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A very reasonable objective still beyond our reach: Economics as an empirically disciplined social science

Dosi, Giovanni - 2002

painstaking attempts to operationalize the notion of 'bounded rationality' - in the broadest sense -, to make bridges with the …

Persistent link: https://www.econbiz.de/10010328517

Evolutionary economics and household behavior

Horioka, Charles Yuji - 2014

This paper provides an introduction to the field of evolutionary economics with emphasis on the evolutionary theory of … evolutionary theory of household behavior is to improve upon the neoclassical theory of household behavior by replacing the … neoclassical assumption of selfish utility maximization with bounded rationality and satisficing and by incorporating the reaction …

Persistent link: https://www.econbiz.de/10011421455

Evolutionary economics and household behavior

Horioka, Charles Yuji - 2014

Persistent link: https://www.econbiz.de/10010398499

Near-rational exuberance

Bullard, James; Evans, George W.; Honkapohja, Seppo - 2005

We study how the use of judgement or “add-factors” in macroeconomic forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which we call exuberance equilibria, can exist in standard macroeconomic...

Persistent link: https://www.econbiz.de/10011604601

Cheap Talk, Gullibility, and Welfare in an Environmental Taxation Game

Deissenberg, Christophe; Dawid, Herbert; Sevcik, Pavel - 2004

We consider a simple dynamic model of environmental taxation that exhibits time inconsistency. There are two categories of firms, Believers, who take the tax announcements made by the Regulator to face value, and Non-Believers, who perfectly anticipate the Regulator's decisions, albeit at a...

Persistent link: https://www.econbiz.de/10011325007

Social Conformity and Bounded Rationality in Arbitrary Games with Incomplete Information: Some First Results

Cartwright, Edward; Wooders, Myrna - 2003

In has been frequently observed, in both economics and psychology, that individuals tend to conform to the choices of other individuals with whom thy identify. Can such conformity be consistent with self-interested behaviour? To address this question we use the framework of games with incomplete...

Persistent link: https://www.econbiz.de/10011325147

Limited Rationality and Strategic Interaction: A Probabilistic Multi-Agent Model

Ortiz, Yves; Schüle, Martin - 2011

We develop a multi-agent framework based on probabilistic cellular automata theory to describe off-equilibrium dynamics … on the other players rationality is addressed within our multi-agent framework. We find that, if costs/payoffs act as …

Persistent link: https://www.econbiz.de/10011430083

Consistency in Organization

Schlicht, Ekkehart - 2003

Recent thinking has emphasized the importance of consistency in a firm?s compensation policy. By starting from Williamson?s ideas about idiosyncratic exchange, this view can be supplied with some theoretical foundation. At the same time, the consistency view can be applied to a number of...

Persistent link: https://www.econbiz.de/10010261986

Cournot Competition between Teams: An Experimental Study

Schipper, Burkhard C.; Raab, Philippe - 2004

In the economic literature on market competition, firms are often modeled as single decision makers and the internal organization of the firm is neglected (unitary player assumption). However, as the literature on strategic delegation suggests, one can not generally expect that the behavior of...

Persistent link: https://www.econbiz.de/10010263110

Externalities, communication and the allocation of decision rights

Bester, Helmut - 2005

This paper views authority as the right to undertake decisions that impose externalities on other members of the organization. When only decision rights can be contractually assigned to one of the organization's stakeholders, the optimal assignment minimizes the resulting inefficiencies by...

Persistent link: https://www.econbiz.de/10010299085

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