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biological selection process in the sense that a population following any other preference for decision-making under risk will …
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biological selection process in the sense that a population following any other preference for decision-making under risk will …
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There are considerable difficulties in the way of the development of useful and reliable simulation models of social phenomena, including that any simulation necessarily includes many assumptions that are not directly supported by evidence. Despite these difficulties, many still hope to develop...
Persistent link: https://www.econbiz.de/10008619139
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 …
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