This paper explores the interconnections between two of Herbert Simon's key concepts, bounded rationality and decomposability, and show how this unity provides the starting point for merging cognitively focused approaches to behavioral economics with evolutionary/institutional economics into a...

Economics is viewed as a discipline that is mainly concerned with 'simplistic' theorizing, centered upon constrained optimization. As such, it is ahistorical and outcome focused, ie, it does not deal with economic processes. It is argued that all parts of the economy are inhabited by complex...

We demonstrate that the process of generating smooth transitions Call be viewed as a natural result of the filtering operations implied in the generation of discrete-time series observations from the sampling of data from an underlying continuous time process that has undergone a process of...

Nowadays, with the rapid expansion of increasing utilization of renewable energy sources, power grid is evolving into a much complex man-made system in the technological age. Under the new circumstances, traditional methodologies for power system security analysis are facing a serious challenge....

A theory of value sits at the core of every school of economic thought and directs the allocation of resources to competing uses. Ecological resources complicate the modem neoclassical approach to determining value due to their complex nature, considerable non-market values and the difficulty in...