NBA 5280 - Rivalry and Cooperation

Fall. 1 credit.

R. Frank.

In standard models, economic interaction is impersonal. Agents respond to price signals and measure their own welfare not in relative but in absolute terms; and cooperative behavior emerges only when it coincides with narrow self-interest. This course will explore the details of rivalry and cooperation in an effort to synthesize broader views of economic interaction. Topics will include the effect of concerns about relative income on wage rates, consumption, savings, and regulation; the effect of concerns about fairness on prices and wages; the conditions that foster trust and cooperation; and the role of positional competition in the distribution of economic rewards.