tag:blogger.com,1999:blog-5698599151422542939.post3612980674851487265..comments2023-09-21T05:14:00.254-04:00Comments on Euvoluntary Exchange: Perfect CooperationMungowitzhttp://www.blogger.com/profile/02340064320347875601noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-5698599151422542939.post-63763223551322276452014-01-10T02:10:29.665-05:002014-01-10T02:10:29.665-05:00Derivatives are a broad category of investment veh...Derivatives are a broad category of investment vehicles that have been stigmatized with a bad reputation for being difficult to understand, challenging to price, and risky to trade<br />Derivative market tradinghttps://www.epicresearch.co/derivativesnoreply@blogger.comtag:blogger.com,1999:blog-5698599151422542939.post-70000490909061817802014-01-05T08:41:32.072-05:002014-01-05T08:41:32.072-05:00Markets are not 'first and foremost' about...Markets are not 'first and foremost' about co-operation. They are co-ordination solutions- not robust ones save at some higher metaphorical level- and Econ, as a discipline, knows this.<br />You are speaking of local Tiebout type models and assuming that the Meta-preferences they enforce are indeed Euvoluntary.<br />You say 'The mundane activity of going grocery shopping is a marvel of commonplace human dignity.'<br />It isn't. <br />When I visit my Dad in West Delhi (which has a large Sikh population with a religious objection to Smoking) I am humiliated coz I have to engage in a hole in the corner transaction to get my daily carton. <br />More generally, the whole 'grocery shopping experience' is about enforcing the tastes valorized by the local Tiebout Model on the housewife. My elderly Italian neighbor used to ask me to go and buy offal from the butcher for her. She was of peasant origin but had risen into the middle class. As a black man, I could demand whatever I liked and pay for it with no eyebrows being raised. The joke is, I belong to a Vegetarian caste.<br /><br />Economics does have something to say about 'euvoluntary' transactions- it is that they can be modeled by a particular sort of co-operative repeated game. There are some conditions, which I'm currently trying to grok, where a competitive game has a representation such that the essential hysteresis free, or euvoluntary, nature of transactions is shown to be both effectively computable and demonstrably dynamically 'golden path'.<br /><br />windwheelhttps://www.blogger.com/profile/18099651877551933295noreply@blogger.com