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The aim of the paper is to introduce Kirzner's theory of entrepreneurial discovery as a complement and an alternative to the mainstream theory. In the first and the second sections, the author explains the main influences of Ludwig von Mises and Friedrich August von Hayek's works on...
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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. …
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