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the US and EU we finally summarize the changes in economic theory and their impact on the rule of reason in these cases. …
Persistent link: https://www.econbiz.de/10010494490
The emergence of novelty is a driving agent for economic change. New technologies, new products and services, new institutional arrangements, to mention a few examples, are the backbone of development and growth. Important though it is, the emergence of novelty is not well understood. What seems...
Persistent link: https://www.econbiz.de/10010266699
The goal of scientific work is to understand more and more by less and less. In this effort, theoretical unification plays a large part. There are two main types of theoretical unification - unification of different theories of the same field of phenomena and unification of theories of different...
Persistent link: https://www.econbiz.de/10010267778
incompatible with expected utility theory which excludes the evaluation stage, and are also incompatible with prospect theory which … faced under risk and uncertainty, namely models under the umbrella of SKAT, the Stages of Knowledge Ahead Theory. A sequel …
Persistent link: https://www.econbiz.de/10010270023
This chapter reviews recent research adopting methods from statistical physics in theoretical or empirical work in economics and nance. The bulk of what has recently become known as 'econophysics' in broader circles draws its motivation from observed scaling laws in nancial markets and the...
Persistent link: https://www.econbiz.de/10010295154
economic behaviour will be interpreted as a sort of validity test of economic theory. …
Persistent link: https://www.econbiz.de/10010296815
discusses three very old cosmologies in Western thought, how these play out in economic theory, and how evolutionary biology can … help evaluate their validity and policy relevance. These cosmologies, as manifested in economic theory are, (1) rational …
Persistent link: https://www.econbiz.de/10010327358
Persistent link: https://www.econbiz.de/10010332746
In this paper we aim to trace the roots of the ongoing economic mayhem and to unmask the chorus of the tragedy which plays on the world stage. The main thesis of our work is that, despite the triumphant rhetoric praising the merits of perfect competition, the global fields of the dysfunctional...
Persistent link: https://www.econbiz.de/10010282231
subbudget decision making at all levels. The consequences of these introductions are enormous for traditional theory. Most …, nor exclusively determined by market prices. In addition to the above, this paper argues for expansion of demand theory …, and for expansion of the theory of general equilibrium. The paper argues against the existence of a hard budget constraint …
Persistent link: https://www.econbiz.de/10010286753