Rationality Bounded Rationality And Microfoundations

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Rationality Bounded Rationality And Microfoundations

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Author : R. Salehnejad
language : en
Publisher: Springer
Release Date : 2006-11-28

Rationality Bounded Rationality And Microfoundations written by R. Salehnejad and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-11-28 with Business & Economics categories.

This book challenges the generally accepted theories of classical economics, explaining why the expected utility theory, even if it were true, fails to be of much help in solving economic controversies.

Microfoundations Of Evolutionary Economics

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Author : Yoshinori Shiozawa
language : en
Publisher: Springer
Release Date : 2016-08-08

Microfoundations Of Evolutionary Economics written by Yoshinori Shiozawa and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-08 with Business & Economics categories.

​This book provides for the first time the microfoundations of evolutionary economics. It enables the reader to grasp a new framework for economic analysis that is compatible with evolutionary processes. Any independent economics must contain a value theory (or price theory) and price and quantity adjustment processes. Evolutionary economics rightly and successfully concentrated its efforts on explaining evolutionary processes in technology and institutions. However, it did not have its own value theory and could not explain the workings of everyday economics processes, in which any evolutionary processes would take place. Our point of departure is myopic agents with strongly limited rationality and forecasting capacities (in extreme contrast to mainstream economics). We show how myopic agents, in a complex world, can produce a stable price system and observe how they can adjust their productions to the changes of demand flows. Agents behave without knowledge of the total process and they generate a stable economy as large as the global network of exchanges. This is a true wonder of the market mechanism. In contrast to mainstream general equilibrium theory, this wonder is finely explained without the help of an auctioneer or the concepts of demand and supply functions. With this book, evolutionary economics can claim to be an independent economics that can totally replace mainstream neoclassical economics.

The Handbook Of Rational Choice Social Research

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Author : Rafael Wittek
language : en
Publisher: Stanford University Press
Release Date : 2013-06-05

The Handbook Of Rational Choice Social Research written by Rafael Wittek and has been published by Stanford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-06-05 with Social Science categories.

The Handbook of Rational Choice Social Research offers the first comprehensive overview of how the rational choice paradigm can inform empirical research within the social sciences. This landmark collection highlights successful empirical applications across a broad array of disciplines, including sociology, political science, economics, history, and psychology. Taking on issues ranging from financial markets and terrorism to immigration, race relations, and emotions, and a huge variety of other phenomena, rational choice proves a useful tool for theory- driven social research. Each chapter uses a rational choice framework to elaborate on testable hypotheses and then apply this to empirical research, including experimental research, survey studies, ethnographies, and historical investigations. Useful to students and scholars across the social sciences, this handbook will reinvigorate discussions about the utility and versatility of the rational choice approach, its key assumptions, and tools.

The Behavioural Finance Revolution

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Author : Riccardo Viale
language : en
Publisher: Edward Elgar Publishing
Release Date : 2018

The Behavioural Finance Revolution written by Riccardo Viale and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with BUSINESS and ECONOMICS categories.

Financial markets are complex. Regulators strive to predict ways in which they can malfunction and create rules to prevent this from happening, yet behavioural impacts are often overlooked. This book explores how behavioural finance can go hand-in-hand with traditional methods to help banks and regulators create better policies. It also demonstrates how the behavioural finance revolution has opened the way to a more integrated approach to the analysis of economic phenomena.

Smart Economic Decision Making In A Complex World

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Author : Morris Altman
language : en
Publisher: Academic Press
Release Date : 2020-05-22

Smart Economic Decision Making In A Complex World written by Morris Altman and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-22 with Business & Economics categories.

Smart Economic Decision-Making in a Complex World is a fresh and reality-based perspective on decision-making with significant implications for analysis, self-understanding and policy. The book examines the conditions under which smart people generate outcomes that improve their place of work, their household and society. Within this work, the curious reader will find interesting open questions on many fascinating areas of current economic debate, including, the role of realistic assumptions robust model building, understanding how and when non-neoclassical behavior is best practice, why the assumption of smart decision-makers is best to understand and explain our economies and societies, and under what conditions individuals can make the best possible choices for themselves and society at large. Additional sections cover when and how efficiency is achieved, why inefficiencies can persist, when and how consumer welfare is maximized, and what benchmarks should be used to determine efficiency and rationality. - Makes the case for 'smart and rational' decision-making as a context-dependent rational process that is framed by socio-cultural environment and conditioned by institutional capacities - Explains how incorporation of the 'smart' decision-maker concept into economic thought improves our understanding of how, why and when people generate certain outcomes - Explores how economic efficiency can be achieved, individual preferences realized, and social welfare maximized through the use of 'smart and rational' approaches

Handbook Of Teaching Public Policy

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Author : Emily St.Denny
language : en
Publisher: Edward Elgar Publishing
Release Date : 2024-01-18

Handbook Of Teaching Public Policy written by Emily St.Denny and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-01-18 with Political Science categories.

Pragmatic, progressive and global in its approach, this Handbook centres around the key question: How can we teach public policy? Presenting a wide variety of theoretical and methodological perspectives, it expertly examines current approaches to teaching public policy and critically reflects on potential future developments in the field.

The Microfoundations Delusion

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Author : John Edward King
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01

The Microfoundations Delusion written by John Edward King and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.

ïThis excellent book documents the creation of what has become the first commandment of orthodox macroeconomics: that microeconomic theory provides its foundation because this is the most secure form of economic knowledge. By contrast, John King shows conclusively that microeconomics cannot play such a role when assessed by the criteria of logic, or of science, or of economics itself. Indeed, he goes further and demonstrates that the microfoundations dogma detracts from knowledge about how economies actually operate, and instead generates patently false conclusions. Moreover, the dogma is shown to have blinded orthodox economists from even seeing the possibility of typical macroeconomic crises, and has disarmed them in formulating policies that would eliminate actual crises. The book therefore deals with a topic at the very heart of the present debacle in the world economy.Í _ Michael Howard, University of Waterloo, Canada ïA generation ago Dudley Dillard wrote a famous article on the ñbarter illusion in classical and neoclassical economicsî. Now John King has gone a step further and written about the microfoundations delusion. The illusion has been with us for a very long time, the delusion is of more recent vintage. Together they have blocked a basic understanding of macroeconomic and monetary phenomena at a time when they are most urgently needed. This is a book that had to be written, and we are fortunate that it is John King who has written it. Essential reading for our times.Í _ John Smithin, York University, Canada In this challenging book, John King makes a sustained and comprehensive attack on the dogma that macroeconomic theory must have ïrigorous microfoundationsÍ. He draws on both the philosophy of science and the history of economic thought to demonstrate the dangers of foundational metaphors and the defects of micro-reduction as a methodological principle. Strong criticism of the microfoundations dogma is documented in great detail, from some mainstream and many heterodox economists and also from economic methodologists, social theorists and evolutionary biologists. The author argues for the relative autonomy of macroeconomics as a distinct ïspecial scienceÍ, cooperating with but most definitely not reducible to microeconomics. The Microfoundations Delusion will prove a stimulating and thought-provoking read for scholars, students and researchers in the fields of economics, heterodox economics and history of economic thought.

From Micro To Macro

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Author : Mohammad Reza Salehnejad
language : en
Publisher:
Release Date : 2005

From Micro To Macro written by Mohammad Reza Salehnejad and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.

Innovation Organization And Economic Dynamics

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Author : Giovanni Dosi
language : en
Publisher: Edward Elgar Publishing
Release Date : 2000-01-01

Innovation Organization And Economic Dynamics written by Giovanni Dosi and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-01-01 with Business & Economics categories.

Conventional economic analysis of property rights in natural resources is too narrow and restrictive to allow for effective comparisons between alternative institutional structures. In this book, a conceptual framework is developed for the analysis of the

Politics And The Architecture Of Choice

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Author : Bryan D. Jones
language : en
Publisher: University of Chicago Press
Release Date : 2001-05

Politics And The Architecture Of Choice written by Bryan D. Jones and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-05 with Business & Economics categories.

Politics and the Architecture of Choice draws on work in political science, economics, cognitive science, and psychology to offer an innovative theory of how people and organizations adapt to change and why these adaptations don't always work. Our decision-making capabilities, Jones argues, are both rational and adaptive. But because our rationality is bounded and our adaptability limited, our actions are not based simply on objective information from our environments. Instead, we overemphasize some factors and neglect others, and our inherited limitations—such as short-term memory capacity—all act to affect our judgment. Jones shows how we compensate for and replicate these limitations in groups by linking the behavioral foundations of human nature to the operation of large-scale organizations in modern society. Situating his argument within the current debate over the rational choice model of human behavior, Jones argues that we should begin with rationality as a standard and then study the uniquely human ways in which we deviate from it.