| on History and Philosophy of Economics |
| By: | Ankel-Peters, Jörg; Fiala, Nathan; Neubauer, Florian |
| Abstract: | Reanalyses of empirical studies and replications in new contexts are important for scientific progress. Journals in economics increasingly require authors to provide data and code alongside published papers, but how much does the economics profession actually replicate? This paper summarizes existing replication definitions and reviews how much economists replicate other scholars' work. We argue that in order to counter incentive problems potentially leading to a replication crisis, replications in the spirit of Merton's 'organized skepticism' are needed - what we call 'policing replications'. We review leading economics journals to show that policing replications are rare and conclude that more incentives to replicate are needed to reap the fruits of rising transparency standards. |
| Keywords: | replication, replicability, research transparency, meta-science, generalizability, systematic review |
| JEL: | A11 C18 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:i4rdps:13&r=hpe |
| By: | Thierry Kirat (IRISSO - Institut de Recherche Interdisciplinaire en Sciences Sociales - Université Paris Dauphine-PSL - PSL - Université Paris sciences et lettres - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Frédéric Marty (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - COMUE UCA - COMUE Université Côte d'Azur (2015-2019) - CNRS - Centre National de la Recherche Scientifique - UCA - Université Côte d'Azur, CIRANO - Centre interuniversitaire de recherche en analyse des organisations - UQAM - Université du Québec à Montréal = University of Québec in Montréal) |
| Abstract: | This article discusses the institutionalization of the field of Law and Economics in the United States from the post-war period to the Reagan administration. It emphasizes the role of pro-market corporate foundations in the development of Law and Economics. It analyses individual and collective trajectories, including research projects, judges training programs, and leading academics contributions and judicial and administrative careers. It ultimately focuses on the impact of this institutionalization on judging methods. |
| Abstract: | Cet article traite de l'institutionnalisation du champ de la Law and Economics aux Etats-Unis de l'après-guerre aux années Reagan. Il met l'accent sur le rôle de fondations d'entreprises pro-marché dans l'essor de la Law and Economics et s'appuie sur l'analyse de trajectoires individuelles ou collectives, qu'il s'agisse de projets de recherche, de programmes de formation des juges ou encore de travaux académiques et de carrières judiciaires et administratives de théoriciens de premier plan. Il s'attache in fine à l'impact de cette institutionnalisation sur les manières de juger |
| Keywords: | conservatism, antitrust, foundations, law and economics, fondations, économie du droit, conservatisme |
| Date: | 2021–03–08 |
| URL: | http://d.repec.org/n?u=RePEc:hal:spmain:halshs-03162870&r=hpe |
| By: | Guillaume Allegre (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po) |
| Abstract: | Should society feed surfers? The question has arisen in these terms since Van Parijs suggested to Rawls that a basic income would be in line with his theory of justice. Rawls replied that those who surf should find a way to support themselves. Most Western countries have guaranteed minimum incomes which have conditions in terms of social or professional integration efforts, in a logic of reciprocity. The refusal that others live voluntarily at their expense, in a parasitic relationship, is a value widely shared value across countries, religions and belief systems. For Van Parijs, basic income can be justified by the common ownership of exogenous resources (land, raw materials). From a non-perfectionist perspective, respecting everyone's conceptions of what a good life is, the fact that people using one's resources pay income to those who do not use them, maximizes the real freedom of all. It is argued here that this argument uses a specific conception of co-ownership (right equal to the income of the property), but that there is another conception (equal right to the use of the property). This later conception can be seen when co-owners of a tennis court can usually use it at leisure, but not rent the slots to an outside person. The idea of co-ownership of exogenous resources is therefore not a definitive argument for basic income. We conclude by discussing the characteristics of a guaranteed minimum income that would minimize various forms of injustice. |
| Abstract: | La société doit-elle nourrir les surfeurs ? La question se pose dans ces termes depuis que Van Parijs a suggéré à Rawls qu'un revenu universel serait conforme à sa théorie de la justice et que ce dernier lui a répondu que ceux qui font du surf devraient trouver une façon de subvenir à leurs propres besoins. Comme en France, la plupart des pays occidentaux ont mis en place des revenus minimum garantis sous conditions d'efforts d'insertion sociale ou professionnelle, dans une logique de réciprocité. Le refus qu'autrui vive volontairement à ses dépens, dans une relation de parasitage, est une valeur largement partagée à travers les pays et les religions. Pour Van Parijs, le Revenu universel peut être justifié par la propriété commune de ressources exogènes (la terre, les matières premières). Dans une optique non-perfectionniste, respectant les conceptions de chacun de ce qu'est la vie bonne, le fait que les personnes utilisant ses ressources versent un revenu à ceux qui ne les utilise pas, permet de maximiser la liberté réelle de tous. On argue ici que l'auteur utilise une conception spécifique de la copropriété (droit égal aux revenus de la propriété), mais qu'il existe une autre conception (droit égal à l'utilisation de la propriété), de même que les co-propriétaires d'un tennis peuvent en général l'utiliser à loisir, mais pas louer les créneaux à une personne extérieure. L'idée de copropriété des ressources exogènes n'est ainsi pas un argument définitif en faveur du Revenu universel. Nous discutons en conclusion des caractéristiques d'un revenu minimum garanti qui minimiserait différentes formes d'injustice. |
| Keywords: | basic income, minimum income schemes, reciprocity, revenu universel, minimum social, réciprocité |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:spmain:hal-03474895&r=hpe |
| By: | Maxime Merli (UNISTRA - Université de Strasbourg); Antoine Parent (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po); Cécile Edlinger (BETA - Bureau d'Économie Théorique et Appliquée - AgroParisTech - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | In this article, we propose an original analysis of advice given by financial analysts prior to WW1. Our article focuses on the writings of A. Neymarck, one of the most popular French analysts in the early 20th Century. The creation of portfolios from a new database composed of the monthly returns of all the security types listed on the official Paris Stock Exchange from 1903 to 1912 has provided results demonstrating that Neymarck correctly identified the risk in a number of sectors. The performances of these portfolios, which were built according to Neymarck's guidelines, confirm Neymarck's ranking in terms of both risk and return: the richer the investor, the riskier and the more profitable his portfolio was seen to be. Finally, the Modern Portfolio Theory enables us to pinpoint the few imperfections in Neymarck's advice, which globally appears to be driven by reliable financial analysis. |
| Keywords: | Portfolio advice, Diversification before WW1, Financial markets prior WW1 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:spmain:hal-03403339&r=hpe |
| By: | Leipold, Bruno |
| Abstract: | Karl Marx characterized the 1848 June Days uprising as a class struggle between proletarians and the bourgeoisie. But modern investigations have shown that the insurgents actually consisted primarily of artisans and not proletarians. They have also undermined Marx’s claim that one of the primary forces used to defeat the insur-gency, the Mobile Guard, was recruited from the lumpenproletariat, when in fact they shared the same social background as the insurgents. As a result of these findings, crit-ics have questioned the adequacy of Marx’s class analysis and concluded that he was wrong to describe the June Days as a class struggle. I argue that the empirical findings represent serious shortcomings in Marx’s account and need to be properly incorpo-rated into our understanding of the uprising. However, I challenge the characterisation of Marx’s class analysis and show that though the June Days were not the class struggle that Marx presented, they were still a class struggle in his understanding of what class struggle means. |
| Keywords: | 1848 french revolution; artisans; class; class struggle; Journées de juin; June days; Karl Marx; lumpenproletariat; mobile guard; petty bourgeoisie; proletarians |
| JEL: | B14 B24 P2 P3 |
| Date: | 2021–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:111611&r=hpe |
| By: | Barron, Kai; Fries, Tilman |
| Abstract: | Modern life offers nearly unbridled access to information; it is the harnessing of this information to guide decision-making that presents a challenge. We study how one individual may try to shape the way another person interprets objective information by proposing a causal explanation (or narrative) that makes sense of this objective information. Using an experiment, we examine the use of narratives as a persuasive tool in the context of financial advice where advisors may hold incentives that differ from those of the individuals they are advising. Our results reveal several insights about the underlying mechanisms that govern narrative persuasion. First, we show that advisors construct self-interested narratives and make them persuasive by tailoring them to fit the objective information. Second, we demonstrate that advisors are able to shift investors' beliefs about the future performance of a company. Third, we identify the types of narratives that investors find convincing, namely those that fit the objective information well. Finally, we evaluate the efficacy of several potential policy interventions aimed at protecting investors. We find that narrative persuasion is difficult to protect against. |
| Keywords: | Narratives, beliefs, financial advice, conflicts of interest, behavioral finance |
| JEL: | D83 G40 G50 C90 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wzbeoc:spii2023301&r=hpe |
| the School of Economics and Finance of Massey University in New Zealand. |