Collective Action and Exchange: A Game-Theoretic Approach to by William D. Ferguson

By William D. Ferguson

In Collective motion and alternate: A Game-Theoretic method of modern Political Economy, William D. Ferguson offers a finished political economic climate textual content geared toward complicated undergraduates in economics and graduate scholars within the social sciences. The textual content makes use of collective motion as a unifying idea, arguing that collective-action difficulties lie on the starting place of marketplace luck, marketplace failure, monetary improvement, and the motivations for policy.

Ferguson attracts on info economics, social choice conception, cognition concept, institutional economics, in addition to political and coverage concept to improve this strategy. The textual content makes use of classical, evolutionary, and epistemic video game thought, in addition to uncomplicated social community research, as modeling frameworks. those versions successfully bind the tips offered, producing a coherent theoretic method of political economic system that stresses occasionally missed implications.

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Chapter 4 opens on this last point. It uses the Nash bargaining model and the game-theoretic concept of strategic moves to discuss possible sources, instruments, dimensions, and implications of exercising power. By specifying relationships among exchange, contract enforcement, and power, this chapter offers conceptual microfoundations of political economy. Whereas Chapters 2 – 4 implicitly use a traditional conception of motivation—agents are self-regarding and outcome-oriented— Chapter 5 explicitly defines this motivational approach (agents are rational egoists) and contrasts it with intrinsic reciprocity.

Collective-action problems and innovative theory 15 vocacy coalitions (Sabatier and Weible 2007)—process applicable policy information, and so dominate decision making within specific policy areas. Short periods of rapid change (or policy emergence; Kingdon 2003) occur when changing circumstances or oppositional coalitions attract enough attention to render significantly different approaches and decision structures conceivable, feasible, and desirable to parties who occupy policymaking positions.

It closes with reflections on various relationships among the location of production, power, and institutional development, along with CAPs that pertain to the equity and the sustainability of economic growth and democratic institutions. Chapter 14 concludes. It links motivation, information, cognition, institutional contexts, policymaking, and governance to the resolution of second-order and then first-order CAPs, as foundations for creating the needed commitments for complex exchange and development: political economy.

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