Deception in Markets

JOSHUA COVAL Harvard Business School, USA RACHEL T. A. CROSON University of Pennsylvania, OPIM, The Wharton School, USA PAUL DUMOUCHEL Graduate School of Core Ethics and Frontier Science, Ritsumeikan University, Japan PAUL VAN DER GRIJP Université de Provence, France ALAN HAMLIN Department of Economics, University of Southampton, UK MARCÉL HENAFF Department of Cultural and Religious Studies, University of California, USA ELLEN HERTZ Université de Neuchâtel, Institut d'ethnologie, Switzerland DAVID HIRSHLEIFER Department of Finance, Ohio State University, USA GISELA KUBON-GILKE Evangelische Fachhochschule Darmstadt, Germany VINCENT-ANTONIN LÉPINAY Sociology Department, Columbia University, USA & Centre de Sociologie de 'Innovation, Ecole des Mines, France LAWRENCE S. MOSS Economics Department, Babson College, USA S. ABU TURAB RIZVI Department of Economics, University of Vermont, USA ESTHER-MIRJAM SENT Nijmegen School of Management, University of Nijmegen, The Netherlands SIEW HONG TEOH Department of Finance, Ohio State University, USA

Introduction; C.Gerschlager PART I: THE RATIONALITY OF DECEPTION Deception and Game Theory; S.A.T.Rizvi Rational Deception; P.Dumouchel A Deceptive Journey From Rational Expectations to Bounded Rationality; E-M.Sent PART II: BEHAVIOR AND INCENTIVES TO DECEIVE: THE SUCCESS OF DECEPTION IN MARKETS Deception in Markets: The Enron Case; C.Gerschlager Deception in Economics Experiments; R.T.A.Croson Self-Deception and Deception in Capital Markets; J.Coval, D.Hirshleifer & S.H.Teoh PART III: SUBJECTIVISM AND DECEPTIVE BEHAVIOR IN MARKETS Price Theory and the Study of Deception in the Exchange Process; L.S.Moss PART IV: SOCIAL INSTITUTIONS AND REGULATION: HOW TO CONTROL DECEPTION Deception, Regulation and Politics; A.Hamlin Deception, Self-Deception and New Institutional Economics; G.Kubon-Gilke PART V: PRECONDITIONS OF MARKETS AND DECEPTION: AN ANTHROPOLOGICAL PERSPECTIVE Deception and Its Preconditions: Issues Raised by Financial Markets; V-A.Lépinay & E.Hertz Deception in Economic Anthropology; P.van der Grijp Gift Exchange, Play and Deception; M.Hénaff