USING AND ABUSING ECONOMIC THEORY

• 成果类型: Article
• 署名作者: Klemperer, Paul
• 署名单位: University of Oxford
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1162/154247603322390937
• 发表日期: 2003
• 页码: 272-300
• 关键词: optimal auctions; collusion; equilibrium; 2nd-price; prices; CHOICE; game

摘要

Economic theory is often abused in practical policy-making. There is frequently excessive focus on sophisticated theory at the expense of elementary theory; too much economic knowledge can sometimes be a dangerous thing. Too little attention is paid to the wider economic context, and to the dangers posed by political pressures. Superficially trivial distinctions between policy proposals may be economically significant, while economically irrelevant distinctions may be politically important. I illustrate with some disastrous government auctions, but also show the value of economic theory. (JEL: A11, B4, D44, L96)