My interest in X-Efficiency (XE) dates back to 1978. At the time, I was writing the dissertation for my Ph. D. at Washington State University. My dissertation was concerned with the role of attitudes in the school-to-work transition among young men. I was advised by Professor Millard Hastay (a member of my committee) to look at Leibenstein's "new" book, Beyond Economic Man. One of the things that caught my attention was his behavioral description of (selective) rationality. It seemed that Leibenstein' s behavioral description of a (selectively) rational individ ual was very similar to what psychologists such as Abraham Maslow were reporting as being the product of a particular motivational system. In other words, I was impressed with the idea that what Leibenstein was referring to as X-inefficiency was being discussed by psychologists as "the way it (often) is. " So from the beginning I always considered the concept ofX-(in)efficiency to be a valuable one for understanding human behavior. I have since come to believe that this is particularly true when considering behavior in non-market environments, i. e. , within the firm. Work on this book, however, can most realistically said to have started with work which I began in 1982 while I was a Visiting Scholar at Harvard University. Professor Leibenstein suggested that I consider how some empirical evidence which was being cited as evidence for the role of property rights might also be consistent with XE theory. (The consistency, in both directions, is considerable.

My interest in X-Efficiency (XE) dates back to 1978. At the time, I was writing the dissertation for my Ph. D. at Washington State University. My dissertation was concerned with the role of attitudes in the school-to-work transition among young men. I was advised by Professor Millard Hastay (a member of my committee) to look at Leibenstein's "new" book, Beyond Economic Man. One of the things that caught my attention was his be havioral description of (selective) rationality. It seemed that Leibenstein's behavioral description of a (selectively) rational individual was very similar to what psychologists such as Abraham Maslow were reporting as being the product of a particular motivational system. In other words, I was im pressed with the idea that what Leibenstein was referring to as X-ineffi ciency was being discussed by psychologists as "the way it (often) is. " So from the beginning I always considered the concept of X-(in)efficiency to be a valuable one for understanding human behavior. I have since come to believe that this is particularly true when considering behavior in non market environments, i. e. , within the firm. Work on this book, however, can most realistically said to have started with work which I began in 1982 while I was a Visiting Scholar at Harvard University. Professor Leibenstein suggested that I consider how some em pirical evidence which was being cited as evidence for the role of property rights might also be consistent with XE theory.

The need for China to find a new, environmentally sustainable development path is accepted widely among Chinese scholars and policy makers. This book makes available for the first time to an English–speaking audience Deng Yingtao's ground-breaking book New Development Model and China’s Future. Published in 1991, the book was far ahead of its time. Deng subjects the development model of the high income countries to rigorous analysis and explores the environmental implications of China following this model. His clear conclusion is that the carrying capacity of the physical environment and nature is limited, that economic and social development should not exceed the carrying capacity of resources, and that China should not adopt the western development path. Based on insights from economics, engineering and human psychology, the book analyses the environmental impact of the current western development model, demonstrates the catastrophic impact this would have in terms of China's own development and in terms of China's relationship with the world, and argues that China's rich intellectual and scientific tradition will allow Chinese people to play a central role in finding the solution to the profound environmental and development challenges the world currently faces.

This Handbook is a unique and original contribution of over thirty chapters on behavioural economics, examining and addressing an important stream of research where the starting assumption is that decision-makers are for the most part relatively smart or rational. This particular approach is in contrast to a theme running through much contemporary work where individuals’ behaviour is deemed irrational, biased, and error-prone, often due to how people are hardwired. In the smart people approach, where errors or biases occur and when social dilemmas arise, more often than not, improving the decision-making environment can repair these problems without hijacking or manipulating the preferences of decision-makers. This book covers a wide-range of themes from micro to macro, including various sub-disciplines within economics such as economic psychology, heuristics, fast and slow-thinking, neuroeconomics, experiments, the capabilities approach, institutional economics, methodology, nudging, ethics, and public policy.

Explores the X-efficiency paradigm in relation to the theory of the firm

Economists working on behavioral economics have been awarded the Nobel Prize four times in recent years. This book explores this innovative area and in particular focuses on the work of Harvey Leibenstein, one of the pioneers of the discipline. The topics covered in the book include agency theory; dynamic efficiency; evolutionary economics; X-efficiency; the effect of emotions, specifically affect on decision-making; market pricing; experimental economics; human resource management; the Carnegie School, and intra-industry efficiency in less developed countries.

Provides a comprehensive approach to productivity and efficiency analysis using economic and econometric theory.

Microeconomics is concerned with the production, consumption and distribution of goods by the micro units of individuals, firms and markets within the economy. It can also be considered a study of scarcity and the choices to be made for the attainment of goals within constraints. These goals are those set by consumers, producers and policy makers in the market. This book provides a brand new approach to the teaching and study of microeconomics – an elementary guide to the fundamental principles of the subject. It gives students from all parts of the world the opportunity to understand and appreciate the value of microeconomic tools and concepts for analyzing market processes in their economic environment, as well as maintaining a perspective on issues of trade and competitiveness, thus drawing attention to the relevance of microeconomic theory beyond the domestic scene to issues of trade and competitiveness on the international arena. The book contains a wealth of international case studies and covers topics such as: - elasticity - Cobb-Douglas Production functions - dynamic stability of market equilibrium - monopolies and monopolistic competition - project analysis The perfect introduction to the building blocks of contemporary microeconomic theory, this book will be of interest to undergraduate students in international economics, industrial economics, managerial economics and agricultural economics. It will also be a useful reference guide for graduates requiring a break down of difficult microeconomic principles.

There is no doubt that behavioral economics is becoming a dominant lens through which we think about economics. Behavioral economics is not a single school of thought but representative of a range of approaches, and uniquely, this volume presents an overview of them. The wide spectrum of international contributors each provides an exploration of a central approach, aspect or topic in behavorial economics. Taken together, the whole volume provides a comprehensive overview of the subject which considers both key developments and future possibilities. Part One presents several different approaches to behavioural economics, including George Katona, Ken Boulding, Harvey Leibenstein, Vernon Smith, Herbert Simon, Gerd Gigerenzer, Daniel Kahneman, and Richard Thaler. This section looks at the origins and development of behavioral economics and compares and contrasts the work of these scholars who have been so influential in making this area so prominent. Part Two presents applications of behavioural economics including nudging; heuristics; emotions and morality; behavioural political economy, education, and economic innovation. The Routledge Handbook of Behavioral Economics is ideal for advanced economics students and faculty who are looking for a complete state-of-the-art overview of this dynamic field.

The first and only encyclopedia to focus on the economic and financial behaviors of consumers, investors, and organizations, including an exploration of how people make good—and bad—economic decisions. Traditional economic theories speculate how and when people should spend money. But consumers don't always behave as expected and often adopt strategies that might appear unorthodox yet are, at times, more effective than the rule prescribed by conventional wisdom. This groundbreaking text examines the ways in which people make financial decisions, whether it is because they are smart but atypical in their choices ... or just irrational decision makers. A leading authority on behavioral economics, Morris Altman and more than 150 expert contributors delve into key concepts in behavioral economics, economic psychology, behavioral finance, neuroeconomics, experimental economics, and institutional economics to help inform economic models based on reality, not theory. Through 250 informative entries, the book explores various aspects of the subject including decision making, economic analysis, and public policy. In addition to introducing concepts to readers new to the subject, the book sheds light on more advanced financial topics in a manner that is objective, comprehensive, and accessible.