This paper investigates risk preferences using an artefactual field experiment conducted with a non-standard subject pool of farmers in Ghana. I introduce an alternative methodology for studying preferences following replication of a seminal risk elicitation procedure by Binswanger (Am J Agric Econ 62(3):395407, 1980). An important feature of both approaches is that they are easy to understand and, hence, are particularly suitable for eliciting preferences among subjects with low levels of formal education. I successfully replicate Binswanger's study, documenting how his original result of the moderate level of risk aversion for an average farmer can be generalized to a different country. However, using my alternative approach, whereby lotteries are presented in the loss domain, I find that half of my experimental subjects violated expected utility theory. This approach is of relevance to the current literature on studying risk preferences among subjects with poor literacy skills.

In Australia there is a systematic ranking of academic research performance, with a major impact metric being based on publications in prestigious journals. Other countries like Britain with its Research Excellence Framework also have similar metrics. While much analysis and publicity is devoted to the rankings of the quality of research, there has been very little focus on how this ranked research has then gone on to make a public policy impact. In the case of the economics discipline, there has been little exploration of the relationship between publication in a high-ranked journal and contribution to an analysis of Australia’s most pressing economic issues. This article investigates the extent to which articles in the Diamond list of journals from 2001 to 2010 addressed Australian economic issues. Our results indicate that articles on current policy issues accounted for a very modest fraction of total Diamond list journal articles. One possible explanation for this finding, which is investigated further, is the correlation between an economics department’s Excellence in Research Australia ranking and the number of staff who obtained their doctorates from an overseas university. Such a correlation has implications for the status afforded to economics research with a specific national focus.

Discussions about increasing diversity in economics have ignored the role that associations play in the engagement of underrepresented economists. We continue work on diversity and inclusion in the Northeastern Agriculture and Resource Economics Association (NAREA) and other associations by analyzing membership and meeting attendance to promote diversity in economics. We estimate a vector error correction model (VECM) to identify the determinants of membership and meeting attendance and use member survey data to model membership and meeting attendance behavior. We find inequalities across gender, income, and professional status. Recommendations include locating meetings in accessible cities, increasing networking opportunities, and providing more services supporting underrepresented groups.

This paper provides a Consent Justification for benefit–cost analysis (BCA). The Consent Justification is based on a tendency toward actual compensation. A substantial justification for using BCA as a tool is the actual Pareto test, called the Consent Justification, in combination with the net present value criterion for individual projects. The traditional justification, the potential compensation test (PCT), is unsatisfactory on several grounds. In addition, the PCT occupies the uneasy position of being the source of extended criticisms in the economic literature and especially in the legal and philosophy literature. The argument for the Consent Justification lies not only in the deficiencies of the PCT, but also, especially, in a showing through simulation that all tend to gain across a portfolio of projects which is not large but rather robust with respect to errors and assumptions.

Leeson (2020) objects to the conflation of economics with applied econometrics, and argues that economics instead should be thought of as the implications of the assumption that individuals maximize, i.e. rational choice theory. But, narrowly defining economics in terms of method demands that we ignore alternative theoretical frameworks which potentially hold explanatory power about topics thought of as economics, all for the sake of a definition. I suggest that applying rational choice theory and applying econometrics became the comparative advantage for economists relative to other social scientists by accidents of history. These comparative advantages largely persist. It is reasonable to call applications of both rational choice theory and econometrics to topics outside conventional economic topics ‘economics’ simply because these applications remain the comparative advantage of economists.

El Tratado de Economía Política de Jean-Baptiste Say es la obra de Economía de mayor impacto en el siglo XIX en España, por su notable influencia en los debates parlamentarios y en la docencia. Quizás debido a este éxito y a las diferentes ediciones y traducciones realizadas, se percibe un cierto desconcierto en las numerosas referencias bibliográficas sobre esta obra. Este trabajo pretende aclarar tanto la reiterada confusión sobre las diferentes ediciones en español del Traité como las dudas sobre sus traductores que, en algunos casos, se veían obligados a ocultar su identidad por los obstáculos a la libertad de prensa. También encontramos que la obra de Say se traduce dentro de dos proyectos editoriales; uno docente, vinculado a la Real Sociedad Económica de Amigos del País, y otro político que permitió aprovechar el trienio liberal para poner nuevas ideas al servicio de los legisladores y de los estudiantes.

This paper transcribes and annotates five unpublished letters that Manuel María Gutiérrez, Álvaro Flórez Estrada and the Marquis of Valle Santoro respectively sent to Jean-Baptiste Say. An initial hypothesis holds the importance of this correspondence in order to argue the connection of the Spanish authors with the canonical works. We focus on several questions related to the transmission of economic ideas. First, the translation of Say’s work is a collective project structured around the Real Sociedad Económica de Amigos del País de Madrid. Secondly, we explain how the translator expurgates the condemnable passages in order to publish Say’s Traité d`économie politique in Spanish, those connected to the influence of religion on economic development and public education to be exact.

The foundation of specialised economic journals was one of the main traits in the process of institutionalisation of political economy in 19th century Western Europe. Spain joined this trend at an early stage and in the 1850s and 1860s some specialised, albeit ephemeral, journals sponsored by the liberal school of economic thought – the Economist School – emerged. However, when these reviews ceased publication, Spanish economists lacked specialised periodicals as an outlet for their contributions. Miscellaneous literary reviews addressing a wider audience represented an alternative for the diffusion of economic papers into educated society, sharing space with many other scientific and literary disciplines. This paper analyses the presence of texts on political economy in four of the most important of these reviews in the period 1868-1914, when Spain lacked economic publications. In spite of not being specialised reviews, these publications played a central role in the process of diffusion and popularisation of political economy as a valuable field of knowledge, acting as a good substitute for specifically economic journals.

The influence of economic ideas in parliamentary debates has attracted increasing attention in the analysis of the institutionalisation of political economy in the liberal age in the Western world. Within this framework, this paper explores a particular case: the relevance of economic ideas and the role of economists in the debates that took place in the Spanish Parliament in 1869 following the bill issued by the Minister of Finance Figuerola to establish a tax on personal incomes. Economic ideas and parliamentarian economists played a significant role in the design of the income tax as a key tool to modernise Spain's tax system, and in the subsequent parliamentary discussions.