Markets and Manipulation
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World Bank, Washington, DC
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There is a growing appreciation in
economics that people have emotional vulnerabilities,
commitments to social norms, and systematic irrationalities,
which impact their decision making and choice in the
marketplace. The flip side of this is that human beings are
susceptible to being manipulated by unscrupulous agents who
are single-minded about marketing their services and wares.
This paper reviews George Akerlof and Robert Shiller's
book, 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.
Palabras clave
CREDIT MARKETS, UTILITY FUNCTION, FINANCIAL FRAUD, FINANCIAL FRAUD, TRANSPORTATION INFRASTRUCTURE, FINANCIAL PRODUCTS, WELFARE ECONOMICS, PEOPLE, VULNERABLE PEOPLE, UTILITY FUNCTIONS, BUSINESS COMMUNITY, LOAN SHARKS, STOCK, INFORMAL BANKING, VILLAGE, SALES, INCOME, INTEREST, EXPECTATIONS, BIAS, INTEREST RATE, DISCRIMINATION, INEQUALITIES, RECESSION, POLITICAL ECONOMY, WELFARE, GAME THEORY, INCENTIVES, LOAN, EQUILIBRIUM, INDIFFERENCE CURVES, FREE MARKETS, CORRUPTION, WEALTH, SAVING, BANKRUPTCY, ECONOMIC ACTIVITY, INTERNATIONAL BANK, OLIGOPOLY, LENDER, TRANSPORTATION INFRASTRUCTURE, LOAN SHARKS, ECONOMIC ACTIVITY, DEVELOPMENT, BIASES, CHOICE, ADVERTISING, INFLUENCE, INFORMAL BANKING, EXPLOITATION, SAVINGS, MORTGAGES, FINANCIAL PRODUCT, CREDIT RATINGS, COLLUSION, DEVELOPMENT ECONOMICS, BUSINESS COMMUNITY, MONEY, EXTORTION, PRODUCTS, CHILD DEVELOPMENT, EXPECTED RETURN, EXTERNALITIES, MONOPOLY, FAILURES, NORMAL PROFIT, CHILD DEVELOPMENT, ECONOMIC INEQUALITY, PAYMENT, UTILITY THEORY, MARKETS, DEBT, PUBLIC FINANCE, FINANCIAL PRODUCTS, DECISION MAKING, ECONOMIC LIFE, PRODUCT, DIVIDENDS, UTILITY, APPLICATION PROCESS, UTILITY THEORY, FINANCE, DEVELOPMENT POLICY, TAXES, BANKS, INVESTMENT BANKS, HUMAN CAPITAL, CAPITAL, WAGES, NASH EQUILIBRIUM, POLITICAL ECONOMY, FINANCIAL CRISIS, DEBT OBLIGATIONS, FAMILY, VALUE, GENDER, BANK, PATERNALISM, CREDIT, FREE MARKET, DEMAND, UTILITY FUNCTION, AGRICULTURE, CONSUMERS, PROPERTIES, DECISION MAKING, SALE, ASSETS, MARKET, FINANCIAL PRODUCT, VULNERABLE PEOPLE, ECONOMIC THEORY, EMPLOYERS, ECONOMICS, SECURITIES, BUSINESS PEOPLE, ECONOMIC INEQUALITY, NEOCLASSICAL ECONOMICS, TRADE, INTERESTS, FINANCIAL CRISIS, GOODS, THEORY, INVESTMENT, MONEYLENDER, BANKRUPTCIES, FINANCIAL MARKETS, DEBT OBLIGATIONS, SUPPLY, MARKETPLACE, EMPLOYEE, COMPETITIVE EQUILIBRIUM, GAME THEORY, EARNINGS, NASH EQUILIBRIUM, FREE MARKETS, STUDENTS, ECONOMIC LIFE, DEVELOPMENT ECONOMICS, BORROWING, INVESTMENTS, INVISIBLE HAND, NEOCLASSICAL ECONOMICS, INVESTMENT BANKS, FAMILIES, INHERITANCE, PROFITS, ENTREPRENEUR, FINANCIAL MARKETS, OUTCOMES, DEVELOPMENT POLICY, INEQUALITY, EMPLOYEES