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Believe but Verify? Russian Views and the Market

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  • Andrew Austin
  • Tatyana Kosyaeva
  • Nathaniel Wilcox

Abstract

Prominent analysts argue that the Russian reform process has gone badly because Russian attitudes towards the market mechanism fundamentally differ from those in the West. Others strenuously dispute this. We combine surveys and a double auction experiment to investigate Russian beliefs about how markets work. Beliefs about the likelihood that economic theory would predict outcomes were elicited before (‘ex ante’) and after (‘ex post’) the double auction. Women, graduates of general secondary schools, children of Orthodox parents and children of entrepreneurs are more skeptical ex ante. Having observed the trading results women, children of Orthodox parents and children of entrepreneurs become less skeptical. Graduates of general secondary schools remain relatively skeptical ex post. Measures of political orientation are weakly associated with beliefs, and sociodemographic characteristics, such as occupation, income and parents’ education, have no detectable effect on beliefs about the predictive value of economic theory.

Suggested Citation

  • Andrew Austin & Tatyana Kosyaeva & Nathaniel Wilcox, 2005. "Believe but Verify? Russian Views and the Market," CERGE-EI Working Papers wp278, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    • Handle: RePEc:cer:papers:wp278
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    References listed on IDEAS

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    2. Andrew Austin & Nathaniel T. Wilcox, 2004. "Believing in Economic Theory: Sex, Lies, Evidence, Trust and Ideology," CERGE-EI Working Papers wp238, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
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    Cited by:

    1. D. Andrew Austin & Nathaniel T. Wilcox, 2007. "Believing In Economic Theories: Sex, Lies, Evidence, Trust, And Ideology," Economic Inquiry, Western Economic Association International, vol. 45(3), pages 502-518, July.
    2. Olga Popova, 2010. "Corruption, Voting and Employment Status: Evidence from Russian Parliamentary Elections," CERGE-EI Working Papers wp428, The Center for Economic Research and Graduate Education - Economics Institute, Prague.

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