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Product liability: the normative Austrian perspective 31
Folmer, Henk; Heijman, Wim J.M.; Leen, Auke R..
The paper is an exercise in a normative economic analysis of product liability. After a short historical introduction, we take two of the basic premises of Austrian economic thought and see which system of product liability results. If costs are subjective and entrepreneurship is the essence of an efficient market process a system of caveat emptor follows. The paper also answers some possible criticisms from the mainstream neoclassical perspective.
Tipo: Working or Discussion Paper Palavras-chave: Austrian economics; Product liability; Contract law; Consumer/Household Economics; B29; K12; K13.
Ano: 2001 URL: http://purl.umn.edu/43020
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Structural Change in a Food Supply Chain 31
Ng, Desmond W..
As changes in modern agribusiness markets have placed increasing emphasis to the study of structural change processes, this research advances an agent based model to examine transitions from a spot market exchange to a vertically coordinated arrangement in a supply chain system. This agent base simulation model draws from the subjective theme of Austrian entrepreneurship, behavioral theories of the firm and social networks. The results of this agent based simulation model indicate that structural change occurs with market structures that facilitate information transmission rather than from incentive based contractual arrangements.
Tipo: Journal Article Palavras-chave: Agent based models; Structural change; Austrian economics; And social networks; Institutional and Behavioral Economics; International Relations/Trade; Q10; Q11.
Ano: 2008 URL: http://purl.umn.edu/53643
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