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In situations of what we now describe as radical uncertainty, the core model of agent behaviour, of rational autonomous agents with stable preferences, is not useful. Instead, a different principle, in which the decisions of an agent are based directly on the decisions and strategies of other...
Persistent link: https://www.econbiz.de/10011387740
In situations of what we now describe as radical uncertainty, the core model of agent behaviour, of rational autonomous agents with stable preferences, is not useful. Instead, a different principle, in which the decisions of an agent are based directly on the decisions and strategies of other...
Persistent link: https://www.econbiz.de/10011279469
Persistent link: https://www.econbiz.de/10011913791
Persistent link: https://www.econbiz.de/10005345713
The ideas of modern macroeconomics provided the intellectual justification of the economic policies of the last 10 to 15 years. It is these ideas which the financial crisis falsified. The dominant paradigm in macroeconomic theory over the past 30 years has been that of rational agents who form...
Persistent link: https://www.econbiz.de/10008539905