Title Humanomics : Moral sentiments and the Wealth of nations for the twenty-first century / Vernon L. Smith and Bart J. Wilson

Published Cambridge : Cambridge University Press, 2019

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Description 1 online resource (xx, 215 pages) Series Cambridge studies in economics, choice, and society Cambridge studies in economics, choice, and society Contents List of figures -- List of tables -- Preface -- Acknowledgments -- Cover art note -- Note on the text -- 1. Humanomics spans the two worlds of Adam Smith: Sociality and economy. Social order -- Sentiments predicts where the neoclassical model fails -- Modeling human action -- Hume, Smith, and utilitariansim -- The civil order of property evolved from the social order of propriety -- Property, propensity to exchange, and weather creation -- 2. Words and meaning in Adam Smith's world. Passions, emotions, sentiments, and affections -- Sympathy -- The sense of propriety -- 3. Conduct in the social universe. Behavior in modern economics -- Epicycles or orderly orbits? -- Feeling plus thinking plus knowing -- Gravity of the social universe -- 4. Frank Knight preemptively settles the horse race. An example of behavioral economics method -- A Smithian response to twentieth- and twenty-first-century behaviorism -- It takes a model to beat a model -- 5. Axioms and principles for understanding human conduct. Axioms -- Principles -- 6. Propositions predicting context-specific action. Example of a rule, adaption to a rule, and equilibrium harmony in rule space -- Beneficence and justice as virtues -- Propositions on beneficence -- Propositions on injustice -- The generality and symmetry of Adam Smith's moral universe -- Chance and the sense of merit and demerit -- 7. Propriety and sympathy in a rule-governed order. Uncovering the social foundations of the rules we follow -- Origins of order are not in conscious human reason -- Origins are in human sentiment: Propreity and the emergence of rules -- Merit and demerit in judgments -- The impartial spectator -- Avoiding the errors of self-deciet -- Nature rescues where reason alone would fail -- Beneficence and justice concern judgments of others -- Limits on the set of actions by the agent who is himself the person judged -- Asymmetry in gains and losses, positive versus negative reciprocity and escalation -- 8. Trust game discoveries. Two-choice alternatives in simple single-play trust games -- Exploring "circumstances": Does opportunity cost matter in conveying intentions? -- Repeat-play trust games: Does a trust environment encourage trust or invite defection? -- Mix the signal of beneficence with extortion and observe less cooperation -- 9. The ultimatum game as involuntary extortion. Binary choice forms of the ultimatum game -- Equilibrium play in voluntary ultimatum games: Beneficence cannot be extorted -- Equilibrium play in ultimatum stage games: Voluntary play with gains from exchange -- Voluntary ultimatum games for the division of a fixed sum and of a variable sum -- Prudence prevails in the absence of extortion -- 10. Designing, predicting, and evaluating new trust games. Baseline trust game -- Describing trust/trustworthy action -- Comparative analysis of the trust game: Traditional versus sentiments model -- Adding an option to punish "want of beneficence" -- But do the subjects see it as we (and Smith) see it? -- Commentary on the study of "what is not" -- Introducing punishment for injustice -- Introducing an option to sweeten the reward for beneficent action -- Enabling either of the punishment options -- Upshot -- 11. Reconsidering the formal structure of traditional game theory. The traditional game dynamic -- Proposed social preferences modification -- Reconsiderations of one-shot play based on sentiments -- From game structure to action in using the principles in Sentiments -- "Fairness" equilibria or agreement on beneficence proposition 1 and injustice proposition 1? -- Equilibrium, the person of yesterday, and the person of today -- 12. Narratives in and about experimental economics. Narrativizing the trust game -- Experimental design and procedures -- Results -- Life is indefinite and always in flux -- 13. Adam Smith's program for the study of human socioeconomic betterment: From beneficence and justice to the Wealth of Nations. Punishment is proportioned to resentment -- Negative justice in Sentiments and property in Wealth -- The two pillars of society: Beneficence the ornament and justice the foundation -- Equilibrium versus alternative paths to cooperation: Beneficence or punish injustice -- From moral sentiments to the extended order of markets, specialization, and wealth creation -- Index Summary While neo-classical analysis works well for studying impersonal exchange in markets, it fails to explain why people conduct themselves the way they do in their personal relationships with family, neighbors, and friends. In Humanomics, Nobel Prize-winning economist Vernon L. Smith and his long-time co-author Bart J. Wilson bring their study of economics full circle by returning to the founder of modern economics, Adam Smith. Sometime in the last 250 years, economists lost sight of the full range of human feeling, thinking, and knowing in everyday life. Smith and Wilson show how Adam Smith's model of sociality can re-humanize twenty-first century economics by undergirding it with sentiments, fellow feeling, and a sense of propriety - the stuff of which human relationships are built. Integrating insights from The Theory of Moral Sentiments and the Wealth of Nations into contemporary empirical analysis, this book shapes economic betterment as a science of human beings Bibliography Includes bibliographical references and index Notes Vendor-supplied metadata Subject Smith, Adam, 1723-1790. Inquiry into the nature and causes of the wealth of nations. Smith, Adam, 1723-1790. Theory of moral sentiments SUBJECT Theory of moral sentiments (Smith, Adam) fast Inquiry into the nature and causes of the wealth of nations (Smith, Adam) fast Subject Economics -- Moral and ethical aspects Economics -- Moral and ethical aspects Economic development -- Moral and ethical aspects Economic policy -- Moral and ethical aspects Wirtschaftswissenschaften Faktor Mensch Développement économique -- Aspect moral. Politique économique -- Aspect moral. Philosophie économique. Changement social -- Aspect moral. Form Electronic book Author Wilson, Bart J., author ISBN 9781108185561 1108185568

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