Exchange transactions revisited: on the universal applicability of homo economicus

Date

2017-01-01

Author

Dixon, John

Metadata

Show full item record

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Item Usage Stats

207
views

0
downloads

Purpose - The purpose of this paper is to provide a comprehensive classification of quid pro quo exchange transactions, so as to distinguish the different ways that desired exchange outcomes can be determined and that transactional processes can be conducted. This permits reflection on the generality of the theory of the individual embedded in neoclassical (orthodox) economics. Design/methodology/approach - The approach adopted is to draw upon the contending dichotomies in epistemology (naturalism or hermeneutics) and ontology (agency or structure) to demarcate and depict a set of Weberian archetypal social actors, so as to explore their cognitions and behaviors in a transactional arena. These archetypal social actors are hypothetical role-playing actors - they do not describe real people. Findings - These archetypal social actors, collectively, are suggestive of the profuseness of ways people can engage in exchange transactions. Each archetype's credibility is contingent upon the veracity of its ontological and epistemological standpoints. Each, indeed, has blindspots that permit the denied standpoints to be ignored without analytical detriment. None can, therefore, claim the status of a general theory of exchange process. Originality/value - The paper's originality is that it explores exchange transactions from a variety of epistemological and ontological perspectives.

Subject Keywords

Economics and Econometrics, General Social Sciences, Economic philosophy/theory, Ontology, Epistemology, Exchange transactions

URI

https://hdl.handle.net/11511/63773

Journal

INTERNATIONAL JOURNAL OF SOCIAL ECONOMICS

DOI

https://doi.org/10.1108/ijse-05-2015-0127

Collections

Department of Political Science and Public Administration, Article

Suggestions

OpenMETU
Core

Interim efficient auctions with interdependent valuations Küçükşenel, Serkan (Springer Science and Business Media LLC, 2012-05-01) We provide a characterization of interim efficient auctions and examine their properties in the presence of informational interdependent valuations. We show that buyers can be awarded the auctioned item less often than the efficient level. We also show that buyers obtain the item more often as the degree of heterogeneity in preferences increases, even though profitability of trade does not depend on the heterogeneity in preferences.
Bargaining in legislatures over private and public goods with endogenous recognition Genc, Hakan; Küçükşenel, Serkan (Springer Science and Business Media LLC, 2019-12-01) This paper studies a sequential model of multilateral bargaining under majority rule in which legislators make decisions in both private and public good dimensions via an endogenous recognition process. Legislators can expend resources to become the proposer and to make proposals about the allocation of private and public goods. We show that legislators exert unproductive effort to be the proposer and make proposals in both dimensions depending on legislative preferences. Effort choices in equilibrium depen...
SIMULATING CAPITAL INCOME TAXATION AND WELFARE UNDER A DSGE FRAMEWORK Ünal, Umut (Wroclaw University of Economics and Business, 2018-01-01) This paper develops a dynamic stochastic general equilibrium (DSGE) model for analyzing the impact of various capital income tax policies in a small open economy populated by households possessing endogenous time preferences. We contribute to the literature by studying the impacts of: i) anticipated tax shocks under stochastically growing output, ii) stochastic tax shocks under deterministic output, on our dynamic general equilibrium framework. With our model's specifications, this is the first attempt to i...
Bank asset and liability management under uncertainty Oguzsoy, CB; Güven, Sibel (Elsevier BV, 1997-11-01) This study presents a multiperiod stochastic linear simple recourse model for asset and liability management in banking. The model determines the portfolio of assets and liabilities over the planning horizon given a set of deterministic rates of returns of investments and costs of borrowings, and a set of random outstanding deposit levels, liquidity and total reserve requirements with a given discrete probability distribution. The intention is to develop an optimization tool to assure sustained profitabilit...
Trade-based manipulation in financial markets İmişiker, Serkan; Gaygısız Lajunen, Esma; Department of Economics (2013) The purpose of this thesis is to empirically explore the characteristics of the monetary transmission mechanism, with a particular emphasis on the role of banks, in Turkey. By looking at the banking sector at the micro level and exploiting dynamic panel data modeling approaches, the heterogeneity in banks’ response in terms of their lending and risk-taking to changes in policy interest rates is analyzed. The first essay is an empirical analysis of the bank lending channel of monetary transmission. In this r...

Citation Formats

J. Dixon, “Exchange transactions revisited: on the universal applicability of homo economicus,” INTERNATIONAL JOURNAL OF SOCIAL ECONOMICS, pp. 459–473, 2017, Accessed: 00, 2020. [Online]. Available: https://hdl.handle.net/11511/63773.