Markets and Manipulation: Time for a Paradigm Shift?†

Markets and Manipulation: Time for a Paradigm Shift?† AbstractThere is a growing appreciation in economics that people have emotional vulnerabilities, commitments to social norms, and systematic irrationalities that impact their decision making and choice in the market place. The flip side of this is that human beings are susceptible to being manipulated by unscrupulous agents single-minded about marketing their services and wares. This paper reviews George Akerlof and Robert Shiller's Phishing for Phools: The Economics of Manipulation and Deception, alongside other writings in the field, and discusses how this research agenda can be taken forward. The paper shows how this new research can shed light on the ubiquity of corruption in so many societies, and proposes ideas for controlling corruption. (JEL D11, D90, M31, Z13) http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Economic Literature American Economic Association

Markets and Manipulation: Time for a Paradigm Shift?†

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Publisher
American Economic Association
Copyright
Copyright © 2018 © American Economic Association
ISSN
0022-0515
D.O.I.
10.1257/jel.20161410
Publisher site
See Article on Publisher Site

Abstract

AbstractThere is a growing appreciation in economics that people have emotional vulnerabilities, commitments to social norms, and systematic irrationalities that impact their decision making and choice in the market place. The flip side of this is that human beings are susceptible to being manipulated by unscrupulous agents single-minded about marketing their services and wares. This paper reviews George Akerlof and Robert Shiller's Phishing for Phools: The Economics of Manipulation and Deception, alongside other writings in the field, and discusses how this research agenda can be taken forward. The paper shows how this new research can shed light on the ubiquity of corruption in so many societies, and proposes ideas for controlling corruption. (JEL D11, D90, M31, Z13)

Journal

Journal of Economic LiteratureAmerican Economic Association

Published: Mar 1, 2018

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