A critical question facing experimental economists is whether behavior inside the laboratory is a good indicator of behavior outside the laboratory. To address that question, we build a model in which the choices that individuals make depend not just on financial implications, but also on the nature and extent of scrutiny by others, the particular context in which a decision is embedded, and the manner in which participants and tasks are selected. We present empirical evidence demonstrating the importance of these various factors. To the extent that lab and naturally occurring environments systematically differ on any of these dimensions, the results obtained inside and outside the lab need not correspond. Focusing on experiments designed to measure social preferences, we discuss the extent to which the existing laboratory results generalize to naturally-occurring markets. We summarize cases where the lab may understate the importance of social preferences as well as instances in which the lab might exaggerate their importance. We conclude by emphasizing the importance of interpreting laboratory and field data through the lens of theory.

/pdf/what-do-laboratory-experiments-measuring-social-preferences-178u4j8nii.pdf

What Do Laboratory Experiments Measuring Social Preferences Reveal About the Real World

Many decisions concerning long-lived investments already need to take into account climate change. But doing so is not easy for at least two reasons. First, due to the rate of climate change, new infrastructure will have to be able to cope with a large range of changing climate conditions, which will make design more difficult and construction more expensive. Second, uncertainty in future climate makes it impossible to directly use the output of a single climate model as an input for infrastructure design, and there are good reasons to think that the needed climate information will not be available soon. Instead of optimizing based on the climate conditions projected by models, therefore, future infrastructure should be made more robust to possible changes in climate conditions. This aim implies that users of climate information must also change their practices and decision-making frameworks, for instance by adapting the uncertainty-management methods they currently apply to exchange rates or RD (ii) favouring reversible and flexible options; (iii) buying “safety margins” in new investments; (iv) promoting soft adaptation strategies, including long-term prospective; and (v) reducing decision time horizons. Moreover, it is essential to consider both negative and positive side-effects and externalities of adaptation measures. Adaptation–mitigation interactions also call for integrated design and assessment of adaptation and mitigation policies, which are often developed by distinct communities.

Strategies to adapt to an uncertain climate change

Steven Levitsky and Daniel Ziblatt, both comparative politics professors at Harvard University, have written a valuable, high-profile book that provides several useful insights into the current sta...

How Democracies Die

Climate change potentially brings continuous and unpredictable changes in weather patterns. Consequently, it calls for institutions that promote the adaptive capacity of society and allow society to modify its institutions at a rate commensurate with the rate of environmental change. Institutions, traditionally conservative and reactive, will now have to support social actors to proactively respond through planned processes and deliberate steps, but also through cherishing and encouraging spontaneous and autonomous change, as well as allowing for institutional redesign. This paper addresses the question: How can the inherent characteristics of institutions to stimulate the capacity of society to adapt to climate change from local through to national level be assessed? On the basis of a literature review and several brainstorm sessions, this paper presents six dimensions: Variety, learning capacity, room for autonomous change, leadership, availability of resources and fair governance. These dimensions and their 22 criteria form the Adaptive Capacity Wheel. This wheel can help academics and social actors to assess if institutions stimulate the adaptive capacity of society to respond to climate change; and to focus on whether and how institutions need to be redesigned. This paper also briefly demonstrates the application of this Adaptive Capacity Wheel to different institutions.

The Adaptive Capacity Wheel: a method to assess the inherent characteristics of institutions to enable the adaptive capacity of society

The word ‘populism,’ often used as an accusation, has never been as present in Western politics as it has in recent years From Donald Trump to Viktor Orban, from Marine Le Pen to the Leave campaig

What is Populism

The rapidly spreading COVID-19 pandemic in 2020 not only brought many countries in the world to a state of health crisis, but also increasingly drove economic and social crisis. The roots of these crises, however, run far deeper and can be traced to decades of neoliberal political and economic actions and driving forces of globalization. Increasing globalization and liberalization of markets led to the increasing privatization of many public goods while collectivizing risks such as environmental disasters, pandemics and economic crises. This paper presents the context and emergence of these crisis states and derives public policy implications in the areas of externalities management, digitalization, and basic income based on a broad literature review. These key issues need to be addressed both during and after the crisis in order to address the problems of environmental quality and climate change mitigation, as well as rising inequality and injustice for current and future generations.

Lessons from Globalization and the COVID-19 Pandemic for Economic, Environmental and Social Policy

Abstract Recent neuroeconomic studies challenge the conventional economic logic of behavior. After an introduction to some starting points of brain research in ‘classical’ economics we discuss the final and contingent causes of rational and irrational behavior in neuroeconomics and standard economics and present the concept of expanded rationality models (ERM) which imports neuroeconomic elements like emotions, beliefs and neuroscientific constraints and exports improved testable predictions. The typical structure of neuroeconomic proof of economic models and the imprecise neuroscientific measurement let us suggest a feed-back structure of economic research. We apply Hirshleifer’s conception of macro-/micro-technology and contrast it to the neuroeconomic black box critique on economic theory. Furthermore, instead of direct adjustment of preference structures we propose the auxiliary creation of neuroeconomic constraints like action-dependent or outcome-dependent neuroeconomic belief constraints (NBC) and emotion compatibility constraints (ECC). This prepares the ground for our examination of neuroeconomics and ERM as two different paths towards an analytical unification of behavioral sciences.

Neuroeconomics and the Economic Logic of Behavior

Economics has a key role to play for understanding vulnerability and adaptation to climate change. However, economic approaches to climate adaptation are rarely articulated and discussed at a framework level. This article first reviews and critically assesses welfare economics approaches to climate adaptation and, secondly, develops a novel institutional economics approach to climate adaptation. Concepts and tools of welfare economics have contributed to assessments of benefits and costs of adaptation; outlined strategies for adaptation; identified responsibilities of the public sector and described policy instruments for adaptation. However, the neoclassical framing of collective action based on the concept of market failure seems too narrow to do analytical justice to the multitude of governance challenges associated with adaptation. Adaptation economics seems underequipped with analytical tools to study the role of institutions for climate adaptation. Therefore, an institutional economics approach to climate adaptation is developed and illustrated. This approach contributes to integrated economic analyses of climate adaptation in three major ways: First, by broadening the scope of climate adaptation economics; second, by delivering a diagnostic framework of climate adaptation that enables the analyst to explain adaptation processes in a systematic manner, synthesizes findings from a large number of research efforts, places particular research questions, governance problems and results in a broader context, and can guide the design of theoretical and empirical inquiries of climate adaptation; third, by offering research strategies and methods for developing generalisable and valid insights in the face of pronounced heterogeneity and diversity of climate adaptation.

/pdf/a-diagnostic-approach-to-the-institutional-analysis-of-4gtben1f8p.pdf

A diagnostic approach to the institutional analysis of climate adaptation

Europe's crisis : the conflict-theoretical perspective

What sets a consolidated democracy apart? We argue that the expectation that under the rule of law a law-abiding government will not enforce the unlawful acts of its predecessor creates incentives for agents - such as members of the civil service or law enforcement agencies - not to comply with such acts. Thus, even an opportunistic government may ﬁnd it in its best interest to abide by constitutional rules or, once it has been in violation, to reinstate the legal order. If so, the government contributes to its own punishment and agents’ expectations are self-fulﬁlling. Thus the rule of law has instrumental value in stabilizing the constitutional order. We also provide a theoretical explanation of the empirical distinction between consolidated and transitory liberal democracies and we explain why consolidated democracies are likely to stave oﬀ populist challenges.

Consolidated democracy, constitutional stability, and the rule of law

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