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Rational thinking under costly information—Macroeconomic implications

Gomes, Orlando - In: Economics Letters 115 (2012) 3, pp. 427-430

The notion of optimized rational behavior in the formation of expectations is used in this note to study the dynamics …, the selection of an optimal degree of rationality may lead to the generation of long-term endogenous fluctuations. …

Persistent link: https://www.econbiz.de/10011041783

Economic emergence: An evolutionary economic perspective

Foster, John; Metcalfe, J. Stan - In: Journal of Economic Behavior & Organization 82 (2012) 2, pp. 420-432

The standard neoclassical approach to economic theorising excludes, by definition, economic emergence and the related phenomenon of entrepreneurship. We explore how the most economic of human behaviours, entrepreneurship, came to be largely excluded from mainstream economic theory. In contrast,...

Persistent link: https://www.econbiz.de/10010576973

Do economists expect too much from expectations?

Weale, Martin - In: National Institute economic review : journal of the … 255 (2021), pp. 25-41

Persistent link: https://www.econbiz.de/10012505847

Classical, Modern, and New Garne Theory

Holler, Manfred J. - In: Journal of Economics and Statistics (Jahrbuecher fuer … 222 (2002) 5, pp. 556-583

This paper is a brief history of game theory with its main theme being the nature of the decision makers assumed in the various stages of its historical development. It demonstrates that changes in the "image of man" nourished the developments of what many believe to be progress in game theory....

Persistent link: https://www.econbiz.de/10008633413

Der Strommarkt als soziale Institution : eine erweiterte Perspektive auf die deutsche Diskussion um Kapazitätsmechanismen

Ellenbeck, Saskia; Schmidt, Peter; Battaglini, Antonella; … - In: Vierteljahrshefte zur Wirtschaftsforschung 82 (2013) 3, pp. 171-182

, expectations about the future market development, and strategic actor behavior may have an influence on the investment decisions in … market design, if the material, financial, and/or institutional opportunities and expectations change. …

Persistent link: https://www.econbiz.de/10011289592

Countering the power of Vested interests : advancing rationality in public decision-making

Stiglitz, Joseph E. - In: Journal of economic issues : jei 51 (2017) 2, pp. 359-365

Persistent link: https://www.econbiz.de/10011787123

The long-term viability of team reasoning

Amadae, Sonja M.; Lempert, Daniel - In: The journal of economic methodology 22 (2015) 4, pp. 462-478

Persistent link: https://www.econbiz.de/10011451649

Evolutionary exploration of the finitely repeated prisoners’ dilemma : the effect of out-of-equilibrium play

Lindgren, Kristian; Verendel, Vilhelm - In: Games 4 (2013) 1, pp. 1-20

The finitely repeated Prisoners’ Dilemma is a good illustration of the discrepancy between the strategic behaviour suggested by a game-theoretic analysis and the behaviour often observed among human players, where cooperation is maintained through most of the game. A game-theoretic reasoning...

Persistent link: https://www.econbiz.de/10009753714

Anticipated Fiscal Policy and Adaptive Learning

Evans, George W.; Honkapohja, Seppo; Mitra, Kaushik - C.E.P.R. Discussion Papers - 2007

We consider the impact of anticipated policy changes when agents form expectations using adaptive learning rather than … rational expectations. To model this we assume that agents combine limited structural knowledge with a standard adaptive …-up there are important deviations from both rational expectations and purely adaptive learning. Our approach could be applied …

Persistent link: https://www.econbiz.de/10005791639

Reference Points and Effort Provision

Abeler, Johannes; Falk, Armin; Götte, Lorenz; Huffman, … - C.E.P.R. Discussion Papers - 2009

candidate is expectations: what people expect could affect how they feel about what actually occurs. In a real-effort experiment …, we manipulate the rational expectations of subjects and check whether this manipulation influences their effort provision …-based reference-dependent preferences: if expectations are high, subjects work longer and earn more money than if expectations are low. …

Persistent link: https://www.econbiz.de/10005791668