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. Keynes, the former by ascribing Mandeville the primacy of the idea of spontaneity in evolution and the latter by assesing …
Persistent link: https://www.econbiz.de/10005036660
Joint-stock companies are among the most fundamental components of a market economy. “Voucher privatization” in the Czech Republic saw an abrupt mushrooming of joint-stock companies where none had appeared for over a generation. This occurred in an environment lacking in guiding...
Persistent link: https://www.econbiz.de/10005698625
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We present a model of learning in which agents learn from errors. If an action turns out to be an error, the agent … an acceptable solution is asymptotically reached. Moreover, one can take advantage of big errors for a faster learning. …
Persistent link: https://www.econbiz.de/10005572182