Welcome

Indian Journal of Economics and Business is a double refereed, high quality international journal that publishes articles and book reviews from academicians and business-persons. Managed by a team of 25 Associate Editors and 19 members of Editorial Advisory Board, the journal has taken several important strides since its inception in 2002. It is published 2 times per year. and is included in Journal of Economic Literature and Cabell's Directory of Journals in Economics and Finance.

Our publications also include themed Special Issues on contemporary topics. We have already published special issues on Outsourcing (2004), India and China (2005) and Austrian Economics (2006). Two other special issues of the 'Best Papers' voted' in Applied Business and Enterpreneurship Association International (ABEAI) conference sessions are already in print (2006 and 2007) and the third one is to be published in 2008. We hope to publish some more special issues in the future.

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IJEB June_2008 Issue: Vol 7. No. 1.

Article: Experimental Evidence on the Benefits of Eliminating Exchange Rate Uncertainties and Why Expected Utility Theory causes Economists to Miss Them
Robin Pope, Reinhard Selten, Sebastian Kube and Jürgen von Hagen

Abstract: Conclusions favorable to flexible exchange rates typically accord with expected utility theory in ignoring the costs that exchange rate uncertainty generates for governments, central banks, firms and unions in various knowledge stages that occur between identifying a problem and learning the outcome of the responding decision. Allowing for these involves SKAT, the Stages of Knowledge Ahead Theory, Pope (1983, 1995, 2005), Pope,Leitner and Leopold (2006). One of these costly stages in the complex real world is that of evaluating alternatives. The complexity precludes the maximising choices that, explicitly or implicitly, underlie arguments for flexible exchange rates. A laboratory experiment suggests that the complexity costs outweigh the advantages of having a flexible exchange rate as an additional instrument for managing a country’s international competitiveness goal.