Rationality In Economics
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Rationality In Economics
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Author : Vernon L. Smith
language : en
Publisher: Cambridge University Press
Release Date : 2007-11-05
Rationality In Economics written by Vernon L. Smith and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-05 with Business & Economics categories.
The principal findings of experimental economics are that impersonal exchange in markets converges in repeated interaction to the equilibrium states implied by economic theory, under information conditions far weaker than specified in the theory. In personal, social, and economic exchange, as studied in two-person games, cooperation exceeds the prediction of traditional game theory. This book relates these two findings to field studies and applications and integrates them with the main themes of the Scottish Enlightenment and with the thoughts of F. A. Hayek: through emergent socio-economic institutions and cultural norms, people achieve ends that are unintended and poorly understood. In cultural changes, the role of constructivism, or reason, is to provide variation, and the role of ecological processes is to select the norms and institutions that serve the fitness needs of societies.
Rationality And Explanation In Economics
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Author : Maurice Lagueux
language : en
Publisher: Routledge
Release Date : 2010-02-28
Rationality And Explanation In Economics written by Maurice Lagueux and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-02-28 with Business & Economics categories.
Economical questions indisputably occupy a central place in everyday life. In order to clarify these questions, people generally turn to those who are familiar with economics. In answering such legitimate questions, economists propose explanations which rest on a few principles among which the rationality principle is by far the most fundamental. This principle assumes that people are rational, but what is meant by this has to be specified. Rationality and Explanation in Economics claims that only a minimal kind of rationality is required to ‘animate’ economic explanations. However, such a conception of rationality faces serious objections: it is closely associated with harshly criticised methodological individualism and it is not easily disentangled from sheer irrationality. The book answers these objections and shows that the economists’ way of mobilising the concepts of maximization or of consistency for defining rationality raises more serious problems. Since the latter have encouraged various attempts to downgrade or even to dispense with the very notion of rationality, the book is largely devoted to countering arguments associated with these attempts and to show why postulating that agents are rational is still the only efficient way to explain economic phenomena as such. The author also proposes original views about the role of rationality, the meaning of methodological individualism, the relevance of the selection argument and the relation between ‘rational’ explanations of economics and explanations in natural sciences.
Quasi Rational Economics
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Author : Richard H. Thaler
language : en
Publisher: Russell Sage Foundation
Release Date : 1994-01-04
Quasi Rational Economics written by Richard H. Thaler and has been published by Russell Sage Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-01-04 with Business & Economics categories.
Standard economics theory is built on the assumption that human beings act rationally in their own self interest. But if rationality is such a reliable factor, why do economic models so often fail to predict market behavior accurately? According to Richard Thaler, the shortcomings of the standard approach arise from its failure to take into account systematic mental biases that color all human judgments and decisions.
Rationality And Irrationality In Economics
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Author : Maurice Godelier
language : en
Publisher: Verso Books
Release Date : 2014-07-08
Rationality And Irrationality In Economics written by Maurice Godelier and has been published by Verso Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-08 with Social Science categories.
This book is the result of a research project begun by the author in 1958 with the aim of answering two questions: First, what is the rationality of the economic systems that appear and disappear throughout history-in other words, what is their hidden logic and the underlying necessity for them to exist, or to have existed? Second, what are the conditions for a rational understanding of these systems-in other words, for a fully developed comparative economic science? The field of investigation opened up by these two questions is vast, touching on the foundations of social reality and on how to understand them. The author, being a Marxist, sought the answers, as he writes, 'not in philosophy or by philosophical means, but in and through examining the knowledge accumulated by the sciences.' The stages of his journey from philosophy to economics and then to anthropology are indicated by the divisions of his book. Godelier rejects, at the outset, any attempt to tackle the question of rationality or irrationality of economic science and of economic realities from the angle of an a priori idea, a speculative definition of what is rational. Such an approach can yield only, he feels, an ideological result. Rather, he treats the appearance and disappearance of social and economic systems in history as being governed by a necessity 'wholly internal to the concrete structures of social life.
Bounded Rationality And Behavioural Economics
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Author : Graham Mallard
language : en
Publisher: Routledge
Release Date : 2015-08-14
Bounded Rationality And Behavioural Economics written by Graham Mallard and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-08-14 with Business & Economics categories.
Economics Nobel Laureate Herbert Simon developed the concept of bounded rationality in the 1950s. This asserts that the cognitive abilities of human decision-makers are not always sufficient to find optimal solutions to complex real-life problems, leading decision-makers to find satisfactory, sub-optimal outcomes. This was a foundational component of the development of Behavioural Economics but in recent years the two fields have diverged, each with its own literature, its own approach and its own proponents. Behavioural Economics explores the areas of commonality between Economics and Psychology, in terms of its focus and its approach, whereas the bounded rationality literature largely analyses the implications of sub-optimal decision‐making through the mathematically sophisticated methodology of mainstream Economics. This book examines the nature and consequences of this divergence and questions whether this is a case of beneficial specialisation or whether it is unhelpful, potentially stunting the development of some aspects of Economics. It has been suggested that the major deficiency of Behavioural Economics is that it has failed to produce a single, widely applicable alternative to constrained optimisation. This book evaluates the extent to which this is the true and, if it is, the extent to which it is a product of the divergence between the two literatures. It also seeks to identify commonalities between the two subjects and suggests avenues of research in Economics that would benefit from a re-fusion of these two fields.
Rationality In Economics
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Author : Shaun Hargreaves Heap
language : en
Publisher: Wiley-Blackwell
Release Date : 1989-01-01
Rationality In Economics written by Shaun Hargreaves Heap and has been published by Wiley-Blackwell this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989-01-01 with Business & Economics categories.
Predictably Rational
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Author : Richard B. McKenzie
language : en
Publisher: Springer Science & Business Media
Release Date : 2009-10-21
Predictably Rational written by Richard B. McKenzie and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-10-21 with Business & Economics categories.
Mainstream economists everywhere exhibit an "irrational passion for dispassionate rationality." Behavioral economists, and long-time critic of mainstream economics suggests that people in mainstrean economic models "can think like Albert Einstein, store as much memory as IBM’s Big Blue, and exercise the will power of Mahatma Gandhi," suggesting that such a view of real world modern homo sapiens is simply wrongheaded. Indeed, Thaler and other behavioral economists and psychology have documented a variety of ways in which real-world people fall far short of mainstream economists' idealized economic actor, perfectly rational homo economicus. Behavioral economist Daniel Ariely has concluded that real-world people not only exhibit an array of decision-making frailties and biases, they are "predictably irrational," a position now shared by so many behavioral economists, psychologists, sociologists, and evolutionary biologists that a defense of the core rationality premise of modedrn economics is demanded.
The Economics Of Rationality
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Author : Bill J Gerrard
language : en
Publisher: Routledge
Release Date : 2006-04-10
The Economics Of Rationality written by Bill J Gerrard and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-04-10 with Business & Economics categories.
The concept of rationality is the heart of modern economics. Neo-classical theory seems unable to proceed without assuming a rational agent seeking to find the optimal means to a well defined end. Yet many find this uncritical treatment of rationality problematic. It takes little account of culture history or creativity and consequently many economists find this insistence on rationality of little use when trying to explain a wide range of economic phenomena. Increasingly these include a large number of game theorists and others involved in mainstream theory as well as those typically opposed to neo-classicism. The Economics of Rationality contains a number of critical perspectives on the treatment of rationality in economics.
Complex Economics
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Author : Alan Kirman
language : en
Publisher: Routledge
Release Date : 2010-09-13
Complex Economics written by Alan Kirman and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-09-13 with Business & Economics categories.
The economic crisis is also a crisis for economic theory. Most analyses of the evolution of the crisis invoke three themes, contagion, networks and trust, yet none of these play a major role in standard macroeconomic models. What is needed is a theory in which these aspects are central. The direct interaction between individuals, firms and banks does not simply produce imperfections in the functioning of the economy but is the very basis of the functioning of a modern economy. This book suggests a way of analysing the economy which takes this point of view. The economy should be considered as a complex adaptive system in which the agents constantly react to, influence and are influenced by, the other individuals in the economy. In such systems which are familiar from statistical physics and biology for example, the behaviour of the aggregate cannot be deduced from the behaviour of the average, or "representative" individual. Just as the organised activity of an ants’ nest cannot be understood from the behaviour of a "representative ant" so macroeconomic phenomena should not be assimilated to those associated with the "representative agent". This book provides examples where this can clearly be seen. The examples range from Schelling’s model of segregation, to contributions to public goods, the evolution of buyer seller relations in fish markets, to financial models based on the foraging behaviour of ants. The message of the book is that coordination rather than efficiency is the central problem in economics. How do the myriads of individual choices and decisions come to be coordinated? How does the economy or a market, "self organise" and how does this sometimes result in major upheavals, or to use the phrase from physics, "phase transitions"? The sort of system described in this book is not in equilibrium in the standard sense, it is constantly changing and moving from state to state and its very structure is always being modified. The economy is not a ship sailing on a well-defined trajectory which occasionally gets knocked off course. It is more like the slime described in the book "emergence", constantly reorganising itself so as to slide collectively in directions which are neither understood nor necessarily desired by its components.
Bounded Rationality And Industrial Organization
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Author : Ran Spiegler
language : en
Publisher: OUP USA
Release Date : 2011-02-18
Bounded Rationality And Industrial Organization written by Ran Spiegler and has been published by OUP USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-02-18 with Business & Economics categories.
Ît then rigorously analyses each model in the tradition of microeconomic theory, leading to a richer, more realistic picture of consumer behavior. Ran Spiegler analyses phenomena such as exploitative price plans in the credit market, complexity of financial products and other obfuscation practices, consumer antagonism to unexpected price increases, and the role of default options in consumer decision making. Spiegler unifies the relevant literature into three main strands: limited ability to anticipate and control future choices, limited ability to understand complex market environments, and sensitivity to reference points. Although the challenge of enriching the psychology of decision makers in economic models has been at the frontier of theoretical research in the last decade, there has been no graduate-level, theory-oriented textbook to cover developments in the last 10-15 years.