Rationality Competition And Evolution In Economics Reflections On Some Recent Works By Economists And Game Theorists

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Evolution and Progress in Democracies

Author : Johann Götschl
Publisher : Springer Science & Business Media
ISBN 13 : 9401715041
Total Pages : 408 pages
Book Rating : 4.4/5 (17 download)

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Book Synopsis Evolution and Progress in Democracies by : Johann Götschl

Download or read book Evolution and Progress in Democracies written by Johann Götschl and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a ground-breaking series of articles, one of them written by a Nobel Laureate, this volume demonstrates the evolutionary dynamic and the transformation of today's democratic societies into scientific-democratic societies. It highlights the progress of modeling individual and societal evaluation by neo-Bayesian utility theory. It shows how social learning and collective opinion formation work, and how democracies cope with randomness caused by randomizers. Nonlinear `evolution equations' and serial stochastic matrices of evolutionary game theory allow us to optimally compute possible serial evolutionary solutions of societal conflicts. But in democracies progress can be defined as any positive, gradual, innovative and creative change of culturally used, transmitted and stored mentifacts (models, theories), sociofacts (customs, opinions), artifacts and technifacts, within and across generations. The most important changes are caused, besides randomness, by conflict solutions and their realizations by citizens who follow democratic laws. These laws correspond to the extended Pareto principle, a supreme, socioethical democratic rule. According to this principle, progress is any increase in the individual and collective welfare which is achieved during any evolutionary progress. Central to evolutionary modeling is the criterion of the empirical realization of computed solutions. Applied to serial conflict solutions (decisions), evolutionary trajectories are formed; they become the most influential causal attractors of the channeling of societal evolution. Democratic constitutions, legal systems etc., store all advantageous, present and past, adaptive, competitive, cooperative and collective solutions and their rules; they have been accepted by majority votes. Societal laws are codes of statutes (default or statistical rules), and they serve to optimally solve societal conflicts, in analogy to game theoretical models or to statistical decision theory. Such solutions become necessary when we face harmful or advantageous random events always lurking at the edge of societal and external chaos. The evolutionary theory of societal evolution in democracies presents a new type of stochastic theory; it is based on default rules and stresses realization. The rules represent the change of our democracies into information, science and technology-based societies; they will revolutionize social sciences, especially economics. Their methods have already found their way into neural brain physiology and research into intelligence. In this book, neural activity and the creativity of human thinking are no longer regarded as linear-deductive. Only evolutive nonlinear thinking can include multiple causal choices by many individuals and the risks of internal and external randomness; this serves the increasing welfare of all individuals and society as a whole. Evolution and Progress in Democracies is relevant for social scientists, economists, evolution theorists, statisticians, philosophers, philosophers of science, and interdisciplinary researchers.

An Evolutionary Theory of Economic Change

Author : Richard R. Nelson
Publisher : Harvard University Press
ISBN 13 : 9780674041431
Total Pages : 456 pages
Book Rating : 4.0/5 (414 download)

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Book Synopsis An Evolutionary Theory of Economic Change by : Richard R. Nelson

Download or read book An Evolutionary Theory of Economic Change written by Richard R. Nelson and published by Harvard University Press. This book was released on 1985-10-15 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.

A Recent History of Recognized Economic Thought: Contributions of the Nobel Laureates to Economic Science

Author : Lee H. Dymond
Publisher : Lulu.com
ISBN 13 : 1483430804
Total Pages : 654 pages
Book Rating : 4.4/5 (834 download)

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Book Synopsis A Recent History of Recognized Economic Thought: Contributions of the Nobel Laureates to Economic Science by : Lee H. Dymond

Download or read book A Recent History of Recognized Economic Thought: Contributions of the Nobel Laureates to Economic Science written by Lee H. Dymond and published by Lulu.com. This book was released on 2015-05-20 with total page 654 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1969, 75 people have been awarded the Nobel Prize in Economics. Recent Recognized "A History of Economic Thought - Contributions of the Nobel Laureates to Economic Science" describes their major accomplishments in a manner so all readers, regardless of their knowledge of economics, can appreciate the efforts of these scholars and their impact on the development and progress of economic science. Begin with a brief tour of economic thought and the factors that have influenced economic doctrine from the 16th through the 20th century. Then, for each Nobel Laureate, learn about their background and professional affiliations. Complete your understanding of each Laureate's accomplishments with a concise, relatively non-technical summary of their Nobel Prize Lecture.

Recent Developments in the Theory of Industrial Organization

Author : Alfredo Del Monte
Publisher : Springer
ISBN 13 : 1349117714
Total Pages : 328 pages
Book Rating : 4.3/5 (491 download)

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Book Synopsis Recent Developments in the Theory of Industrial Organization by : Alfredo Del Monte

Download or read book Recent Developments in the Theory of Industrial Organization written by Alfredo Del Monte and published by Springer. This book was released on 2016-07-27 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: New forms of organisation and market behaviour are emerging to replace and reshape older forms. This has produced great uncertainty in industrial organization theory. The purpose of this volume is to review and present some of the new approaches developed in industrial organization. The material is organised into four sections: recent approaches to Industrial Organisation, the behaviour of individual firms and the characteristics of industrial systems as a whole, new theories of the firm and market structure and technical progress and market structure - some special issues.

The New Palgrave Dictionary of Economics

Author :
Publisher : Springer
ISBN 13 : 1349588024
Total Pages : 7493 pages
Book Rating : 4.3/5 (495 download)

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Book Synopsis The New Palgrave Dictionary of Economics by :

Download or read book The New Palgrave Dictionary of Economics written by and published by Springer. This book was released on 2016-05-18 with total page 7493 pages. Available in PDF, EPUB and Kindle. Book excerpt: The award-winning The New Palgrave Dictionary of Economics, 2nd edition is now available as a dynamic online resource. Consisting of over 1,900 articles written by leading figures in the field including Nobel prize winners, this is the definitive scholarly reference work for a new generation of economists. Regularly updated! This product is a subscription based product.

Surfing Economics

Author : Huw David Dixon
Publisher : Bloomsbury Publishing
ISBN 13 : 1137041420
Total Pages : 222 pages
Book Rating : 4.1/5 (37 download)

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Book Synopsis Surfing Economics by : Huw David Dixon

Download or read book Surfing Economics written by Huw David Dixon and published by Bloomsbury Publishing. This book was released on 2017-03-14 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Surfing Economics is a collection of essays by one of Europe's leading young economists. These essays are written to bring to life in a non-technical manner some of the fundamental ideas and concepts in contemporary economics, including new Keynesian economics, the natural rate, bounded rationality, social learning and the meaning of economics. Whilst primarily written for the undergraduate student, these essays will entertain and enlighten economists of all ages. Above all, the essays convey the enthusiasm and excitement of Huw Dixon for economics along with his valuable insights into the subject. Just the thing to brighten up your reading lists.

Law, Justice and the State

Author : International Association for Philosophy of Law and Social Philosophy. World Congress
Publisher : Franz Steiner Verlag
ISBN 13 : 9783515066051
Total Pages : 280 pages
Book Rating : 4.0/5 (66 download)

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Book Synopsis Law, Justice and the State by : International Association for Philosophy of Law and Social Philosophy. World Congress

Download or read book Law, Justice and the State written by International Association for Philosophy of Law and Social Philosophy. World Congress and published by Franz Steiner Verlag. This book was released on 1995 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Methodology of Positive Economics

Author : Uskali Mäki
Publisher : Cambridge University Press
ISBN 13 : 1139478419
Total Pages : 365 pages
Book Rating : 4.1/5 (394 download)

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Book Synopsis The Methodology of Positive Economics by : Uskali Mäki

Download or read book The Methodology of Positive Economics written by Uskali Mäki and published by Cambridge University Press. This book was released on 2009-05-28 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: Milton Friedman's 1953 essay 'The methodology of positive economics' remains the most cited, influential, and controversial piece of methodological writing in twentieth-century economics. Since its appearance, the essay has shaped the image of economics as a scientific discipline, both within and outside of the academy. At the same time, there has been an ongoing controversy over the proper interpretation and normative evaluation of the essay. Perceptions have been sharply divided, with some viewing economics as a scientific success thanks to its adherence to Friedman's principles, others taking it as a failure for the same reason. In this book, a team of world-renowned experts in the methodology of economics cast new light on Friedman's methodological arguments and practices from a variety of perspectives. It provides the 21st century reader with an invaluable assessment of the impact and contemporary significance of Friedman's seminal work.

Rationality in Economics

Author : Vernon L. Smith
Publisher : Cambridge University Press
ISBN 13 : 1139466461
Total Pages : 384 pages
Book Rating : 4.1/5 (394 download)

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Book Synopsis Rationality in Economics by : Vernon L. Smith

Download or read book Rationality in Economics written by Vernon L. Smith and published by Cambridge University Press. This book was released on 2007-11-05 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

The Foundations of Behavioral Economic Analysis

Author : Sanjit S. Dhami
Publisher : Oxford University Press
ISBN 13 : 0198715528
Total Pages : 1799 pages
Book Rating : 4.1/5 (987 download)

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Book Synopsis The Foundations of Behavioral Economic Analysis by : Sanjit S. Dhami

Download or read book The Foundations of Behavioral Economic Analysis written by Sanjit S. Dhami and published by Oxford University Press. This book was released on 2016 with total page 1799 pages. Available in PDF, EPUB and Kindle. Book excerpt: It considers the evidence against the exponential discounted utility model and describes several behavioral models such as hyperbolic discounting, attribute based models and the reference time theory. Part IV describes the evidence on classical game theory and considers several models of behavioral game theory, including level-k and cognitive hierarchy models, quantal response equilibrium, and psychological game theory. Part V considers behavioral models of learning that include evolutionary game theory, classical models of learning, experience weighted attraction model, learning direction theory, and stochastic social dynamics. Part VI studies the role of emotions; among other topics it considers projection bias, temptation preferences, happiness economics, and interaction between emotions and cognition. Part VII considers bounded rationality. The three main topics considered are judgment heuristics and biases, mental accounting, and behavioral finance.

Evolutionary Economics: Program and Scope

Author : Kurt Dopfer
Publisher : Springer Science & Business Media
ISBN 13 : 9780792373940
Total Pages : 404 pages
Book Rating : 4.3/5 (739 download)

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Book Synopsis Evolutionary Economics: Program and Scope by : Kurt Dopfer

Download or read book Evolutionary Economics: Program and Scope written by Kurt Dopfer and published by Springer Science & Business Media. This book was released on 2001-06-30 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: Eleven papers written by economists from Europe and the US address the paradigmatic foundations and basic theoretical propositions of economics. Contributions address foundational issues including an interpretive survey looking at the most important contributions of modern evolutionary economics and the ontological basis of evolutionary economics. Next, evolutionary macroeconomics is addressed, including issues relating to evolutionary macrostatics and evolutionary macrodynamics. Evolutionary microeconomics is next featured in essays addressing the dynamic aspects of an evolutionary microdynamics. Other topics include early signs of a revolution in microeconomics and the reconstruction of major evolutionary theories of the firm, with relation to transaction and contract theories. c. Book News Inc.

Mark Blaug: Rebel with Many Causes

Author : Marcel Boumans
Publisher : Edward Elgar Publishing
ISBN 13 : 1783471239
Total Pages : 313 pages
Book Rating : 4.7/5 (834 download)

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Book Synopsis Mark Blaug: Rebel with Many Causes by : Marcel Boumans

Download or read book Mark Blaug: Rebel with Many Causes written by Marcel Boumans and published by Edward Elgar Publishing. This book was released on 2013-11-29 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of eminent contributions discusses the ideas and works of Mark Blaug, who has made important and often pioneering contributions to economic history, economic methodology, the economics of education, development economics, cultural econo

Theory and Structure in International Political Economy

Author : Charles Lipson
Publisher : MIT Press
ISBN 13 : 9780262621274
Total Pages : 442 pages
Book Rating : 4.6/5 (212 download)

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Book Synopsis Theory and Structure in International Political Economy by : Charles Lipson

Download or read book Theory and Structure in International Political Economy written by Charles Lipson and published by MIT Press. This book was released on 1999 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first of two anthologies on international political economy drawn from articles published in the journal International Organization.

Prisoners of Reason

Author : S. M. Amadae
Publisher : Cambridge University Press
ISBN 13 : 1316445208
Total Pages : 365 pages
Book Rating : 4.3/5 (164 download)

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Book Synopsis Prisoners of Reason by : S. M. Amadae

Download or read book Prisoners of Reason written by S. M. Amadae and published by Cambridge University Press. This book was released on 2016-01-14 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is capitalism inherently predatory? Must there be winners and losers? Is public interest outdated and free-riding rational? Is consumer choice the same as self-determination? Must bargainers abandon the no-harm principle? Prisoners of Reason recalls that classical liberal capitalism exalted the no-harm principle. Although imperfect and exclusionary, modern liberalism recognized individual human dignity alongside individuals' responsibility to respect others. Neoliberalism, by contrast, views life as ceaseless struggle. Agents vie for scarce resources in antagonistic competition in which every individual seeks dominance. This political theory is codified in non-cooperative game theory; the neoliberal citizen and consumer is the strategic rational actor. Rational choice justifies ends irrespective of means. Money becomes the medium of all value. Solidarity and good will are invalidated. Relationships are conducted on a quid pro quo basis. However, agents can freely opt out of this cynical race to the bottom by embracing a more expansive range of coherent action.

Encyclopedia of World Trade: From Ancient Times to the Present

Author : Cynthia Clark Northrup
Publisher : Routledge
ISBN 13 : 1317471520
Total Pages : 2481 pages
Book Rating : 4.3/5 (174 download)

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Book Synopsis Encyclopedia of World Trade: From Ancient Times to the Present by : Cynthia Clark Northrup

Download or read book Encyclopedia of World Trade: From Ancient Times to the Present written by Cynthia Clark Northrup and published by Routledge. This book was released on 2015-04-10 with total page 2481 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written for high school or beginning undergraduate students, this four-volume reference valiantly attempts to provide a historical framework for the perhaps overly broad concept of world trade. Entry topics were selected on trade organizations, influential people, commodities, events that affected trade, trade routes, navigation, religion, communic

Game Theory Relaunched

Author : Hardy Hanappi
Publisher : BoD – Books on Demand
ISBN 13 : 9535110780
Total Pages : 360 pages
Book Rating : 4.5/5 (351 download)

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Book Synopsis Game Theory Relaunched by : Hardy Hanappi

Download or read book Game Theory Relaunched written by Hardy Hanappi and published by BoD – Books on Demand. This book was released on 2013-03-27 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: The game is on. Do you know how to play? Game theory sets out to explore what can be said about making decisions which go beyond accepting the rules of a game. Since 1942, a well elaborated mathematical apparatus has been developed to do so; but there is more. During the last three decades game theoretic reasoning has popped up in many other fields as well - from engineering to biology and psychology. New simulation tools and network analysis have made game theory omnipresent these days. This book collects recent research papers in game theory, which come from diverse scientific communities all across the world; they combine many different fields like economics, politics, history, engineering, mathematics, physics, and psychology. All of them have as a common denominator some method of game theory. Enjoy.

Extendable Rationality

Author : Davide Secchi
Publisher : Springer Science & Business Media
ISBN 13 : 144197542X
Total Pages : 166 pages
Book Rating : 4.4/5 (419 download)

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Book Synopsis Extendable Rationality by : Davide Secchi

Download or read book Extendable Rationality written by Davide Secchi and published by Springer Science & Business Media. This book was released on 2010-10-20 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: “How do people make decisions in organizations?” is the question at the core of this book. Do people act rationally? Under what conditions can information and knowledge be shared to improve decision making? Davide Secchi applies concepts and theories from cognitive science, organizational behavior, and social psychology to explore the dynamics of decision making. In particular, he integrates “bounded rationality” (people are only partly rational; they have (a) limited computational capabilities and (b) limited access to information) and “distributed cognition” (knowledge is not confined to an individual, but is distributed across the members of a group) to build upon the pioneering work of Herbert Simon (1916-2001) on rational decision making and contribute fresh insights. This book is divided into two parts. The first part (Chapters 2 to 5) explores how recent studies on biases, prospect theory, heuristics, and emotions provide the so-called “map” of bounded rationality. The second part (Chapter 6 to 8) presents the idea of extendable rationality. In this section, Secchi identifies the limitations of bounded rationality and focuses more heavily on socially-based decision processes and the role of “docility” in teaching, managing, and executing decisions in organizations. The practical implications extend broadly to issues relating to change and innovation, as organizations adapt to evolving market conditions, implementing new systems, and effectively managing limited resources. The final chapter outlines an agenda for future research to help understand the decision making characteristics and capabilities of an organization.