Manfred Streit Book order

Institutions are rules that are supported by various enforcement mechanisms. Cognition refers to the process of how men perceive and process information, whereas rationality refers to how these processes are modelled. Within institutional economics there is a growing scepticism towards extending the conventional economic frame of analysis to institutions. In particular, the notion of perfect rationality is increasingly questioned. At the same time human cognition has become a major field of research in psychology. This book explores what institutional economics can learn from cognitive psychology regarding the proper modelling of rationality in order to explain institutional change.

Today's unstable economic climate, with its frequent fluctuations in prices and exchange rates, has led to extraordinary expansion and diversification in futures markets and greatly increased their importance in economic affairs This hook is the most comprehensive and sophisticated examination of these markets to date, providing an extensive survey of the state of our knowledge in this field Futures Markets sets out to answer several important questions. to what extent have futures markets been theoretically explored, and what problems remain to be solved? What are their possible functions, and how do they perform? What is the likely impact of regulation on their performance, and what has been the effect of recent innovations? What are their implications for government policy? The book contains articles by distinguished international economists on three inter-related aspects: modelling, managing and monitoring. The progress of current economic modelling of futures markets is assessed, and in the light of this the authors suggest how individuals can use the market to their advantage and how governments could take them into account in the conduct of public poky. The essays on monitoring include studies of innovations in futures trading, and the authors explore the impact of institutional arrangements, the design of contracts, and the properties of commodities themselves on the performance of futures markets