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Structural changes in economics during the last fifty years
Mishra, SK - Volkswirtschaftliche Fakultät, … - 2008
This essay portrays the major currents in recent economic thinking against the orthodoxy and dogmatism of neoclassical economics. It places behavioral economics, experimental economics, evolutionary economics, ecological economics, new institutional economics, agent-based computational economics...
Persistent link: https://www.econbiz.de/10005619939
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Optimal consumption under uncertainty, liquidity constraints, and bounded rationality
Özak, Ömer - Southern Methodist University, Department of Economics - 2012
characterize it. Additionally, I use an empirically plausible theory of learning to generate a class of adaptive learning … consumption theory. …
Persistent link: https://www.econbiz.de/10011003225
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Optimal consumption under uncertainty, liquidity constraints, and bounded rationality
Özak, Ömer - Southern Methodist University, Department of Economics - 2013
under uncertainty and liquidity constraints. Using an empirically plausible theory of learning I propose a class of adaptive …
Persistent link: https://www.econbiz.de/10011003226
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Choice By Sequential Procedures
Apesteguia, Jose; Ballester, Miguel Angel - Barcelona Graduate School of Economics (Barcelona GSE) - 2012
We propose a rule of decision-making, the sequential procedure guided by routes, and show that three influential boundedly rational choice models can be equivalently understood as special cases of this rule. In addition, the sequential procedure guided by routes is instrumental in showing that...
Persistent link: https://www.econbiz.de/10011253109
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Evolutionary economics and household behavior
Horioka, Charles Yuji - In: Philippine Review of Economics 51 (2014) 2, pp. 67-82
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 …
Persistent link: https://www.econbiz.de/10011261245
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COMPUTABLE ECONOMICS: RECONSTRUCTING THE NONCONSTRUCTIVE
ZAMBELLI, STEFANO - In: New Mathematics and Natural Computation (NMNC) 08 (2012) 01, pp. 113-122
results (theorems) of classical recursion theory and constructive mathematics should be at the foundation of theorizing in …
Persistent link: https://www.econbiz.de/10009650760
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An experimental analysis of bounded rationality: Applying insights from behavioral economics to information systems
Brecht, Franziska; Günther, Oliver; Güth, Werner; … - Wirtschaftswissenschaftliche Fakultät, … - 2011
The paradigm of bounded rationality considers the limited ability of individuals to make consistent and rational choices. Due to the scarcity of research on this phenomenon in information systems, we conducted an experimental study investigating decision-making regarding risk preferences and...
Persistent link: https://www.econbiz.de/10009391903
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ASYMMETRY IN RAW MILK SAFETY PERCEPTIONS AND INFORMATION: IMPLICATIONS FOR RISK IN FRESH PRODUCE MARKETING AND POLICY
Knutson, Ronald D.; Currier, Russell W.; Ribera, Luis A.; … - European Association of Agricultural Economists - EAAE; … - 2010
Scientific evidence clearly indicates that consumption of raw milk carries substantial disease-inducing health risks. While federal U.S. policy mandates that milk moving in interstate commerce be pasteurized; within 41 of 50 states, raw milk can be obtained for consumption. Warning labels...
Persistent link: https://www.econbiz.de/10009368847
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BOUNDED RATIONALITY AND PERFECT RATIONALITY: PSYCHOLOGY INTO ECONOMICS
Schilirò, Daniele - In: Theoretical and Practical Research in Economic Fields III (2013) 2, pp. 101-111
classical theory of choice would suggest, the economic agents are rational and the markets are or should be efficient and behave … also rationally. This contribution tries to highlight some well-known limits of the classical theory of rational choice and … compare this theory of choice with bounded rationality, which is a different notion of rationality, and with an approach that …
Persistent link: https://www.econbiz.de/10010604539
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Competition and Consumer Confusion
Laibson, David; Gabaix, Xavier - Econometric Society - 2004
which rational firms sell goods to consumers who evaluate products with noise. Using results from extreme value theory, we …
Persistent link: https://www.econbiz.de/10005063732