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By William D. Ferguson

In Collective motion and alternate: A Game-Theoretic method of modern Political Economy, William D. Ferguson offers a complete political economic climate textual content geared toward complex undergraduates in economics and graduate scholars within the social sciences. The textual content makes use of collective motion as a unifying idea, arguing that collective-action difficulties lie on the origin of marketplace good fortune, industry failure, financial improvement, and the motivations for policy.

Ferguson attracts on info economics, social choice idea, cognition conception, institutional economics, in addition to political and coverage thought to strengthen this process. The textual content makes use of classical, evolutionary, and epistemic online game idea, besides easy social community research, as modeling frameworks. those versions successfully bind the tips awarded, producing a coherent theoretic method of political financial system that stresses occasionally missed implications.

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Extra resources for Collective Action and Exchange: A Game-Theoretic Approach to Contemporary Political Economy

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2. two-player game representations A two-player prisoners’ dilemma (PD) game succinctly illustrates the archetypal social dilemma that underlies political economy: divergence between individual and group interests. In other words, the PD game serves as a foundational model for representing 28 foundations of collective action and exchange CAPs. More precisely, this game can illustrate problems related to public goods, negative or positive externalities, and common-pool resources—all broadly defined.

Chapter 3 concludes by emphasizing that resolving these CAPs leads to nonclearing markets and to exercises of power within exchange processes. Chapter 4 opens on this last point. It uses the Nash bargaining model and the game-theoretic concept of strategic moves to discuss possible sources, instruments, dimensions, and implications of exercising power. By specifying relationships among exchange, contract enforcement, and power, this chapter offers conceptual microfoundations of political economy.

Most of the exchanges discussed in Chapters 2 –10 implicitly rely on interactions in social networks. Chapter 11 introduces the basic concepts of social network analysis and proceeds to argue that network models can represent virtually any series of social, political, or economic exchanges among multiple agents. This chapter then develops simple network models to make three assertions about CAPs and institutional systems: (i) networks offer collective-action problems and innovative theory 19 sources of power and influence; (ii) networks are searchable conduits of information; and (iii) network connections may occasionally generate the contagious imitation processes, called information cascades, that characterize such social phenomena as fads, financial crises, and revolutions.

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