If we reassess the rationality question under the assumption that the uncertainty of the natural world is largely unquantifiable, where do we end up? In this article the author argues that we arrive at a statistical, normative, and cognitive theory of ecological rationality. The main casualty of...

Agent-based Computational Economics (ACE) is the computational study of economic processesmodeled as dynamic systems of interacting agents. This essay discusses the potentialuse of ACE modeling tools for the study of macroeconomic systems. Points are illustratedusing an ACE model of a two-sector...

MINE - Mapping the Interplay between Nature and Economy is a digital archive and visual map showing the intersection between nature and economy. By focusing on the interconnections between fundamental concepts e.g. of time, thermodynamics, evolution, responsibility and justice, a new concept of...

The aim of this paper is to contribute to an innovative agenda in the field of Environmental Economics. The paper focusses on a conceptual and political perspective on the interactions between nature and economy. Section 1 states that Environmental Economics has to consider three fields: nature,...

Behavioral economics aspires to replace the agents of neoclassical economics with living, breathing human beings. Here, the author argues that behavioral economics, like its neoclassical counterpart, often neglects the role of active sense-making that motivates and guides much human behavior....

Der Artikel geht der Frage nach, ob die Forderung einer 'Unternehmensverantwortung für soziale und ökologische Nachhaltigkeit' (CSR) in den Kurrikula der Hochschule verankert werden kann. Zunächst wird die Frage aus wissenschaftstheoretischer Sicht diskutiert. Dabei zeigt sich, dass es kein...

Macroeconomics faced substantial internal and external criticism related to the 2007-09 financial crisis. Much of it was based on the unsustainable idea that its goal could or should be unconditional forecasting of business cycles. Critics specially singled out dynamic, stochastic...

This paper discusses the actual relevance and historical origins or 'competition universalism'. In economics, competition is conceptualized as a nearly ubiquitous element of societies, or, at least, used to study a wide array of social and political relations, including competition between firms...

Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in developed and emerging market economies have become increasingly interested in their usefulness for policy analysis and...

We consider an artificial population of forward looking heterogeneous agents making decisions between schooling, employment, employment with training and household production, according to a behavioral model calibrated to a large set of stylized facts. Some of these agents are subject to policy...