• V. Evstigneev — Subjective Image of the Forthcoming — How FX Market Participants Construct Their Prospects on the Nearest Future
• P. Zakharov — Changes in the U.S. Banking Sector Architecture as a Result of 2008—2009 Crisis

• V. Tambovtsev, I. Rozhdestvenskaya — Higher Education Reform in Russia: International Experience and Economics
• E. Basalaeva — The Possibilities of Economic Science to Make Profit for High School: Managers’, Accountants’ and Financiers’ Point of View

• A. Tatarkin, E. Andreeva, A. Ratner — Imperatives of Current Economic Development: World Trends and Russian Reality

• T. Kuznetsova — Vladimir G. Wenger: Scientist and His Time (To the 115th Birth Anniversary)

• A. Maltsev — Past and Future of the Chinese Economy (On the Book by J. Y. Lin "Demystifying the Chinese Economy")

• XIII "Leontief Readings" on Methodology, Theory and Practice of Economic Science

Abstracts

Research in experimental economics has cogently challenged the fundamental precept of neoclassical economics that economic agents optimize. The last two decades have seen elaboration of boundedly rational models that try to move away from the optimization approach, in ways consistent with experimental findings. Nonetheless, the collection of alternative models has made little headway supplanting the dominant paradigm. We delineate key ways in which neoclassical microeconomics holds continuing and compelling advantages over bounded-rationality models, and suggest, via a few examples, the sorts of further, difficult pushes that would be needed to redress this state of affairs. Closer collaboration between theoretic modeling and experiments is clearly seen to be necessary.

JEL classification: B40, C72, C90, D01, D21.
Keywords: experiments in economics, bounded rationality, optimization.

The paper is a comment on the article by R. Harstad and R. Selten and considers the tradeoff between bounded rationality and optimization models in the game-theoretic context. The author shows that in most of the models elements of opimization are still retained and that it is thus more productive to further improve the optimization-based modeling rather than to abandon them altogether in favour of bounded rationality.

JEL classification: B40, C72, D01, D03, D80.
Keywords: learning in games, Nash equilibrium, cognitive biases.

Harstad and Selten (this forum) raise interesting questions about the relative promise of optimization models and bounded-rationality models in making progress in economics. This article builds from their analysis by indicating the potential for using neoclassical (broadly defined) optimization models to integrate insights from psychology on the limits to rationality into economics. I lay out an approach to making (imperfect and incremental) improvements over previous economic theory by incorporating greater realism while attempting to maintain the breadth of application, the precision of predictions, and the insights of neoclassical theory. I?then discuss how many human limits to full rationality are, in fact, well understood in terms of optimization.

JEL classification: B49, D01, D03, D81, D84.
Keywords: optimization, bounded rationality, cognitive biases.

A formalism is developed to model time evolution of traders’ expectations in the FX market. The paper proves that the next-period probabilistic perspective follows the path of the fastest growth of subjective uncertainty and new information embodied in the next-period distribution. Time evolution is modeled in terms of a Fredholm-type integral equation. A technique is suggested to recover the spectrum of an unknown second-order differential operator.

JEL classification: G11, G12, G14.
Keywords: subjective probability, time evolution of probability density function, Fredholm equation, Mercer theorem, investors’ expectations, forex market.

The financial crisis in the USA has led to major changes in the banking sector architecture. Many financial institutions went bankrupt and were absorbed by competitors, while others were compelled to change their business models. That has resulted in consolidation of the banking sector. Significant developments were also imposed by B. Obama’s financial regulation reform and unprecedented interference of the federal government in banking business.

JEL classification: G21, G28, L11.
Keywords: banks, USA, consolidation, financial crisis, Barack Obama, regulation.

The paper is aimed to analyze the current higher education reform in Russia in the context of international experience of higher education systems’ performance and economics’ statements. It is shown that changes put into practice are in discrepancy with Russian higher education system institutional environment. As a consequence the achievement of formal resemblance of Russian higher education system with other effective higher education systems will not result in real improvement of its efficiency and quality. Alternative directions for the Russian higher education system transformation are proposed.

JEL classification: I23, I28, L15.
Keywords: higher education, reform, market for education services, credence goods, signaling, competition.

The article is devoted to the problem of sales of scientific results by economic high schools in Russia. It deals with the improvement of science management, accounting and financing. The author detects main barriers existing in the sphere of sales of scientific results and suggests more effective ways to resolve the problems.

JEL classification: М41, А11.
Keywords: market of economic research, sales of scientific results, accounting and financing of scientific research.

The tendencies of development of world and Russian economy in new post-crisis terms are analyzed. Fundamental changes are revealed related both to redistribution in global scales of economic influence and structural shifts in the world economy. The influence of new industrialization is analyzed as the most important factor of current economic development in the post-industrial world. The expediency of using the tools of public-private partnership in the Russian economy is discussed that presupposes more active and precise position of the state in formulating and reaching the priorities of country’s socio-economic development.

JEL classification: O100.
Keywords: economic growth, post-industrial economy, new industrialization, industrial policy, public-private partnership.

The article is devoted to the creative work of the Soviet economist-agrarian Vladimir Grigorievich Wenger, doctor of economic sciences, the employee of Institute of Economics, Academy of Sciences of the USSR. He was not only a contemporary, but also an active participant of all the most important events of this time, having the ability to analyze and critically comprehend. Along with deep agrarian studies of collective farmers, agricultural production and rural development in the Soviet Union; that have lost their relevance at the present time, Wenger’s works contribute to the understanding of the Soviet system as a social phenomenon.

JEL classification: B22, B30, N5, P32.
Keywords: law of value, collective farms, farmers, cooperatives, social structure of society.

The article is a review of the book "Demystifying the Chinese Economy" written by the famous Chinese economist J. Y. Lin. The book is about the China economic decline in the XVIII — beginning of the XX centuries; Lin also analyzes the country’s uneasy path towards market economy. Special attention according to the author should be paid to the success story of socio-economic modernization of People’s Republic of China in the last decades, which Lin explains using the comparative advantages concept.

JEL classification: O10, P11, P20.
Keywords: China, modernization, market economy, socio-economic development, comparative advantages.