Morris Altman

University of Dundee

Behavioral economicsPublic policyLabour economicsEconomicsMicroeconomics

126Publications

19H-index

1,064Citations

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Publications 135

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A More Scientific Approach to Applied Economics: Reconstructing Statistical, Analytical Significance, and Correlation Analysis

#1Morris Altman (Dund.: University of Dundee)H-Index: 19

#1Morris Altman (Dund.: University of Dundee)H-Index: 19

Abstract This chapter presents a modelling narrative on rational choice or smart behaviour from a bounded rationality perspective, building in part on the pioneering work of Herbert Simon and Harvey Leibenstein. I argue that smart or rational individuals can behave inefficiently at both the micro or macro (social) level in both the realm of production and consumption. Smart people can be efficient or inefficient. Hence it is possible to have rational inefficiency. It is shown that such inefficie...

#1Morris Altman (Dund.: University of Dundee)H-Index: 19

Conventional theory assumes that economic agents perform at optimal levels of efficiency by definition and this is achieved when individuals behave in a particular fashion. Moreover, neoclassical production theory masks the process by which optimal output can be achieved. I argue that economic theory should be revised to incorporate some key findings of behavioural economics, while retaining the conventional theory’s normative ideal of optimum output whilst rejecting its normative procedural ide...

Extending the theoretical lenses of behavioral economics through the sociological prisms of Gary Becker

Becker stands out as a Godfather of conventional economics because of his reliance on prices, income, and rationality as a means of analysing and predicting choice behaviour. He also accepts, for modelling purposes, the assumption that individuals make decisions after considering the consequences of these decisions. Hence, there can't be any regret. But Becker also maintains that traditional economics is flawed, often generating highly misleading analytical predictions. However, he rejects the h...

#1Morris Altman (Northumbria University)H-Index: 19

Purpose The purpose of this paper is to measure the size of New Zealand’s co-operative sector, in terms of its direct contribution to output and employment as well as its indirect impact. This adds to the construction of a rigorous representation of the global co-operative economy. Design/methodology/approach The findings here are based on data derived largely from surveying the co-operative sector in 2012. A value added approach is used to estimate the co-ops sector’s contribution to New Zealan...

A Holistic Approach to Empirical Analysis: The Insignificance of P, Hypothesis Testing and Statistical Significance*

#1Morris Altman (Dund.: University of Dundee)H-Index: 19

It is well documented that academics and practitioners focus on statistical significance (typically represented by P tests) and statistical hypothesis testing to determine if their non-statistical analytical hypothesis is correct or likely to be correct. Moreover, statistical significance is relied upon to determine which variables should be used in their models or analyses. In spite of ongoing criticism, this practice continues to the detriment of robust scientific analysis. I discuss the signi...

Policy Consequences of Multiple Equilibria and the Indeterminacy of Economic Outcomes in a Boundedly Rational World: Closing the System with Non-Economic Variables

#1Morris Altman (Northumbria University)H-Index: 19

In the conventional economic wisdom, the notion of unique equilibria that are efficient and Pareto optimal dominates the modeling discourse. Hebert Simon proposed an alternative analytical framework where the notion of multiple and sustainable equilibria is critical. Multiple equilibrium is the crucial stylized fact of economic life that requires better understanding and modeling. Of particular significance, Simon touched on the importance of institutions and differential power relationships in ...

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