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The notion of optimized rational behavior in the formation of expectations is used in this note to study the dynamics …, the selection of an optimal degree of rationality may lead to the generation of long-term endogenous fluctuations. …
Persistent link: https://www.econbiz.de/10011041783
neoclassical assumption of selfish utility maximization with bounded rationality and satisficing and by incorporating the reaction …
Persistent link: https://www.econbiz.de/10011261245
The standard neoclassical approach to economic theorising excludes, by definition, economic emergence and the related phenomenon of entrepreneurship. We explore how the most economic of human behaviours, entrepreneurship, came to be largely excluded from mainstream economic theory. In contrast,...
Persistent link: https://www.econbiz.de/10010576973
This work is an attempt, first, to outline the basic building blocks of evolutionary theory in economics and, second, to offer a comparative assessment of different strands of literature which call upon evolutionary ideas of some sort. We sketch out what we consider to be the main results...
Persistent link: https://www.econbiz.de/10008578485
Persistent link: https://www.econbiz.de/10010528438
rationality. An agent's deviation from rational choice understood as maximization of gain can be caused by moral principles …
Persistent link: https://www.econbiz.de/10010839411
bounded rationality. An agent's deviation from rational choice understood as maximization of gain can be caused by moral …
Persistent link: https://www.econbiz.de/10010895070
This paper is a brief history of game theory with its main theme being the nature of the decision makers assumed in the various stages of its historical development. It demonstrates that changes in the "image of man" nourished the developments of what many believe to be progress in game theory....
Persistent link: https://www.econbiz.de/10008633413
rationality. …
Persistent link: https://www.econbiz.de/10005697811
, expectations about the future market development, and strategic actor behavior may have an influence on the investment decisions in … market design, if the material, financial, and/or institutional opportunities and expectations change. Ausgangspunkt für …
Persistent link: https://www.econbiz.de/10011128197