Self-interest and the theory of action

The concept of self-interest remains underdeveloped in sociology although central to economics. Recent methodological and social trends render sociological indifference to the concept untenable. The term has enjoyed historical predominance in the West since the sixteenth century. While it is seen in modern economics as a singular motivating force, Adam Smith regarded self-interest in economic action as necessarily moderated by sympathy. In addition to its problematic economic conceptualization self-interest has an experiential basis in unequal power relations. An alternative to the concept of self-interest is presented by Amartya Sen in his account of commitment; its inconsistencies, however, render Sen's statement unsatisfactory. Differences between present and future interests indicate that the distinction between self-interested and other-interested action is not sustainable.     

Competitive bidding — The probability of winning

A company bidding by sealed tender needs to know the relationship between their bid price and their chances of winning the contract. Previously published models for computing the probability of winning are examined and found to be inaccurate. The problem is reformulated, and a new general predictive model for computing the probability of winning is developed. The method of computation is illustrated by a simple worked example.     

Boredom and social meaning

Meaning is necessary in social processes. An absence of meaning in an activity or circumstance leads to an experience of boredom. This is a restless, irritable feeling that the subject's current activity or situation holds no appeal, and that there is a need to get on with something interesting. Thus boredom emotionally registers an absence of meaning and leads the actor in question towards meaning. Boredom, then, is central to key social processes centered on questions of meaningfulness. Given the pervasive preconditions for boredom, release from boredom is a factor that explains characteristic social practices, including risk taking and intergroup conflict.     

Productivity of highly skilled immigrants: economists in the postwar period

Prior work finds declining immigrant quality in the postwar period that is linked to source-country and skill-composition changes associated with the 1965 Immigration Act. This paper uses a unique panel of foreign- and native-born American Economic Association members to show that the highly skilled experienced a similar shift away from European migrants toward those from Asia. However, the findings do not indicate that this change in source-country composition has been accompanied by a decline in quality; rather, the most recent cohorts of foreign-born economists appear to be more productive than their native counterparts.     

Rolling with the shakes: an insight into teenagers’ perceptions of recovery after the Canterbury earthquakes

Natural disasters are harmful worldwide events that inflict multiple psychosocial impacts on disaster-exposed individuals. A significant proportion of affected individuals are teenagers (13–18 years old) who, compared with adults, have been historically overlooked in disaster research. The literature is particularly sparse concerning teenagers’ recovery from natural disasters, specifically what recovery means to them and the contributing factors towards their positive recovery. Therefore, the aim of the current study was to gain deeper insight into this largely unexplored area by conducting five focus groups with teenagers (16–18 years) who experienced at least one of the Canterbury, New Zealand, earthquakes since and including the initial September 2010 earthquake. This study directly asked teenagers about their recovery over the three years after the initial earthquakes, with data being analysed using thematic analysis. Two main themes were identified: (1) perceptions of recovery, with three sub-themes (i) knowledge and being less frightened, (ii) talking about the earthquakes and (iii) shift in perspectives; and (2) contributing factors to recovery, with three sub-themes (i) participation in the community response, (ii) returning to school and (iii) the rebuild of Christchurch. These factors provide insight into how we can better support the recovery process for disaster-exposed teenagers to reduce long-term distress.     

A common-features analysis of Amsterdam and London financial markets during the eighteenth century

We examine the financial linkage between the London and Amsterdam financial markets using stock prices recorded in each market over the period 1723-94 in conjunction with tests for common trends, cycles, and regime shifts. These tests reveal a surprising degree of integration between the markets as their prices move together in both the short and long run. Moreover, shocks to the assets translate quickly and accurately between markets. It also appears that Dutch investment did not destabilize London markets and stock prices in London were the primary determinant of prices in Amsterdam.