The representative agent (RA) approach of the mainstream economics allows a rich analysis of intertemporal maximization; but it rules out the possibility of the analysis of complex interactions. It is the latter that are at the root of this and other crises. We argue that the RA approach is...

This paper examines optimal decision making under three different organizational forms: committees, hierarchies, an d polyarchies. Focus is on the trade-off between errors of rejecting good projects versus errors of accepting bad projects, and on the tra de-off between gains from more extensive...

In this article the authors explore, in a preliminary way, some of the effects of learning-by-doing on the structure, conduct and performance of an industry. Learning is seen as a decline in a firm's unit production cost as a consequence of an increase in its cumulative production experience....