A comparison and critical assessment of Porat and Rubin's information economy and Wallis and North's transaction sector

Article Abstract:

Porat and Rubin's information economy approach shows similarity with Wallis and North's transaction sector approach. The two approaches contain similar in-house components that are used in the measurement of resources being utilized in the economic organizational task. The information economy approach, however, proves to be deficient when it comes to explanation of economic theory when compared to transaction sector approach, which is based on a popular theory called transaction cost economics.

Models

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Evolutionary cognitive economics

Article Abstract:

Neo-classical economics paradigm is demonstrated to be rich in new insights into the framework and operations of contemporary economies. Nonetheless, the new evolutionary cognitive paradigm may also likely produce a number of reformulation in policy prescriptions. The limitations of the new evolutionary cognitive paradigms in addressing information are reviewed.

Cognitive dissonance

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Measuring the efficiency of stochastic signals of product quality

Article Abstract:

Research describing the judgement of product quality by consumers is presented. In particular the evaluation by older consumers of stochastic signals implying cost efficiency is examined.

Evaluation, Product quality, Consumers, Stochastic processes

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