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Learning-by-Erring : Towards a New View of Rationality in Economics
Matziorinis, Kenneth N. - 2020
The cornerstone of mainstream economic theory is the premise of rationality. Humans are assumed to be rational economic …
Persistent link: https://www.econbiz.de/10012837991
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The Random part in network evolution
Grebel, Thomas - 2009
theory ; knowledge diffusion ; networks. …
Persistent link: https://www.econbiz.de/10003857887
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The Random part in network evolution
Grebel, Thomas - 2009
Economic behavior strives for efficiency. Therefore, also evolving network structures should be a result of such a goal-oriented behavior. Traditionally, networks were assumed to be only temporary phenomena, since the prevailing organizational forms that comply with the efficiency postulate are...
Persistent link: https://www.econbiz.de/10010271179
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Was Hayek an Ace?
Vriend, Nicolaas J. - 2002
In order to address the question whether Hayek might have been an Agent-based Computational Economist (ACE) avant-la-lettre, we consider an ACE model concerning the phenomenon of information contagion. Alongside increasing returns, network externalities, and information cascades, information...
Persistent link: https://www.econbiz.de/10014181594
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Die (innere) Logik des Entscheidens : zur neurobiologischen Fundierung ökonomischer Entscheidungen
Lehmann-Waffenschmidt, B. Cornelia (contributor);  … - 2008
Ziel des Beitrages ist es, die neueren Erkenntnisse der Neurobiologie zum Ent-scheidungsverhalten von Menschen für die Entwicklung eines idealtypischen Ablaufplans ökonomischer Entscheidungsvorgänge einzusetzen, indem die Logik deutlich gemacht wird, die den Aufbau des menschlichen Gehirns...
Persistent link: https://www.econbiz.de/10003796475
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Psychological versus Economic Models of Bounded Rationality
Ross, Don - 2013
That the rationality of individual people is ‘bounded’ – that is, finite in scope and representational reach, and constrained by the opportunity cost of time – cannot reasonably be controversial as an empirical matter. In this context, the paper addresses the question as to why, if...
Persistent link: https://www.econbiz.de/10014150388
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Hayek 2.0 :Grundlinien einer naturalistischen Theorie wirtschaftlicher Ordnungen
Herrmann-Pillath, Carsten - 2011
economics, this paper sketches the fundamentals of a naturalistic theory of economic order. In this endeavour, the argument … framework to substantive institutions that has been recently proposed by Aoki, I present Hayek's theory of culture in terms of … modern conceptions of performativity and distributed cognition. As a result, I introduce the concept of "institutionally …
Persistent link: https://www.econbiz.de/10009382379
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Cognitive load increases risk aversion
Gerhardt, Holger; Biele, Guido P.; Heekeren, Hauke R.; … - 2016
We investigate how stable individuals’ risk attitudes are with respect to changes in cognitive load. In a laboratory experiment using pairwise lottery choice and a within-subject design, we showthat putting subjects under load via a concurrent working-memory task significantly increases their...
Persistent link: https://www.econbiz.de/10011438007
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Cognitive Biases and the Representative Agent
Jouini, Elyes - 2015
result, we show that an agent with a probability weighting function as in Cumulative Prospect Theory (resp. an ambiguity …
Persistent link: https://www.econbiz.de/10013039075
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Cognitive Biases and the Representative Agent
Jouini, Elyes; Napp, Clotilde - 2015
result, we show that an agent with a probability weighting function as in Cumulative Prospect Theory (resp an ambiguity …
Persistent link: https://www.econbiz.de/10014045904