We model the concept of embedded autonomy, introduced by Peter Evens, as an interaction between bureaucrats and entrepreneurs, where bureaucrats must approve projects proposed by entrepreneurs. Entrepreneurs are better informed about their own projects than are bureaucrats, but bureaucrats can...

Knowledge consists of the triad: information, interpretation, and judgment. Much of modern political economy has miscarried by proceeding as though knowledge were merely information - that is, as though interpretation were symmetric and final. Economic prosperity depends greatly on new knowledge...

Abstract: Im Mittelpunkt des Werkes steht die Suche nach einer angemessenen Erklärung des Underpricing von Aktienerstemissionen. Eine ausführliche Analyse bestehender Modelle zeigt eine Vorherrschaft formaler Gleichgewichtskonzepte der neoklassischen Informationsökonomie. Keiner der aktuellen...