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article is to provide such a formal demonstration. We thus concentrate on the General Theory to verify how it constitutes a …
Persistent link: https://www.econbiz.de/10010750536
Abstract: In the opening sentence of Money, Interest, and Prices, Patinkin noted that his book was the outgrowth of ideas first presented in his doctoral dissertation. This claim has attracted the attention of most scholars who wrote about his works in recent years. As shown by Boianovsky...
Persistent link: https://www.econbiz.de/10009353558
The capital market in Böhm-Bawerk's Positive Theory of Capital appears at several places. The last chapter of the book …
Persistent link: https://www.econbiz.de/10008793665
According to a minimalist version of Afriat's theorem, a consumer behaves as a utility maximizer if and only if a feasibility matrix associated with his choices is cyclically consistent. An essential experiment consists of observed consumption bundles (x_1,..., x_n) and a feasibility matrix...
Persistent link: https://www.econbiz.de/10010898589
The question of choice, in Hume's works, lies within the more general framework of the theory of passions. These lead … pleasure as an idea, the ' force and vividness' of which determines action. The question of choice in uncertainty is derived …
Persistent link: https://www.econbiz.de/10008790734
According to a minimalist version of Afriat's theorem, a consumer behaves as a utility maximizer if and only if a feasibility matrix associated with his choices is cyclically consistent. An essential experiment consists of observed consumption bundles (x_1,..., x_n) and a feasibility matrix...
Persistent link: https://www.econbiz.de/10010569154
the uncertainty of subjects regarding others' rationality. We do so by comparing the price forecasts submitted by subjects … hypothesis that uncertainty about others' rationality plays a major role in causing substantial deviation of forecast prices from …
Persistent link: https://www.econbiz.de/10010933826
The purpose of this paper is twofold. We first point out that violation of rationality axioms (SARP, GARP, WARP) do not … non-respect of demand theory axioms but by the changing of preferences over the period. A logistic regression confirms the …
Persistent link: https://www.econbiz.de/10009643767
I establish, in simple deterministic overlapping generations economies, that if each agent holds rationally formed expectations in the sense that any other expectations justifying his choices imply a smaller likelihood for the history he observes with limited memory, then there are rationally...
Persistent link: https://www.econbiz.de/10010750627
This paper focuses on the link between the economic conceptions of rationality and learning. Traditionally, most … is not the process of learning, but the result of learning: ‘a fully rational agent'. Heterodox rationality conceptions … such as the Simonian model of bounded rationality seem more compatible with the idea of learning. Bounded rationality …
Persistent link: https://www.econbiz.de/10010751001