Showing 1 - 10 of 117
own preferences. This justification of soft paternalism overlooks some methodological problems of expected utility theory …
Persistent link: https://www.econbiz.de/10011109175
The paper critically discusses the issue of rationality and choices in economics in both the behavioural and … the analysis of economic choices, showing the limits of rationality. On the other hand, the work offers a reinterpretation … of the theory of Alfred Marshall in a biologicalevolutionary perspective. The reinterpretation of Marshall's theory in a …
Persistent link: https://www.econbiz.de/10009418485
The paper discusses the concept of an economic man in economics and management. The concept of “homo oeconomicus” assumes the full rational behaviour of a deciding man and was applied in classical and neoclassical theories. Based on resent findings of the neuronal, cognitive and behavioural...
Persistent link: https://www.econbiz.de/10009147885
subjects are time-inconsistent and most violate the axioms of expected utility theory. These inconsistencies cannot be … explained by well-known theories of behavioral inconsistency, such as hyperbolic discounting and cumulative prospect theory … inconsistency and total payoffs are reported. Time-inconsistent subjects and those who violate expected utility theory both earn …
Persistent link: https://www.econbiz.de/10008693573
finance theory suggests, individual investors do not always make rational investment decisions. Their investment decision …
Persistent link: https://www.econbiz.de/10008562626
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/10011109624
This paper shows that the means-end rationality principle, as an ‘ultimate given’ of economics, delimits the faculty of …
Persistent link: https://www.econbiz.de/10011111113
What is the 99% and why does it exist? In this paper an attempt is made to explain why socio-economic unrest remains a modern problem. An effort has to be made to understand the origins of strife in systemic design of modern economics. Without this knowledge it may not be possible to fix the...
Persistent link: https://www.econbiz.de/10011111415
rationality and yet they have no regard for the necessity of deliberation about and valuation of future consequences of an action …
Persistent link: https://www.econbiz.de/10011258215
We develop a general method to solve models of interactions between multiple agents, including the possibility of strategic advantage for some of them. We argue that this type of model applies to the description of apparently irrational or biased behaviors in a person whose action is the...
Persistent link: https://www.econbiz.de/10011258738