Rationality of expectations: comparison of neoclassical and evolutionary approaches

Paper compares two major schools of economic thought – neoclassical and evolutionary – from the perspective of keystone assumption: rationality of economic agents. It discusses role of rationality assumption in neoclassical and evolutionary theories; importance of expectations; and perspectives for analyzing them within the framework of evolutionary game theory – namely, through replicator dynamics.

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Year of publication:	2006-05-22
Authors:	Tomczyk, Emilia
Institutions:	Zakład Ekonometrii Stosowanej, Szkoła Główna Handlowa w Warszawie
Subject:	rationality \| expectations \| evolutionary economics

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Extent:	application/pdf
Series:	Working Papers.
Type of publication:	Book / Working Paper
Notes:	Number 8 15 pages
Classification:	B52 - Institutional; Evolutionary ; C79 - Game Theory and Bargaining Theory. Other ; D84 - Expectations; Speculations
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005113461