The "power" dimension in a process of exchange

Alberto Banterle

Papers from arXiv.org

Abstract: The field of study of this paper is the analysis of the exchange between two subjects. Circumscribed to the micro dimension, it is however expanded with respect to standard economic theory by introducing both the dimension of power and the motivation to exchange. The basic reference is made by the reflections of those economists, preeminently John Kenneth Galbraith, who criticize the removal from the neoclassical economy of the "power" dimension. We have also referred to the criticism that Galbraith, among others, makes to the assumption of neoclassical economists that the "motivation" in exchanges is solely linked to the reward, to the money obtained in the exchange. We have got around the problem of having a large number of types of power and also a large number of forms of motivation by directly taking into account the effects on the welfare of each subject, regardless of the means with which they are achieved: that is, referring to everything that happens in the negotiation process to the potential or real variations of the welfare function induced in each subject due to the exercise of the specific form of power, on a case by case basis, and of the intensity of the motivation to perform the exchange. In the construction of a mathematical model we paid great attention to its usability in field testing.

Date: 2018-09, Revised 2019-11
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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:1809.08293

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