- Scientific Background: Understanding Asset Prices (Nobelprize.org)
Information for the Public: Trendspotting in asset markets (Nobelprize.org)
- The Nobel prize is a three-way split (The Economist)
American trio share Nobel economics prize for work on asset prices (The Guardian)
Economists Clash on Theory, but Will Still Share the Nobel by Binyamin Appelbaum (The New York Times)
- Fama, Shiller, Hansen Win Nobel Prize for Asset-Price Work by Rich Miller, Joshua Zumbrun & Niklas Magnusson (Bloomberg)
- Gene Fama’s Nobel by John Cochrane
- Interview with Eugene Fama by John Cassidy (The New Yorker)
- Fama on Finance by EconTalk (podcast)
- Inefficient markets: A Nobel for Shiller (and Fama) by John Cassidy (The New Yorker)
- Shiller on Housing and Bubbles by EconTalk (podcast)
- A general audience friendly explanation for why Lars Peter Hansen won the Nobel Prize by Jeff Leek (Simply Statistics)
- Lars Peter Hansen Nobelist by Alex Tabarrok (Marginal Revolution)
- My Behavioral Take On The 2013 Economics Nobel: Let The Sparks Fly! by Hersh Shefrin (Forbes)
- The Nobel committee is muddled on the nature of economics by John Kay (Financial Times)
- The inefficieny of the market isn’t an open question by John Cassidy (The New Yorker)
Call for Papers: First European Network for the Philosophy of the Social Sciences Conference (University of Copenhagen, September 21-23, 2012)
The European Network for the Philosophy of the Social Sciences (ENPOSS) invites contributions to its inaugural conference. Contributions from all areas within the philosophy of the social sciences are encouraged. Moreover, contributions from both philosophers and social scientists are welcome. …
Summer School in History of Economic Thought, Economic Philosophy and Economic History, to take place in Lille (France) in September 2012.
Theme of the morning seminars: “Inequalities, Poverty, Discriminations”
Submission deadline: April, 9, 2012
Call for Papers
Economics and literature: beyond praise and disparagement
Deadline for submission: November 1st , 2012
Planed publication of the issue: 2013
Editors: Estrella Trincado Aznar, Jérôme Lallement
Since the nascent of political economy in 17th century, and even before, literature has been both a place for broadcasting and challenging economic ideas through idealizing fables and pastiches. In turn, economists could borrow from literature some ways to present their own ideas or to criticize alternative doctrines. The purpose of this special issue is to reflect on the transformations of the frontiers between economics and literature: to investigate how literature can reflect economic ideas and arguments and to see how economics and economists have dealt with literary presentations of economic ideas. …
Fully funded European Research Council (ERC) PhD studentships 2012–16
“Economics in the Public Sphere: USA, UK, France, Poland and Brazil since 1945.”
The Department of History and Philosophy of Science (HPS), University
of Cambridge, invites preliminary applications for two ERC
Postgraduate Research Studentships to start in October 2012. The
studentships will support three years of doctoral research with
funding continuing into a fourth year of thesis writing. The project
is funded by the European Research Council. …
Testosterone and high finance do not mix: so bring on the women
Gender inequality has been an issue in the City for years, but now the new science of ‘neuroeconomics’ is proving the point beyond doubt: hormonally-driven young men should not be left alone in charge of our finances… Read the full article from Guardian
Can We Prevent the Next Bubble?
In recent years, scientists have begun deciphering the irrational underpinnings of bubbles. Consider an economics experiment led by Colin Camerer, a neuroeconomist at Caltech. He set up a stock exchange in his lab, consisting of shares in a single pretend company, and invited Caltech undergrads to participate. […] At the start of the market, every “investor” was given two shares and a small amount of money to buy more shares. In order to accurately simulate the real stock market, Camerer made the shares pay a small dividend of 24 cents per period, with the market lasting for fifteen periods. If a student owned one share for the entire game, they earned a total of $3.60, or $.24 x 15. Read the full article from Wired
The Erasmus Journal for Philosophy and Economics is committed to supporting and encouraging the work of Young Scholars in philosophy and economics. This new academic prize is meant to promote and reward the best of such current scholarship.
The prize is named in honour of Professor Mark Blaug, a founder of the field of philosophy and economics who has made a tremendous scholarly contribution to many areas of the history and philosophy of economics. Mark Blaug’s generosity and commitment to Young Scholars in this field is recognized by all who know him.
The prize includes a cash sum of 500 Euros.
To qualify for the Mark Blaug Prize the author has to be a Young Scholar, defined as someone fulfilling one of the following conditions as of January 1st 2011:
- currently enrolled as a graduate student
- received a doctoral degree in the preceding 12 months
You may be asked for evidence of your eligibility.
Young Scholars should submit a single-authored article for publication in EJPE in the usual way before the end of December 2011, and mention that you would like to be considered for the prize. Co-authored papers where all authors are Young Scholars are also eligible. Prize submissions may not include articles previously published or under consideration elsewhere. For information about submissions, see the EJPE’s Call for Papers.
Articles that pass peer-review and are accepted for publication will be considered by a committee of experts and the winner will be announced in April 2012.
The 15th Annual Conference of ESHET will be held at Bogazici University, Istanbul (19-22 May 2011). See below for CFP or visit the conference web site at http://www.eshet2011.org/
ESHET 2011 Keynote speakers:
* Richard R. Nelson
* Stavros Ioannides
* Steven Medema (Blanqui Lecture)
Hope to see you in Istanbul.
Call for Papers
The 15th Annual Conference of the European Society for the History of Economic Thought (ESHET), 19-22 May 2011, Boğaziçi University, Istanbul.
The Conference will be organized by the Boğaziçi University, Department of Economics, and will be held at Boğaziçi University campus, Istanbul, Turkey.
ESHET 2011 welcomes papers and proposed sessions in all areas of the history of economic thought. To submit a proposal please send an abstract of about 400 words for a paper and/or a proposal of about 600 words for a session (together with the abstracts of the session papers) no later than the 15th December 2010. …
- 5 suggested common themes for an Economics that takes its subject matter seriously by Bruce Edmonds
- Davies, Radford, Gelles, and Knibbe discuss Bruce Edmonds’ 5 suggestions
Here is what interests me at the moment: the cluster of related models! Right now I am working on a paper (with Petri Ylikoski) which deals with the clustered nature of models in economics. (Our point concerns the philosophy of models.) So I’ll just note (for myself) the comments that relates to this issue.
Bruce Edmonds says:
“5. Recognising the need for clusters of related models of many kinds and levels. Following on from the last point, we are faced with a dilemma – complex models that relate more directly to what is observed but are hard to understand and analyse (i.e. relevance); or simpler models that dont relate to observations (at best to our ideas about what we observe) but that can Social phenomena are not only complex but that can be thoroughly understood (i.e. rigour). The truth is we need both rigour and relevance, which means we will not achieve this using one model or one technique. Rather we will have to make do with “clusters” of related models capturing the phenomena – different aspects, at different granularities, and at different levels of abstration. So, for example, we might acquire a series of representations of evidence from many different sources (ethnographic, statistical, social network, interviews, observations, lab experiments etc.), theser might be related to complex “data integration” simulation models that are consistent with as many of these as possible. Then this complex simulation might be a safe target for simplification and abstraction in other, simulation and alaytic models, since these can be adequately tested for relevance against the simulation model they are about.” Bruce Edmonds
Geoff Davies comments:
” “Clusters of related models”. Yes, you can’t hope, at the beginning, to make a model that includes everything that might be relevant. Even if you did, you wouldn’t understand its behaviour any better than you understand the real world. You have to start with simplified models that are not only tractable (with or without computers) but whose behaviour you can understand. This is true even though we know we’re dealing with a system that has emergent properties, and so you can’t use a simple reductionist approach. An example of a good approach I think is Steve Keen’s macro modelling of Minsky’s financial instability hypothesis. He has been progressively adding factors, and looking at the resulting (nonlinear, sometimes counter-intuitive) behaviour to see if it captures anything of the qualities of real world behaviour. (See, for example, http://www.debtdeflation.com/blogs/2010/07/07/naked-capitalism-and-my-scary-minsky-model/ . That’s all right Steve, you can scratch my back sometime.)
As you accumulate simplified models of various phenomena, you have to worry if they’re compatible. In my field, geophysicists and geochemists came to quite different pictures of Earth’s mantle, one layered, the other not. Such incompatibilities tell you there’s something important you (collectively) don’t understand. It has taken about three decades to begin to bring the two disciplines into compatibility, and the arguing is far from over.” Geoff Davies