On the absence of priority fights within economics, cheap talk, and the Walras-Jevons correspondence
According to Merton , the history of science is punctuated by disputes over priority of discovery, but there are no such priority fights in economics. Hands  explains this phenomenon by assuming that economists have no sense of collective moral outrage. We provide a counterexample to this thesis by developing a gametheoretic analysis of the Walras-Jevons correspondence. We show that one-way preplay communication helped them to coordinate on a pure strategy Nash equilibrium of a “battle of the sexes game”. Walras recognized Jevons as the inventor of the “theory of exchange”. It was good for the promotion of mathematical economics.
Volume (Year): 122 (2012)
Issue (Month): 4 ()
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