biological selection process in the sense that a population following any other preference for decision-making under risk will …

biological selection process in the sense that a population following any other preference for decision-making under risk will …

Armen Alchian's article 'Uncertainty, evolution and economic theory' is widely acknowledged as a classic contribution … natural selection produce profit-maximising firms, and this in turn has been widely labelled 'The Alchian-Friedman Argument …' or 'The Alchian thesis' in the economic literature. In fact, 'The Alchian thesis' - that natural selection produces …

This paper studies aggregate dynamics in a cobweb model where learning takes place through a selection mecanism, by … in a way that favors the most profitable firm types. Selection may be inadequate because firms are being selected on the … basis of incorrect market signals. Selection itself may reinforce such mispricing, thus generating instability. I compare …

This paper studies aggregate dynamics in a cobweb model where learning takes place through a selection mechanism, by … in a way that favors the most profitable firm types. Selection may be inadequate because firms are being selected on the … basis of incorrect market signals. Selection itself may reinforce such mispricing, thus generating instability. I compare …

learning depends on aesthetic judgement, the evolutionary selection for learning implies an evolutionary molding of an …