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On apparent irrational behaviors : interacting structures and the mind

Gosselin, Pierre; Lotz, Aileen; Wambst, Marc - Volkswirtschaftliche Fakultät, … - 2013

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

Applying relevant ethical theories to equality

Punabantu, Siize - Volkswirtschaftliche Fakultät, … - 2012

Nelson Mandela said, “During my lifetime I have dedicated myself to this struggle of the African people. I have fought against White domination, and I have fought against Black domination. I have cherished the ideal of a democratic and free society in which all persons live together in harmony...

Persistent link: https://www.econbiz.de/10011259042

Rational Interacting Agents and Volatility Clustering: A New Approach

Siddiqi, Hammad - Volkswirtschaftliche Fakultät, … - 2007

volatility. Hence, there is no need to reject the notion of rationality in agent based models. …

Persistent link: https://www.econbiz.de/10005260132

Forecasts of relative performance in tournaments: evidence from the field

Santos-Pinto, Luís; Park, Young-Joon - Volkswirtschaftliche Fakultät, … - 2004

This paper uses a field experiment to investigate the quality of individuals' forecasts of relative performance in tournaments. We ask players in luck-based (poker) and skill-based (chess) tournaments to make point forecasts of rank. The main finding of the paper is that players' forecasts in...

Persistent link: https://www.econbiz.de/10005260227

A Generalization of Sen’s Unification Theorem: Avoiding the Necessity of Pairs and Triplets

He, Junnan - Volkswirtschaftliche Fakultät, … - 2011

This paper is concerned with the axiomatic foundation of the revealed preference theory. Many well-known results in literature rest upon the ability to choose over budget sets that contains only 2 or 3 elements, the situations which are not observable in real life. In order to give a more...

Persistent link: https://www.econbiz.de/10009652930

Economics and Theoretical Physics

Punabantu, Siize - Volkswirtschaftliche Fakultät, … - 2011

The recent earthquake in Japan and its impact on the Fukushima nuclear power plant is a tragic reminder of humanity’s ever growing dependence on energy for its socioeconomic development. Energy plays a central role in determining the effectiveness of economics. However, are the fundamental...

Persistent link: https://www.econbiz.de/10009228914

Rationality in Economics: from Homo Oeconomicus to „Homo Irationalis”

Constantinescu, Radu - Volkswirtschaftliche Fakultät, … - 2011

The aim of the present paper is an attempt to build a scaffolding with the help of which, the concept of “rationality … usage of the "rationality" concept in the economic science, the way that it can change the result of the human action and …

Persistent link: https://www.econbiz.de/10009294680

Mathematics as the role model for neoclassical economics (Blanqui Lecture)

Giocoli, Nicola - Volkswirtschaftliche Fakultät, … - 2005

Born out of the conscious effort to imitate mechanical physics, neoclassical economics ended up in the mid 20th century embracing a purely mathematical notion of rigor as embodied by the axiomatic method. This lecture tries to explain how this could happen, or, why and when the economists’...

Persistent link: https://www.econbiz.de/10009323927

Psychological behavior and economics: the need for new theories and redefinition of basic concepts in Islamic economics

Agil, Syed; Omar, Syed - Volkswirtschaftliche Fakultät, … - 2007

This study attempts to posit the nexus between psychology and economics. However it is not the purpose of the paper to focus on all aspects of psychology and its various theories. It is also not the purpose of this paper to trace the historical development of economics, its various schools and...

Persistent link: https://www.econbiz.de/10009401328

Rationality and choices in economics: behavioral and evolutionary approaches

Graziano, Mario; Schilirò, Daniele - Volkswirtschaftliche Fakultät, … - 2012

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 … single and undifferentiated thought, locked into the idea of perfect rationality, but, on the opposite, is a discipline that …

Persistent link: https://www.econbiz.de/10009418485