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evolutionary forces in games played repeatedly in large populations of boundedly rational agents. The approach is macro oriented in … are here outlined, and connections with learning models and standard notions of game-theoretic rationality and equilibrium …
Persistent link: https://www.econbiz.de/10010818398
In conjunction with its tercentenary celebrations in 1968, Sveriges Riksbank (Bank of Sweden) instituted a new award, "The Central Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel" on the basis of an economic commitment by the bank in perpetuity. The award is given by the...
Persistent link: https://www.econbiz.de/10005645284
In conjunction with its tercentenary celebrations in 1968, Sveriges Riksbank (Bank of Sweden) instituted a new award, "The Central Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel" on the basis of an economic commitment by the bank in perpetuity. The award is given by the...
Persistent link: https://www.econbiz.de/10005671120
No abstract.
Persistent link: https://www.econbiz.de/10010684478
rational learning requires implausible initial information assumptions, therefore some form of bounded rationality has come … learning methods give rise to many different equilibria, making economic modelling sensitive to assumptions on information and … into focus. Such learning models often converge to rational expectations equilibria within certain bounds. Convergence …
Persistent link: https://www.econbiz.de/10010684484
No abstract.
Persistent link: https://www.econbiz.de/10010684528
No abstract.
Persistent link: https://www.econbiz.de/10010684502
evolutionary forces in games played repeatedly in large populations of boundedly rational agents. The approach is macro oriented … are here outlined, and connections with learning models and standard notions of game-theoretic rationality and equilibrium …
Persistent link: https://www.econbiz.de/10005486499
We derive a family of probabilistic choice models including the multinomial logit model, from a microeconomic model in which the decision maker has to make some effort in order to avoid mistakes when implementing any desired outcome. The disutility of this effort enters the decision maker's goal...
Persistent link: https://www.econbiz.de/10005639336
Israel M. Kirzner is the 2006 winner of The International Award for Entrepreneurship and Small Business Research. In this essay, we present and evaluate his main contributions to the economics of entrepreneurship. The focus is on how Kirzner defines the entrepreneurial function. In order to...
Persistent link: https://www.econbiz.de/10005645371