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Rationality Bounded Rationality And Microfoundations
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Book Synopsis Rationality, Bounded Rationality and Microfoundations by : R. Salehnejad
Download or read book Rationality, Bounded Rationality and Microfoundations written by R. Salehnejad and published by Springer. This book was released on 2006-11-28 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis From micro to macro by : Mohammad Reza Salehnejad
Download or read book From micro to macro written by Mohammad Reza Salehnejad and published by . This book was released on 2005 with total page 868 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Microfoundations of Evolutionary Economics by : Yoshinori Shiozawa
Download or read book Microfoundations of Evolutionary Economics written by Yoshinori Shiozawa and published by Springer. This book was released on 2019-06-27 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides for the first time the microfoundations of evolutionary economics, enabling the reader to grasp a new framework for economic analysis that is compatible with evolutionary processes. Any independent approach to economics must include a value theory (or price theory) and price and quantity adjustment processes. Evolutionary economics has rightly and successfully concentrated its efforts on explaining evolutionary processes in technology and institutions. However, it does not have its own value theory and is not capable of explaining the workings of everyday economics processes, in which any evolutionary process would take place. Our point of departure is the addition of myopic agents with severely limited rational and forecasting capacities (in stark contrast to mainstream economics). We show how myopic agents, in a complex world, can produce a stable price system and demonstrate how they can adjust their production to changing demand flows. Agents behave without any knowledge of the overall process, and they generate a stable economy as large as the global network of exchanges. This is the true “miracle” of the market mechanism. In contrast to mainstream general equilibrium theory, this miracle can be explained without the need for an auctioneer or infinitely rational agents. Thanks to this book, evolutionary economics can now claim to be an independent approach to economics that can completely replace mainstream neoclassical economics.
Book Synopsis Politics and the Architecture of Choice by : Bryan D. Jones
Download or read book Politics and the Architecture of Choice written by Bryan D. Jones and published by University of Chicago Press. This book was released on 2001-05 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Behavioural Finance Revolution by : Riccardo Viale
Download or read book The Behavioural Finance Revolution written by Riccardo Viale and published by Edward Elgar Publishing. This book was released on with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Economics, Economists and Expectations by : William Darity
Download or read book Economics, Economists and Expectations written by William Darity and published by Routledge. This book was released on 2004-03-04 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concept of rational expectations has played a hugely important role in economics over the years. Dealing with the origins and development of modern approaches to expectations in micro and macroeconomics, this book makes use of primary sources and previously unpublished material from such figures as Hicks, Hawtrey and Hart. The accounts of the 'founding fathers' of the models themselves are also presented here for the first time. The authors trace the development of different approaches to expectations from the likes of Hayek, Morgenstern, and Coase right up to more modern theorists such as Friedman, Patinkin, Phelps and Lucas. The startling conclusion that there was no 'Rational Expectations Revolution' is articulated, supported and defended with impressive clarity and authority. A necessity for economists across the world, this book will deserve its place upon many an academic bookshelf.
Book Synopsis The Handbook of Rational Choice Social Research by : Rafael Wittek
Download or read book The Handbook of Rational Choice Social Research written by Rafael Wittek and published by Stanford University Press. This book was released on 2013-06-05 with total page 625 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Emotion, Politics and Society by : Simon Thompson
Download or read book Emotion, Politics and Society written by Simon Thompson and published by Springer. This book was released on 2006-04-12 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely book critically addresses the intersection between power, politics and emotions. Challenging traditional dichotomies which counterpose rationalist to non-rationalist epistemologies, it offers a sustained argument for a more complete and integrated rationalism and helps us understand emotions in contemporary social and political life.
Book Synopsis The Foundations of Complex Evolving Economies by : Giovanni Dosi
Download or read book The Foundations of Complex Evolving Economies written by Giovanni Dosi and published by Oxford University Press. This book was released on 2023-06-20 with total page 753 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Foundations of Complex Evolving Economies seeks to offer an integrated analysis of the anatomy and physiology of the capitalist engine of generation and exploitation of technological organizational and institutional innovations - from the drivers of knowledge accumulation, to the modes in which such knowledge is incorporated into business firms, all the way to the processes of innovation-driven “Schumpeterian competition” and macroeconomic growth. In that, it advances the interpretation of such patterns, in terms of economies seen as complex evolving systems. The basic objects of analysis are the history of the emergence and development of modern capitalist economies and their current functionings. Indeed , the tall ambition of the book is to address two basic questions at the core of the whole economic discipline since its inception. They regard, first, the drivers and patterns of change of the capitalistic machine of production and innovation and, second, the mechanisms of coordination among a multitude of self-seeking economic agents often characterized by conflicting interests. In order to do that, this Manual, in addition to the nature of technology and innovation, considers from a profoundly alternative perspective, all domains of analysis typically addressed (or not) by microeconomic texts, including micro behaviours, the theory of the firm, the theory of production, consumption patterns, market dynamics, and industrial evolution.
Book Synopsis Integrated Macro-Micro-Modelling Under Rational Expectations by : Michael Malakellis
Download or read book Integrated Macro-Micro-Modelling Under Rational Expectations written by Michael Malakellis and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: This monograph is concerned with the formulation and implementation of ORANI-INT, an intertemporal Computable General Equilibrium (CGE) model of the Australian economy. The aim is to bring together, in a balanced approach, theory and data for the purpose of developing a practical state-of-the-art tool for policy analysis. The modelling approach adopted is motivated by the recent trend in economy-wide modelling to combine the respective strengths of traditional CGE models and modern macroeconomic models. Traditional CGE models typically provide a dissagregate representation of the economy at a single point in time. Such models are useful for analysing issues involving the allocation of resources among the various agents identified at a particular point in time. Modern macroeconomic models, on the other hand, usually provide an aggregate representation of the economy over many points in time. Such models are useful for analysing issues involving the allocation of resources across time. A model that combines the strengths of static CGE models and modern macro-dynamic models is amenable to addressing a wide range of policy issues. To demonstrate this point ORANI-INT is used to analyse tariff reform.
Book Synopsis Beyond Microfoundations by : David Colander
Download or read book Beyond Microfoundations written by David Colander and published by Cambridge University Press. This book was released on 1996-01-26 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses the foundations for post-Walrasian macroeconomics.
Book Synopsis Rationality in Economics by : Guillaume Blanc
Download or read book Rationality in Economics written by Guillaume Blanc and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this essay, we survey the foundations of rationality in economics. We first review the historical rise of rationality within economics, then introduce the rational agent model, expected utility theory and the use of optimization theory in decision problems. Numerous empirical studies suggest that the axioms of the rational agent model are generally too demanding for an actual human being, which leads to observed behavior not matching that which was predicted by the theory. We argue that there is a need for both a normative and a positive rationality theory, the latter leading to alternative theories of (limited) rationality. The first is behavioral economics, or the "top-down" approach: it endeavours to "fix" the rational agent model by further constraining the optimization problem while retaining the axioms of "full" rationality. The second is bounded rationality: it departs from optimization theory altogether and focuses on the actual decision-making processes of individuals. We finally review these two strands of literature and propose a research agenda for limited rationality.
Book Synopsis Micro-Macro Links and Microfoundations in Sociology by : Vincent Buskens
Download or read book Micro-Macro Links and Microfoundations in Sociology written by Vincent Buskens and published by Routledge. This book was released on 2014-07-16 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: Micro-Macro Links and Microfoundations in Sociology focuses on two main issues in sociology. Firstly, how macro-conditions can explain macro-outcomes mediated by actor behaviour at the micro-level (micro-macro links). Secondly, how alternative micro-models affect macro-outcomes (microfoundations). The contributions reflect key features of micro-macro modelling in sociology as well as recent progress in this field. The chapters address core features of explanations of social phenomena using micro-macro models, the problem of cooperation, heterogeneity of actors, structural balance, opinion formation, segregation, and problems of micro-macro models that are based on rational choice assumptions. Moreover, the contributions show how different research methods can be applied fruitfully, such as laboratory experiments, equilibrium analysis, and agent-based modelling. As a result, the book can be a guide for graduate students who want to develop their skills in building micro-macro models. In addition, the book provides specialists of the different substantive research areas with up-to-date new developments in their research area. This book was originally published as a special issue of Journal of Mathematical Sociology.
Book Synopsis Handbook of Teaching Public Policy by : Emily St.Denny
Download or read book Handbook of Teaching Public Policy written by Emily St.Denny and published by Edward Elgar Publishing. This book was released on 2024-01-18 with total page 565 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Innovation, Organization and Economic Dynamics by : Giovanni Dosi
Download or read book Innovation, Organization and Economic Dynamics written by Giovanni Dosi and published by Edward Elgar Publishing. This book was released on 2000-01-01 with total page 728 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Book Synopsis The Mystery of Rationality by : Gérald Bronner
Download or read book The Mystery of Rationality written by Gérald Bronner and published by Springer. This book was released on 2018-07-12 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contributes to the developing dialogue between cognitive science and social sciences. It focuses on a central issue in both fields, i.e. the nature and the limitations of the rationality of beliefs and action. The development of cognitive science is one of the most important and fascinating intellectual advances of recent decades, and social scientists are paying increasing attention to the findings of this new branch of science that forces us to consider many classical issues related to epistemology and philosophy of action in a new light. Analysis of the concept of rationality is a leitmotiv in the history of the social sciences and has involved endless disputes. Since it is difficult to give a precise definition of this concept, and there is a lack of agreement about its meaning, it is possible to say that there is a ‘mystery of rationality’. What is it to be rational? Is rationality merely instrumental or does it also involve the endorsement of values, i.e. the choice of goals? Should we consider rationality to be a normative principle or a descriptive one? Can rationality be only Cartesian or can it also be argumentative? Is rationality a conscious skill or a partly tacit one? This book, which has been written by an outstanding collection of authors, including both philosophers and social scientists, tries to make a useful contribution to the debates on these problems and shed some light on the mystery of rationality. The target audience primarily comprises researchers and experts in the field.
Book Synopsis Smart Economic Decision-Making in a Complex World by : Morris Altman
Download or read book Smart Economic Decision-Making in a Complex World written by Morris Altman and published by Academic Press. This book was released on 2020-05-22 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
