Testing search theory

Article Abstract:

The validity ofthe theory of search behavior based on the Subjective Expected Utility Theory (SEUT) was examined in an experiment. Two hundred subjects were selected from the University of York. The subjects were instructed to purchase or search up to when the value of given optimal reservation value is reached. The results ofthe experiment showed that conduct of the subjects did not conform to the conjectures of the SEUT. It was concluded that results of the experiments verified the comparative, though not the absolute correctness of the search behavior theory.

Economics, Information theory, Online searching, Information theory in economics, Searching behavior

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Kaldor's Neo-Pasinetti model and the Cambridge theory of distribution

Article Abstract:

Kaldor's Neo-Pasinetti model considerably influenced the development of the Cambridge theory of distribution which was developed basically in Cambridge, England during the 1950s and 1960s. The Neo-Pasinetti model symbolizes Kaldor's view that higher marginal inclination to take savings out of profits is linked to the nature of business income and not to the individuals receiving it. The extent to which Kaldor has effected changes in the theoretical approach of the Cambridge models has been analyzed.

Models, Analysis, Income distribution, Macroeconomics

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Diamonds are forever (?): Nassau Senior and utility theory

Article Abstract:

There are allegations that Nassau Senior's 'Outline of The Science of Political Economy' does not correlate the law of diminishing marginal utility with the marginalist theory of price-demand setting. Such faulty evaluations resulted from analyzing the text using the grid-reading technique. Senior's theories on consumption demand, saving, money exchange and utility are explained in non-marginalist context.

Marginal utility

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