Rationality And Irrationality In Economic Theory

Download Rationality And Irrationality In Economic Theory full books in PDF, epub, and Kindle. Read online Rationality And Irrationality In Economic Theory ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!

Rationality and Irrationality in Economics

Author : Maurice Godelier
Publisher : Verso Books
ISBN 13 : 1781689857
Total Pages : 414 pages
Book Rating : 4.7/5 (816 download)

DOWNLOAD NOW!

Book Synopsis Rationality and Irrationality in Economics by : Maurice Godelier

Download or read book Rationality and Irrationality in Economics written by Maurice Godelier and published by Verso Books. This book was released on 2014-07-08 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

The Law and Economics of Irrational Behavior

Author : Francesco Parisi
Publisher : Stanford University Press
ISBN 13 : 9780804751445
Total Pages : 634 pages
Book Rating : 4.7/5 (514 download)

DOWNLOAD NOW!

Book Synopsis The Law and Economics of Irrational Behavior by : Francesco Parisi

Download or read book The Law and Economics of Irrational Behavior written by Francesco Parisi and published by Stanford University Press. This book was released on 2005 with total page 634 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of essays explores the most relevant developments at the interface of economics and psychology, giving special attention to models of irrational behavior, and draws the relevant implications of such models for the design of legal rules and institutions. The application of economic models of irrational behavior to law is especially challenging because specific departures from rational behavior differ markedly from one another. Furthermore, the analytical and deductive instruments of economic theory have to be reshaped to deal with the fragmented and heterogeneous findings of psychological research, turning towards a more experimental and inductive methodology. This volume brings together pioneering scholars in this area, along with some of the most exciting developments in the field of legal and economic theory. Areas of application include criminal law and sentencing, tort law, contract law, corporate law, and financial markets.

Is Behavioral Economics Doomed?

Author : David K. Levine
Publisher : Open Book Publishers
ISBN 13 : 1906924929
Total Pages : 154 pages
Book Rating : 4.9/5 (69 download)

DOWNLOAD NOW!

Book Synopsis Is Behavioral Economics Doomed? by : David K. Levine

Download or read book Is Behavioral Economics Doomed? written by David K. Levine and published by Open Book Publishers. This book was released on 2012 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, David K. Levine questions the idea that behavioral economics is the answer to economic problems. He explores the successes and failures of contemporary economics both inside and outside the laboratory, and asks whether popular behavioral theories of psychological biases are solutions to the failures. The book not only provides an overview of popular behavioral theories and their history, but also gives the reader the tools for scrutinizing them.

Predictably Irrational

Author : Dan Ariely
Publisher : Harper Collins
ISBN 13 : 006135323X
Total Pages : 310 pages
Book Rating : 4.0/5 (613 download)

DOWNLOAD NOW!

Book Synopsis Predictably Irrational by : Dan Ariely

Download or read book Predictably Irrational written by Dan Ariely and published by Harper Collins. This book was released on 2008-02 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Intelligent, lively, humorous, and thoroughly engaging, "The Predictably Irrational" explains why people often make bad decisions and what can be done about it.

Complex Economics

Author : Alan Kirman
Publisher : Routledge
ISBN 13 : 1136941673
Total Pages : 366 pages
Book Rating : 4.1/5 (369 download)

DOWNLOAD NOW!

Book Synopsis Complex Economics by : Alan Kirman

Download or read book Complex Economics written by Alan Kirman and published by Routledge. This book was released on 2010-09-13 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Words, Objects and Events in Economics

Author : Peter Róna
Publisher : Springer Nature
ISBN 13 : 3030526739
Total Pages : 236 pages
Book Rating : 4.0/5 (35 download)

DOWNLOAD NOW!

Book Synopsis Words, Objects and Events in Economics by : Peter Róna

Download or read book Words, Objects and Events in Economics written by Peter Róna and published by Springer Nature. This book was released on 2020-09-03 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book examines from a variety of perspectives the disappearance of moral content and ethical judgment from the models employed in the formulation of modern economic theory, and some of the papers contain important proposals about how moral judgment could be reintroduced in economic theory. The chapters collected in this volume result from the favorable reception of the first volume of the Virtues in Economics series and represent further contributions to the themes set out in that volume: (i) examining the philosophical and methodological fallacies of this turn in modern economic theory that the removal of the moral motivation of economic agents from modern economic theory has entailed; and (ii) proposing a return descriptive economics as the means with which the moral content of economic life could be restored in economic theory. This book is of interest to researchers and students of the methodology of economics, ethics, philosophers concerned with agency and economists who build economic models that rest in the intention of the agent.

Economic Fables

Author : Ariel Rubinstein
Publisher : Open Book Publishers
ISBN 13 : 1906924775
Total Pages : 266 pages
Book Rating : 4.9/5 (69 download)

DOWNLOAD NOW!

Book Synopsis Economic Fables by : Ariel Rubinstein

Download or read book Economic Fables written by Ariel Rubinstein and published by Open Book Publishers. This book was released on 2012 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: "I had the good fortune to grow up in a wonderful area of Jerusalem, surrounded by a diverse range of people: Rabbi Meizel, the communist Sala Marcel, my widowed Aunt Hannah, and the intellectual Yaacovson. As far as I'm concerned, the opinion of such people is just as authoritative for making social and economic decisions as the opinion of an expert using a model." Part memoir, part crash-course in economic theory, this deeply engaging book by one of the world's foremost economists looks at economic ideas through a personal lens. Together with an introduction to some of the central concepts in modern economic thought, Ariel Rubinstein offers some powerful and entertaining reflections on his childhood, family and career. In doing so, he challenges many of the central tenets of game theory, and sheds light on the role economics can play in society at large. Economic Fables is as thought-provoking for seasoned economists as it is enlightening for newcomers to the field.

Deductive Irrationality

Author : Stephen McCarthy
Publisher : Lexington Books
ISBN 13 : 146163329X
Total Pages : 291 pages
Book Rating : 4.4/5 (616 download)

DOWNLOAD NOW!

Book Synopsis Deductive Irrationality by : Stephen McCarthy

Download or read book Deductive Irrationality written by Stephen McCarthy and published by Lexington Books. This book was released on 2008-04-29 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: Deductive Irrationality examines and critiques economic rationalism from the perspective of political philosophy. The essays in this collection analyze not only the work of founders of the discipline of economics, but also political philosophers influential in this founding and select contributors of seminal theories in modern economic thought—namely, Thomas Hobbes, John Locke, Adam Smith, Alfred Marshall, John Maynard Keynes, Friedrich Hayek, Gunnar Myrdal, Robert E. Lucas Jr., and John F. Muth. The main theme linking all of the essays together is that economics is a product of modern rationalism and shares with that rationalism the belief that the only real knowledge is scientific knowledge. Derived from a scientific method modeled on mathematics, this method gives both modern political science and modern economics their abstract character. Adam Smith's contribution to Western thought was more than mere economics; his innovations and his variance from previous thinkers follows Machiavelli in finding human nature in the realistic conception of examining men as how they are, rather than the classical view that we should look to the idea of man's formal excellence. To Smith, humanity emerges from a desire for self-preservation, where every worker competes to exchange the fruits of their labor with that of others. The result is a gap between the world of "common sense" and the world of theory that practitioners in both fields no longer truly understand. By adopting the perspective of political philosophy, the contributors take an approach that is alien to most economists, and in doing so address many of the currents and tensions that underlie modern economic theory and, by implication, the rational choice theory in political science.

Rationality and Explanation in Economics

Author : Maurice Lagueux
Publisher : Routledge
ISBN 13 : 1135150346
Total Pages : 296 pages
Book Rating : 4.1/5 (351 download)

DOWNLOAD NOW!

Book Synopsis Rationality and Explanation in Economics by : Maurice Lagueux

Download or read book Rationality and Explanation in Economics written by Maurice Lagueux and published by Routledge. This book was released on 2010-02-28 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the role of rationality in economics focusing on which conditions the rationality assumption makes valuable explanations possible and what kinds of explanation are then involved.

Economic Theory and the Roman Monetary Economy

Author : Colin P. Elliott
Publisher : Cambridge University Press
ISBN 13 : 1108418600
Total Pages : 225 pages
Book Rating : 4.1/5 (84 download)

DOWNLOAD NOW!

Book Synopsis Economic Theory and the Roman Monetary Economy by : Colin P. Elliott

Download or read book Economic Theory and the Roman Monetary Economy written by Colin P. Elliott and published by Cambridge University Press. This book was released on 2020-02-20 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reconceptualizes economic theory as a tool for understanding the Roman monetary system and its social and cultural contexts.

Predictably Rational?

Author : Richard B. McKenzie
Publisher : Springer Science & Business Media
ISBN 13 : 3642015867
Total Pages : 319 pages
Book Rating : 4.6/5 (42 download)

DOWNLOAD NOW!

Book Synopsis Predictably Rational? by : Richard B. McKenzie

Download or read book Predictably Rational? written by Richard B. McKenzie and published by Springer Science & Business Media. This book was released on 2009-10-21 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Bounded Rationality

Author : Gerd Gigerenzer
Publisher : MIT Press
ISBN 13 : 9780262571647
Total Pages : 404 pages
Book Rating : 4.5/5 (716 download)

DOWNLOAD NOW!

Book Synopsis Bounded Rationality by : Gerd Gigerenzer

Download or read book Bounded Rationality written by Gerd Gigerenzer and published by MIT Press. This book was released on 2002-07-26 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a complex and uncertain world, humans and animals make decisions under the constraints of limited knowledge, resources, and time. Yet models of rational decision making in economics, cognitive science, biology, and other fields largely ignore these real constraints and instead assume agents with perfect information and unlimited time. About forty years ago, Herbert Simon challenged this view with his notion of "bounded rationality." Today, bounded rationality has become a fashionable term used for disparate views of reasoning. This book promotes bounded rationality as the key to understanding how real people make decisions. Using the concept of an "adaptive toolbox," a repertoire of fast and frugal rules for decision making under uncertainty, it attempts to impose more order and coherence on the idea of bounded rationality. The contributors view bounded rationality neither as optimization under constraints nor as the study of people's reasoning fallacies. The strategies in the adaptive toolbox dispense with optimization and, for the most part, with calculations of probabilities and utilities. The book extends the concept of bounded rationality from cognitive tools to emotions; it analyzes social norms, imitation, and other cultural tools as rational strategies; and it shows how smart heuristics can exploit the structure of environments.

Microeconomics in Context

Author : Neva Goodwin
Publisher : Routledge
ISBN 13 : 1317464788
Total Pages : 444 pages
Book Rating : 4.3/5 (174 download)

DOWNLOAD NOW!

Book Synopsis Microeconomics in Context by : Neva Goodwin

Download or read book Microeconomics in Context written by Neva Goodwin and published by Routledge. This book was released on 2015-12-07 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: Microeconomics in Context lays out the principles of microeconomics in a manner that is thorough, up to date, and relevant to students. Like its counterpart, Macroeconomics in Context, the book is uniquely attuned to economic realities. The "in Context" books offer affordability, accessible presentation, and engaging coverage of current policy issues from economic inequality and global climate change to taxes. Key features include: --Clear explanation of basic concepts and analytical tools, with advanced models presented in optional chapter appendices; --Presentation of policy issues in historical, institutional, social, political, and ethical context--an approach that fosters critical evaluation of the standard microeconomic models, such as welfare analysis, labor markets, and market competition; --A powerful graphical presentation of various measures of well-being in the United States, from income inequality and educational attainment to home prices; --Broad definition of well-being using both traditional economic metrics and factors such as environmental quality, health, equity, and political inclusion; --New chapters on the economics of the environment, taxes and tax policy, common property and public goods, and welfare analysis; --Expanded coverage of high-interest topics such as behavioral economics, labor markets, and healthcare; --Full complement of instructor and student support materials online, including test banks and grading through Canvas.

Rationality and Irrationality in Economics

Author : Maurice Godelier
Publisher : Verso Books
ISBN 13 : 178168037X
Total Pages : 369 pages
Book Rating : 4.7/5 (816 download)

DOWNLOAD NOW!

Book Synopsis Rationality and Irrationality in Economics by : Maurice Godelier

Download or read book Rationality and Irrationality in Economics written by Maurice Godelier and published by Verso Books. This book was released on 2014-08-26 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Economics and Modern Psychology ...

Author : John Maurice Clark
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.M/5 ( download)

DOWNLOAD NOW!

Book Synopsis Economics and Modern Psychology ... by : John Maurice Clark

Download or read book Economics and Modern Psychology ... written by John Maurice Clark and published by . This book was released on 1918 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Modeling Bounded Rationality

Author : Ariel Rubinstein
Publisher : MIT Press
ISBN 13 : 9780262681001
Total Pages : 226 pages
Book Rating : 4.6/5 (81 download)

DOWNLOAD NOW!

Book Synopsis Modeling Bounded Rationality by : Ariel Rubinstein

Download or read book Modeling Bounded Rationality written by Ariel Rubinstein and published by MIT Press. This book was released on 1998 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: The notion of bounded rationality was initiated in the 1950s by Herbert Simon; only recently has it influenced mainstream economics. In this book, Ariel Rubinstein defines models of bounded rationality as those in which elements of the process of choice are explicitly embedded. The book focuses on the challenges of modeling bounded rationality, rather than on substantial economic implications. In the first part of the book, the author considers the modeling of choice. After discussing some psychological findings, he proceeds to the modeling of procedural rationality, knowledge, memory, the choice of what to know, and group decisions.In the second part, he discusses the fundamental difficulties of modeling bounded rationality in games. He begins with the modeling of a game with procedural rational players and then surveys repeated games with complexity considerations. He ends with a discussion of computability constraints in games. The final chapter includes a critique by Herbert Simon of the author's methodology and the author's response. The Zeuthen Lecture Book series is sponsored by the Institute of Economics at the University of Copenhagen.

Routledge Handbook of Bounded Rationality

Author : Riccardo Viale
Publisher : Routledge
ISBN 13 : 1317330803
Total Pages : 681 pages
Book Rating : 4.3/5 (173 download)

DOWNLOAD NOW!

Book Synopsis Routledge Handbook of Bounded Rationality by : Riccardo Viale

Download or read book Routledge Handbook of Bounded Rationality written by Riccardo Viale and published by Routledge. This book was released on 2020-12-02 with total page 681 pages. Available in PDF, EPUB and Kindle. Book excerpt: Herbert Simon’s renowned theory of bounded rationality is principally interested in cognitive constraints and environmental factors and influences which prevent people from thinking or behaving according to formal rationality. Simon’s theory has been expanded in numerous directions and taken up by various disciplines with an interest in how humans think and behave. This includes philosophy, psychology, neurocognitive sciences, economics, political science, sociology, management, and organization studies. The Routledge Handbook of Bounded Rationality draws together an international team of leading experts to survey the recent literature and the latest developments in these related fields. The chapters feature entries on key behavioural phenomena, including reasoning, judgement, decision making, uncertainty, risk, heuristics and biases, and fast and frugal heuristics. The text also examines current ideas such as fast and slow thinking, nudge, ecological rationality, evolutionary psychology, embodied cognition, and neurophilosophy. Overall, the volume serves to provide the most complete state-of-the-art collection on bounded rationality available. This book is essential reading for students and scholars of economics, psychology, neurocognitive sciences, political sciences, and philosophy.