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Jochen Runde

Economics & Finance

Jochen Runde

Professor of Economics and Organization, University of Cambridge

Jochen Runde is Professor of Economics and Organization at the University of Cambridge and Professorial Fellow of Girton College.

His research interests include decision-making under extreme uncertainty, social ontology and the ontology of technology, explanation in the social sciences, innovation and entrepreneurship, institutional economics, and the economics of the Austrian School.

He is co-editor of the Cambridge Journal of Economics and has previously been awarded the Pilkington Prize for Excellence in Teaching.

Professor Runde is a member of the Economics and Policy subject group at Cambridge Judge Business School, which analyses how economics can improve growth and business performance.

Jochen Runde On Uncertainty, Probability, And Heuristics: February 17, 2024.

Education
PhD Economics, University of Cambridge · MPhil Economics, University of Cambridge · MCom Economics, University of the Witwatersrand · BCom Economics, University of the Witwatersrand · BCom, University of the Witwatersrand
Topics
Philosophy · Economics · Decision-Making Under Extreme Uncertainty · Social Ontology · The Ontology of Technology · Explanation in the Social Sciences · Innovation and Entrepreneurship · Institutional Economics · The Economics of the Austrian School

In the Encyclopedia1

Books6

  • (2004) The Elgar companion of economics and philosophy Aldershot: Edward Elgar. (ed. with Davis, J and Marciano, A). Paperback issue 2006.(2004) The Elgar companion of economics and philosophy Aldershot: Edward Elgar. (ed. with Davis, J and Marciano, A). Paperback issue 2006.2004
  • (2003) The Philosophy of Keynes’s Economics: Probability, Uncertainty and Convention. London: Routledge (ed. with Mizuhara, S).(2003) The Philosophy of Keynes’s Economics: Probability, Uncertainty and Convention. London: Routledge (ed. with Mizuhara, S).2003
  • (2008) Uncertainty, Conventional Behaviour and Economic Sociology, in Goodwin, N. (ed.), The Social Science Library: Frontier Thinking in Sustainable Development and Human Well-Being. CD. Medford, MA: Tufts University Global Development & Environment Institute. Reprinted from American Journal of Economics and Sociology, 64, 507-32 (with Bibow, J. and Lewis, P.A.). (The SSL collection is presented on a set of CDs and sent, without charge, to about 5,000 university libraries in 137 developing countries.)(2008) Uncertainty, Conventional Behaviour and Economic Sociology, in Goodwin, N. (ed.), The Social Science Library: Frontier Thinking in Sustainable Development and Human Well-Being. CD. Medford, MA: Tufts University Global Development & Environment Institute. Reprinted from American Journal of Economics and Sociology, 64, 507-32 (with Bibow, J. and Lewis, P.A.). (The SSL collection is presented on a set of CDs and sent, without charge, to about 5,000 university libraries in 137 developing countries.)2008
  • (2007) LiveEcon: Macroeconomics vol. II. Fully electronic textbook. Aberdeen: Interactyx (with McClausland, D., and Taylor, C.).(2007) LiveEcon: Macroeconomics vol. II. Fully electronic textbook. Aberdeen: Interactyx (with McClausland, D., and Taylor, C.).2007
  • (2007) LiveEcon: Microeconomics Essentials. Fully electronic textbook. Aberdeen: Interactyx (with Aidt, T., Faulkner, P. and Taylor, S.).(2007) LiveEcon: Microeconomics Essentials. Fully electronic textbook. Aberdeen: Interactyx (with Aidt, T., Faulkner, P. and Taylor, S.).2007
  • (2006) LiveEcon: Macroeconomics vol. I. Fully electronic textbook. Aberdeen: Interactyx (with McClausland, D., and Taylor, C.).(2006) LiveEcon: Macroeconomics vol. I. Fully electronic textbook. Aberdeen: Interactyx (with McClausland, D., and Taylor, C.).2006

Talks & video4

  • University of Hamburg, University of Cambridge, De Montfort University, University of East London, University of Frankfurt (VIA), University of Manchester, University College London, SOAS, University of Birmingham, Stirling University, Handelshochschule Leipzig, University of the Witwatersrand, Rand Afrikaans University, Queen Mary and Westfield College London, University of Aberdeen, Odense University, University of Graz, University of Ulster (CMI NCN event), University of Amsterdam, University of Münster, University of Turin, New York University, Cape Town University, University of Stellenbosch, Imperial College, George Mason University, MIT, Oxford University, Technische Universität Hamburg–Harburg, Eidgenössische Technische Hochschule Zürich, University of Bologna, LSE, Freie Universität Berlin, Kings College London, Singapore Management University, University of Sydney, University of Auckland
  • Invited Lecture to the South African Economics Society (1998)1998
  • Plenary Lecture, Research in Economics: The Importance of Methodology in the Social Sciences, University of Turin2005
  • Senior Scholar, Conference ‘From Vienna to Virginia’, Foundation for Economic Education, New York2008

Selected publications84

  1. 2014Models of causal inference: imperfect but applicable is better than perfect but inapplicable. Strategic Management Review (with Ellsaesser, F. and Tang, E.). DOI: 10.1002/smj.2164
  2. 2014De Finetti on uncertainty. Cambridge Journal of Economics 38(1): 1-21 (with Feduzi, A., and Zappia, C.).
  3. 2014(2014, forthcoming) Technological objects, social positions and the transformational model of social activity. In Pratten, S. (ed.) Social Ontology and Modern Economics. London: Routldege, reprinted from Management Information Systems Quarterly 37(3): 803-818 (with Faulkner, P.)
  4. 2013Technological objects, social positions and the transformational model of social activity. Management Information Systems Quarterly 37(3): 803-818 (with Faulkner, P.)
  5. 2012The uncertain foundations of the welfare state. Journal of Economic Behavior and Organization 80(3): 613-627 (DOI: 10.1016/j.jebo.2011.06.002) (with Feduzi, A.)
  6. 2012De Finetti on the insurance of risks and uncertainties. British Journal for the Philosophy of Science 63(2): 329-356 (with Feduzi, A., and Zappia, C.), republished in ERN History of Economics eJournal 6 (37), 09/30/2011.
  7. 2012On sociomateriality. In Leonardi, P. M., Nardi, B. and Kallinikos, J. (Eds.) Materiality and Organizing: Social Interaction in a Technological World. Oxford: Oxford University Press (with Faulkner, P.).
  8. 20102010- Elective Macroeconomics for the MBA
  9. 20102009-2010 Macroeconomics component of Paper 3E1 of the Engineering Tripos
  10. 2010Assessing causal explanations of specific events. Organisation Studies (with De Rond, M.), 31: 431-450.
  11. 2010Theorising technology. Cambridge Journal of Economics 34, 1-16 (with Faulkner, P. and Lawson, C.).
  12. 2010Special Issue on the Nature of Technology. Cambridge Journal of Economics 26 (with Faulkner P. and Lawson, C.).
  13. 2010Economic Theory and Economic Sustainability. In Pitelis, C., Keenan, J. and Pryce, V. (eds.) Green Business, Green Values, and Sustainability. London: Routledge, 52-66 (with Pitelis, C.).
  14. 20092009- Core Microeconomics for the MBA
  15. 2009Dissecting the Black Swan. Critical Review, 21, 491-505.
  16. 2009Ontology and the foundations of evolutionary economic theory: on Dopfer and Potts’ General Theory of Economic Evolution, Journal of Institutional Economics, 5, 361-378.
  17. 2009On rules, routines and the adoption of technological product innovations: the case of the transition from analogue photography to digital imaging (with Jones, M., Munir, K., and Nikolychuk, L.) Cambridge Journal of Economics. 33, 1-24. (leader article)
  18. 2009On the identity of technological objects and user innovations in function (with Faulkner, P.) Academy of Management Review. 34, 442-462.
  19. 20081999-2008 Core MBA Economics Precourse
  20. 2008Of mice and mentors. Times Higher Education, 13 March, 24.
  21. 2007Subjectivism, Social Structure and the Possibility of Socio-Economic Order: The case of Ludwig Lachmann (with Lewis, P.) Journal of Economic Behaviour and Organization. 62, 167-186. (leader article)
  22. 2006Where Economics and Philosophy Meet: Review of the Elgar Companion to Economics and Philosophy with Responses from the Authors (with Boettke, P., Coyne, C., Davis, J., Guala, F., Marciano, A., and Schabas, M.) Economic Journal 116, F302-F325.
  23. 2006Assessing Causal Economic Explanations. In Davis, J. (ed.) Recent Developments in Economic Methodology, vol. 1, part 3. Aldershot: Edward Elgar. Reprinted from Oxford Economic Papers 50 (1998).
  24. 20052005- Microeconomics component of the CMI Management of Technology and Innovation (MoTI) module
  25. 20052003-2005 Economics for core module of the CMI MPhil in Engineering for Sustainable Development
  26. 2005Conventions, Uncertainty and Economic Sociology. The American Journal of Economics and Sociology 64, 507-532 (with Bibow, J. and Lewis, P.).
  27. 20042001-2004 Microeconomics and Game Theory for core modules on the CMI MPhil on Technology Policy
  28. 20041990-2004 Selected topics for the MPhil Papers on Philosophical Issues in Economics and the Methodology of Economics (Faculty of Economics and Development Studies)
  29. 2004Information, Knowledge and Economic Agency, in Davis, J., Marciano, A. and Runde, J. (eds.) The Elgar companion of economics and philosophy. Aldershot: Edward Elgar, 423-445 (with Faulkner, P.).
  30. 2004Introduction. In Davis, J., Marciano, A. and Runde, J. (eds.) The Elgar companion of economics and philosophy. Aldershot: Edward Elgar, xii-xvii (with Davis, J. and Marciano, A.)
  31. 2003Is Reflecting Without Rules Enough? Journal of Economic Methodology 10, 535-541.
  32. 2003Introduction. In Runde, J. and Mizuhara, S. The Philosophy of Keynes’s Economics: Probability, Uncertainty and Convention. London: Routledge, 1-16 (with Mizuhara, S.).
  33. 2003On Some Explicit Links Between Keynes’s A Treatise on Probability and the General Theory. In Runde, J. and Mizuhara, S. The Philosophy of Keynes’s Economics: Probability, Uncertainty and Convention. London: Routledge, 46-54.
  34. 2003On Convention: Keynes, Lewis and the French School. In Runde, J. and Mizuhara, S. The Philosophy of Keynes’s Economics: Probability, Uncertainty and Convention. London: Routledge, 185-195 (with Bibow, J. and Lewis, P.).
  35. 20021999-2002 Paper G11 Microeconomics for the Engineering Tripos Part IIA and the Electrical and Information Sciences Tripos Part I
  36. 20021999-2002 Paper G11 Macroeconomics for the Engineering Tripos Part IIA and the Electrical and Information Sciences Tripos Part I
  37. 2002Special Issue on Critical Realism. Cambridge Journal of Economics 26, 1-3 (with Blankenburg, S., Lawson, C., Lawson, T., Lewis, P., and Pratten S.)
  38. 2002Filling in the Background. Journal of Economic Methodology 9, 11-30. (leader article)
  39. 2002Information, Knowledge and Agency: The Information Theoretic Approach and the Austrians. Review of Social Economy 60, 183-208.
  40. 2002Special Issue on Realism and Economics. Cambridge Journal of Economics 26 (with Blankenburg, S., Lawson, C., Lawson, T., Lewis, P., and Pratten S.).
  41. 2001Bringing Social Structure Back Into Economics: on Critical Realism and Hayek’s Scientism Essay. Review of Austrian Economics 14, 5-24. (leader article)
  42. 2001On Stephen Parsons’s Philosophical Critique of Transcendental Realism. Review of Political Economy 13, 101-114.
  43. 2001Risk Assessment and Small Business Bank Lending. In Arestis, P., Desai, M. and Dow, S. (eds.) Methodology, Microeconomics and Keynes. Essays in Honour of Vicky Chick. London: Taylor and Francis, 203-214.
  44. 2001Intersubjectivity in the socio-economic world: a critical realist perspective. In Fullbrook, E. (ed.) Intersubjectivism and Economics. London: Routledge,198-215 (with Lewis, P.).
  45. 2001Chances and choices: notes on probability and belief in economic theory. In Mäki, U (ed.) The Economic Worldview. Cambridge: Cambridge University Press, 132-153. Revised and extended version of a paper that originally appeared in The Monist 78, (1995), 132-153.
  46. 2000Shackle on Probability. In Earl, P. and Frowen, S. (eds.) Economics as the Art of Thought: Essays in Memory of G.L.S. Shackle. London: Routledge, 214-241.
  47. 19991999- Epistemology and Philosophy of Science for MPhil Research Methods Course
  48. 1999A critical realist perspective on Paul Davidson’s methodological writings on – and rhetorical strategy for – Post Keynesian economics. Journal of Post Keynesian Economics 22, 35-56 (with Lewis, P.)
  49. 1998Assessing Causal Economic Explanations. Oxford Economic Papers 50, 151-172. (leader article)
  50. 1998Some Links Between Keynes’s A Treatise on Probability and the General Theory (in Japanese) The Keizai Seminar 8, 60-67.
  51. 1998A clarification of Frank Knight’s discussion of the meaning of risk and uncertainty. Cambridge Journal of Economics 22, 539-546.
  52. 1998A clarification of Frank Knight’s discussion of the meaning of risk and uncertainty. In Vercelli, A. (ed.) Incertezza, Razionalita E Decisioni Economiche , Bologna, Il Mulino.
  53. 1998uncertainty, Keynesian/Knightian. In Davis, J.B., Wade Hands, D. and Mäki, U. The Elgar Handbook to Economic Methodology. Cheltenham: Edward Elgar, 513-516.
  54. 1998Shackle, G.L.S. In Davis, J.B., Hands, W.D. and Mäki, U. The Elgar Handbook to Economic Methodology. Cheltenham: Edward Elgar, 452-456.
  55. 1998Expectations and stock market prices. In Koppl, R. and Mongiovi, G. Methodological Issues in the Subjective Paradigm: Essays in Memory of L.M. Lachmann. London: Routledge (with Bibow, J.), 183-200.
  56. 1998On Popper, Probabilities and Propensities. In Fleetwood, S. (ed.) Critical Realism in Economics: Development and Debate, London: Routledge (1998), 63-82. Reprinted from Review of Social Economy 54 (1996).
  57. 1998Probability, Uncertainty and Long-Term Expectations. In O’Hara, P. (ed.) Encyclopedia of Political Economy. London: Routledge, 1189-1192. (1997) Keynesian Methodology. In Harcourt, G.C. and Riach, P. (eds.) General Theory 'Second Edition'. London: Routledge, 222-243.
  58. 1997Special Issue on Rationality and Economic Methodology: Introduction. Journal of Economic Methodology 4, 1-21 (with Anand, P.).
  59. 1997Special issue on rationality and economic methodology. The Journal of Economic Methodology 4 (with Anand, P.).
  60. 1997Rules for Prices? In Frowen, S. (ed.) Hayek: Economist and Social Philosopher - A Critical Retrospect. London: Macmillan; New York: St Martin’s Press, 179-183.
  61. 1996On Popper, Probabilities and Propensities. Review of Social Economy 54, 465-485.
  62. 1996Abstraction, Idealisation and Economic Theory. In Arestis, P., Palma, G. and Sawyer, M. (eds.) Markets, Unemployment and Economic Theory: Essays in honour of Geoff Harcourt (vol. 2). London: Routledge, 16-29.
  63. 1995Chances and Choices: Some Notes on Probability and Belief in Economic Theory. The Monist 78, 331-352.
  64. 1995Comment (on H.E. Kyburg's 'Keynes as a Philosopher'). Supplement to History of Political Economy 27, 33-38.
  65. 1995Young Back Choi's Paradigms and Conventions. Economics and Philosophy 11, 171- 177.
  66. 1995Risk, Uncertainty and Bayesian Decision Theory: A Keynesian View. In Dow, S.C. and Hillard, J. (eds.) Keynes, Knowledge and Uncertainty. Cheltenham: Edward Elgar, 197-210.
  67. 1994Keynes After Ramsey: In Defence of A Treatise on Probability. Studies in History and Philosophy of Science 25, 197-121.
  68. 1994Keynesian Uncertainty and Liquidity Preference. Cambridge Journal of Economics 18, 129-144. (leader article)
  69. 1994Expectations. In Arestis, P. and Sawyer, M. (eds.) Elgar Companion to Radical Political Economy. Aldershot: Edward Elgar, 133-138.
  70. 1994The Keynesian Probability-Relation: In Search of a Substitute. In Davis, J.B. (ed.) The State of Interpretation of Keynes. Boston: Kluwer Academic Press, 245-251.
  71. 1994Keynesian Uncertainty and the Weight of Arguments. In Cunningham Wood, J. (ed.) John Maynard Keynes: Critical Assessements, vol. VII. London: Routledge, 507-524. Reprinted from Economics and Philosophy 6, 275-292.
  72. 1994V. Vanberg's Rules and Choice in Economics, in Political Studies.
  73. 1993Paul Davidson and the Austrians: Reply to Davidson. Critical Review 7, 1-18.
  74. 1993Against Scepticism: A Review Essay. Research in the History of Economic Thought and Methodology 11, 233-240.
  75. 1993Special issue on German Reunification. Cambridge Journal of Economics 17 (with Wilkinson, F.)
  76. 1993C.-Y. Hsieh and M.H. Ye's Economics, Philosophy and Physics, in the Economic Journal 103, 1350.
  77. 1991Keynesian Uncertainty and the Instability of Beliefs. Review of Political Economy 3, 125-145.
  78. 1991On Keynes's Method. Review of Social Economy 49, 104-112 (with Labia, J.F.N.)
  79. 1990Keynesian Uncertainty and the Weight of Arguments. Economics and Philosophy 6, 275-292.
  80. 1990Madness in the Method. Times Higher Educational Supplement 930, 15 (with O'Donnell, R.M.).
  81. 1988Subjectivism, Psychology and the Austrians. In Earl, P.E. (ed.) Psychological Economics: Developments, Tensions and Prospects. Boston: Kluwer Academic Press, 101-120.
  82. 1985Divergent and Rational Expectations. South African Journal of Economics 53, 217- 225 (with Torr, C.S.W.). (leader article)
  83. 1985Theory and History in Marketing: A Comment. Managerial and Decision Economics 6, 183-185.
  84. 1985Theory and History in Marketing: A Rejoinder. Managerial and Decision Economics 6, 189-190.

Positions & affiliations21

  • 2012- Professor of Economics and Organisation, Judge Business School
  • 2010- Professorial Fellow, Girton College
  • 2006 Reader in Economics, Judge Business School
  • 2000 University Senior Lecturer in Economics, Judge Institute of Management
  • 1999 University Lecturer in Economics, Judge Institute of Management
  • 1993 Official Fellow and Lecturer in Economics, Girton College, Cambridge
  • 1991 Doris Woodall Research Fellow, Girton College, Cambridge
  • 1990 Bye-Fellow and Lecturer in Economics, Girton College, Cambridge
  • 1986 Lecturer, Department of Economics, University of the Witwatersrand, Johannesburg
  • 1984 Assistant Lecturer, Department of Economics, University of the Witwatersrand
  • 1984 Junior Lecturer, Department of Economics, University of the Witwatersrand
  • 2014 Visiting Professor, Sydney
  • 2010- Senior Scholar, the Hayek Project
  • 2008- Director of the MBA, Judge Business School
  • 2007-2008 Director of Programmes, Judge Business School
  • 2005-2007 Visiting Lecturer, Associazione CIVEN, Venice
  • 2003-2005 Director of Graduate Programmes, Cambridge-MIT Institute
  • 2001-2002 Associate Director, Professional Practice, Cambridge-MIT Institute
  • 1998-2005 Graduate Tutor (Arts), Girton College
  • 1998 Visiting Lecturer, University of the Witwatersrand
  • 1998 Visiting Lecturer, Rand Afrikaans University

Credentials & fellowships14

  • 1991- Co-editor, Cambridge Journal of Economics
  • 1997-2002 Editorial Board, Journal of Economic Methodology
  • (2000) Posthumous essay by Nikolas Siakantaris. Experimental economics under the Microscope. Cambridge Journal of Economics 23, 267-281 Conference Proceedings
  • (2010) Lionel Robbins, Economising and Innovating: A Business School Perspective. In Cowell, F. and Witztum, A. (eds.) Lionel Robbins’s essay on the nature and significance of economic science: 75th anniversary conference proceedings. Sticerd, LSE (with Pitelis, C.). Reviews
  • (1997) O. Hamouda and R. Rowley’s Probability in Economics, in Review of Social Economy 55, 379-381.
  • (1992) B. Bateman and J. Davis's Keynes and Philosophy: Essays on the Origin of Keynes's Thought, in the Review of Social Economy 50, 239-241.
  • (1992) B. Littleboy's On Interpreting Keynes: A Study in Reconciliation, in the Economic Journal 102, 962-963.
  • (1989) C. McKenna's The Economics of Uncertainty, in the South African Journal of Economics 57, 99-101. (1989) J. Ford's Economic Choice Under Uncertainty: A Perspective Theory Approach, in the South African Journal of Economics 57, 99-101.
  • (1987) T. Lawson and and H. Pesaran's Keynes's Economics: Methodological Issues, in the South African Journal of Economics 55, 192-195.
  • (1987) A. Klamer's The New Classical Macroeconomics: Conversations with New Classical Economists and their Opponents, in the South African Journal of Economics 55, 309- 31.
  • (1985) J. Wiseman's (ed.) Beyond Positive Economics, in the South African Journal of Economics 53, 103-106.
  • (1985) A. Eichner's (ed.) Why Economics is Not Yet a Science, in the South African Journal of Economics 53, 203-205.
  • (1985) N. Kaldor's Economics Without Equilibrium, in the South African Journal of Economics 53, 436-438.
  • (1984) P. Earl's The Economic Imagination, in the South African Journal of Economics 52, 414-417.

Honours & awards5

  • 2008 Best paper runner up at 29th Annual International Conference on Information Systems, December 14-17, for a paper entitled ‘About Time Too: Online News and Changing Temporal Structures in the Newspaper Industry’ (with Jones, K., Munir, K., and Orlikowski, W.)
  • 2000-2003 CMI Fellow, Cambridge-MIT Institute
  • 1991-1993 Doris Woodall Research Fellow, Girton College
  • 1990 Stevenson Prize (Cambridge) for a Postgraduate essay entitled 'Keynesian Uncertainty and the Weight of Arguments'
  • 1989 Alfred Eichner Memorial Prize awarded by the Review of Political Economy for an article entitled 'Uncertainty and the Instability of Beliefs' Oppenheimer Memorial Trust Grant Scholarships (Wahl, ORS, James McBride)