISBN: 978-1-4039-4345-3Due: 19 November 2004
Edition Number: 1
Number of Pages: 378

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Deception in Markets