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Many transition policies, based on the existing neoclassical economic theories, failed in Eastern Europe, the former Soviet Union, and China. This paper argues that the failure is due to the implicit viability assumption of neoclassical economics. The existing neoclassical economics implicitly assumes that a firm is expected to earn a socially acceptable profit in an open, competitive market as long as the firm has normal management. However, many firms in socialist as well as transitional economies are not viable, that is, they will not be able to earn a socially acceptable profit in an open, competitive market even if they are under normal management because they are in sectors that are inconsistent with their economies' comparative advantages. Under the viability assumption, neoclassical-based reform policies focus on issues related to property rights, corporate governance, government interventions and other issues that may obstruct a firm's normal management. However, many of these issues are in fact endogenous to the firms' viability problem. Therefore, without resolving the firms' viability problem, such reforms fail to achieve their intended goals. Not only in socialist and transition economies but also in many developing economies there exist many nonviable firms. This paper suggests that the viability assumption in neoclassical economics should be relaxed when analyzing socialist, transition and developing economies. [ABSTRACT FROM AUTHOR]

Transaction cost economics (TCE), as developed and operationalized by Oliver Williamson, is one of the most prominent and influential developments in the social sciences. In recent years, on the basis of many empirical studies, it has been claimed that the evidence has corroborated TCE. If so, this would have major implications for the debate between TCE and other approaches to understanding the nature of the firm. In this paper we submit the most prominent TCE empirical work to critical scrutiny, on the basis of the standards and predictions in Williamson's own writings. We find a much more mixed picture, with few studies giving unambiguous support to Williamson's TCE. Furthermore, a significant number of the studies can be reinterpreted in terms of a competence or capabilities approach. We conclude that the empirical evidence does not decisively support Williamson's TCE and we stress the importance of an empirical program of joint testing of rival theoretical approaches. Copyright © 2006 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

It is well known that the nature of potential shocks impinging on a set of countries or regions may have important implications for relevant aspects of economic policy. This paper addresses the shocks issue empirically by applying the State Space methodology and the Kalman Filter to the case of the Spanish regions. The main conclusions are as follows: (i) it seems that the shocks affecting the Spanish regions have been mostly symmetric; (ii) their effects have been persistent rather than transitory; and (iii) supply shocks have been slightly more frequent than demand shocks. [ABSTRACT FROM AUTHOR]

The study analyses contributions to Library and Information Science (LIS) by researchers representing various disciplines. How are such contributions associated with the choice of research topics and methodology? The study employs a quantitative content analysis of articles published in 31 scholarly LIS journals in 2015. Each article is seen as a contribution to LIS by the authors' disciplines, which are inferred from their affiliations. The unit of analysis is the article‐discipline pair. Of the contribution instances, the share of LIS is one third. Computer Science contributes one fifth and Business and Economics one sixth. The latter disciplines dominate the contributions in information retrieval, information seeking, and scientific communication indicating strong influences in LIS. Correspondence analysis reveals three clusters of research, one focusing on traditional LIS with contributions from LIS and Humanities and survey‐type research; another on information retrieval with contributions from Computer Science and experimental research; and the third on scientific communication with contributions from Natural Sciences and Medicine and citation analytic research. The strong differentiation of scholarly contributions in LIS hints to the fragmentation of LIS as a discipline. [ABSTRACT FROM AUTHOR]

Preference Reversal Phenomenon (PRP) has been most often scrutinized as a puzzle of‘preferences’, while the discovery of the‘endowment effect’ explicitly questions the parity between preference and price. The author's experiment (N= 186) connects these two extraordinary findings and illustrates that PRP is only a reversal of price in a‘market.’ PRP merely proves that subjects demand to be compensated based on loss under market access deprivation when a‘maximum buying’/‘minimum selling’ price is elicited, and preference transitivity is restored once the misleading market manipulation is experimentally controlled.By defending preference transitivity, the author asserts that normal access to the bargaining process is indispensable for a competitive market where preference price parity is required.To make valid measurements of preference and price, the sealed envelope method is substituted for the judged-indifferent-point (JIP) method, and the binding statement method is substituted for the Becker-DeGroot-Marschack method. McNemar test scores are calculated to compare the effects of different methods. [ABSTRACT FROM AUTHOR]