The Hidden Dynamics Of Path Dependence

The theory of path dependence continues to attract great interest in a range of disciplines. An increasing number of scholars have started to explicitly use this theory for studying organizational inertia and institutional rigidities. This volume presents a collection of papers from various international conferences that address these issues.

Is economics always self-corrective? Do erroneous theorems permanently disappear from the market of economic ideas? Intellectual Path Dependence in Economics argues that errors in economics are not always corrected. Although economists are often critical and open-minded, unfit explanations are nonetheless able to reproduce themselves. The problem is that theorems sometimes survive the intellectual challenges in the market of economic ideas even when they are falsified or invalidated by criticism and an abundance of counter-evidence. A key question which often gets little or no attention is: why do economists not reject theories when they have been refuted by evidence and falsified by philosophical reasoning? This book explores the answer to this question by examining the phenomenon of intellectual path dependence in the history of economic thought. It argues that the key reason why economists do not reject refuted theories is the epistemic costs of starting to use new theories. Epistemic costs are primarily the costs of scarcity of the most valued element in academic production: time. Epistemic scarcity overwhelmingly dominates the evolution of scientific research in such a way that when researchers start off a new research project, they allocate time between replicable and un-replicable research. This book is essential reading for anyone interested in the methodology, philosophy and history of economics.

Now available as a 60 day review copy in Paperback! ISBN: 1-4129-2121-X"Finally! We have a comprehensive, reflective and critical overview of the field of strategy in the new Handbook of Strategy and Management." -Cynthia Hardy, Head of Department of Management, University of Melbourne Presenting a major retrospective and prospective overview of strategy, this Handbook is an important benchmark volume for management scholars worldwide. The Handbook frames, assesses and synthesizes the work in the field. Chapters are grouped under four specific areas of strategy and management: Mapping a Terrain; Thinking and Acting Strategically; Changing Contexts; and Looking Forward. Within these parts, leading international scholars provide historical overviews of the key themes, address the central approaches which have characterized these themes, critically assess the quality of current theory and knowledge, and set out agendas for future theoretical and empirical development. The resulting volume is a unique overview of the inputs and dynamics to shape strategy and management and will be crucial reference for academics and students.

Management and organization research has rediscovered individual agency, innovation and entrepreneurship. As such, there is a risk of overlooking the power of self-reinforcing processes in and among organizations. This volume redirects attention to these processes, including: escalating commitment, organizational imprinting and path dependence.

Fresh water is becoming an increasingly precious commodity. In the near future, control of it could lead to the type of political instability that is now associated with energy shortages. This book addresses the different aspects of irrigation, including not only the management of water resources and scientific and technical aspects, but also matters related to policy and economics. The objective of the Conference Series is to provide a venue for an international presentation and dissemination of papers related to sustainable ways of conducting irrigation. Sustainable irrigation has three key aspects, i.e. i) developing ways of using scarce water resources most efficiently to maximize food production while minimizing the environmental impact of irrigation activities on the affected land and water resources; ii) ensuring that the extraction of water from surface and groundwater sources is set at sustainable levels to maintain healthy aquatic ecosystems to secure a continued supply of quality water for irrigation, recreation and urban/industrial uses; iii) facilitate an equitable distribution of the water available for consumption between competing users, which is essential to maintain sustainable communities. Attracting researchers in academia and industry, as well as professional practitioners and policy makers, the Third International Conference provides a platform for a review of the state of the art from the scientific, technological, political and economic points of view. Papers from the Meeting are published in this volume, and cover the following topics: Irrigation Management; Modelling and Simulation; Sustainable Irrigation - Farmers' Actions, Environmental Benefits and Socio-economic Consequences.

This book explores the secret police organizations of East Asian dictators: their origins, operations, and effects on ordinary citizens' lives.

Russia's transition to a market economy has been tortuous to say the least. However, this book argues that the arguments and counter-arguments that pitch shock therapy against gradualism are wide of the mark and quite pointless. Indeed, the reasons for the warped outcomes can actually be traced back through the long sweep of Russian history. Decisions made in the distant past can fully influence policy- making in the present. Hedlund's thesis can, like this, be seen as influenced by the 'path dependency' theories of Paul David among others.

Destined to become a market classic, Dynamic Hedging is the only practical reference in exotic options hedgingand arbitrage for professional traders and money managers Watch the professionals. From central banks to brokerages to multinationals, institutional investors are flocking to a new generation of exotic and complex options contracts and derivatives. But the promise of ever larger profits also creates the potential for catastrophic trading losses. Now more than ever, the key to trading derivatives lies in implementing preventive risk management techniques that plan for and avoid these appalling downturns. Unlike other books that offer risk management for corporate treasurers, Dynamic Hedging targets the real-world needs of professional traders and money managers. Written by a leading options trader and derivatives risk advisor to global banks and exchanges, this book provides a practical, real-world methodology for monitoring and managing all the risks associated with portfolio management. Nassim Nicholas Taleb is the founder of Empirica Capital LLC, a hedge fund operator, and a fellow at the Courant Institute of Mathematical Sciences of New York University. He has held a variety of senior derivative trading positions in New York and London and worked as an independent floor trader in Chicago. Dr. Taleb was inducted in February 2001 in the Derivatives Strategy Hall of Fame. He received an MBA from the Wharton School and a Ph.D. from University Paris-Dauphine.