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Economic Evolution And Equilibrium
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Author :Marco Lehmann-Waffenschmidt Publisher :Springer Science & Business Media ISBN 13 :3540686649 Total Pages :272 pages Book Rating :4.5/5 (46 download)
Book Synopsis Economic Evolution and Equilibrium by : Marco Lehmann-Waffenschmidt
Download or read book Economic Evolution and Equilibrium written by Marco Lehmann-Waffenschmidt and published by Springer Science & Business Media. This book was released on 2007-06-10 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work uses various model frameworks to study the evolution of equilibria in an open loop evolving economy in which the model characteristics evolve without any directional restrictions except for continuity. Applying mathematical methods, it is shown that equilibria can always be adapted in a piecewise gradual, non bang-bang way.
Book Synopsis Evolutionary Games and Equilibrium Selection by : Larry Samuelson
Download or read book Evolutionary Games and Equilibrium Selection written by Larry Samuelson and published by MIT Press. This book was released on 1997 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author examines the interplay between evolutionary game theory and the equilibrium selection problem in noncooperative games. Evolutionary game theory is one of the most active and rapidly growing areas of research in economics. Unlike traditional game theory models, which assume that all players are fully rational and have complete knowledge of details of the game, evolutionary models assume that people choose their strategies through a trial-and-error learning process in which they gradually discover that some strategies work better than others. In games that are repeated many times, low-payoff strategies tend to be weeded out, and an equilibrium may emerge. Larry Samuelson has been one of the main contributors to the evolutionary game theory literature. In Evolutionary Games and Equilibrium Selection, he examines the interplay between evolutionary game theory and the equilibrium selection problem in noncooperative games. After providing an overview of the basic issues of game theory and a presentation of the basic models, the book addresses evolutionary stability, the dynamics of sample paths, the ultimatum game, drift, noise, backward and forward induction, and strict Nash equilibria.
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.
Book Synopsis Equilibrium and Evolution by : Brian J. Loasby
Download or read book Equilibrium and Evolution written by Brian J. Loasby and published by Manchester University Press. This book was released on 1991 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work, based upon the two Manchester Special Lectures given by the author in 1989-90, and focusing on the central economic issues of co-ordination and change, treats these as problems of equilibrium in the case of co-ordination and as problems of evolution in the case of change.
Book Synopsis The Concept of Equilibrium in Different Economic Traditions by : Bert Tieben
Download or read book The Concept of Equilibrium in Different Economic Traditions written by Bert Tieben and published by Edward Elgar Publishing. This book was released on 2012-07-01 with total page 689 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Bert Tieben is very well read in the history of economic thought and provides an overview of one of the basic concepts of economics that is unrivalled both in its scope and in its thoughtful and detailed discussion of the various currents and schools. It goes right to the heart of economic theory and asks some pertinent questions about the limits and the future of economic theorizing. That is, I think, what sets it apart from many other studies in the history of economic thought: it is history with an eye to the future, and it does all this without making any demands on the mathematical skills of the reader. This book should therefore appeal to everybody who is interested in the methodology of economics and in exploring the boundaries of economic analysis.' Hans Visser, VU University, Amsterdam, The Netherlands This book deals with one of the most puzzling concepts in economic science, that of economic equilibrium. In modern economics, equilibrium is considered a key assumption, but its role is contested by economists both from within the mainstream and from rival schools of thought. What explains the contradictory assessments of the equilibrium concept in economics? Do economists belonging to different traditions disagree about the definition of equilibrium or do they adopt different rules for assessing scientific status? In this unique and exhaustive study, Bert Tieben answers these questions by investigating the history of equilibrium economics from 1700 to the present day. He concludes that ideology strongly coloured the development of this branch of theory, helping to explain the vehemence of the debates surrounding the concept. He also argues that scientific progress in economics may indeed be fostered by such opposition and contention, and calls for cross fertilization and stronger cooperation between the different schools of thought. This resourceful book will appeal to post graduate students and scholars in the history of economic thought and economic methodology. Both neoclassical and heterodox economists, most notably Austrian, post Keynesian and institutional economists, will also find much to interest them.
Book Synopsis Economic Evolution by : Jack J Vromen
Download or read book Economic Evolution written by Jack J Vromen and published by Routledge. This book was released on 1995-10-19 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new institutional economics offers one of the most exciting research agendas in economics today. The book looks at the differences and similarities between the three main approaches.
Book Synopsis The Economy As An Evolving Complex System II by : W. Brian Arthur
Download or read book The Economy As An Evolving Complex System II written by W. Brian Arthur and published by CRC Press. This book was released on 2018-05-04 with total page 600 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new view of the economy as an evolving, complex system has been pioneered at the Santa Fe Institute over the last ten years, This volume is a collection of articles that shape and define this view?a view of the economy as emerging from the interactions of individual agents whose behavior constantly evolves, whose strategies and actions are always adapting.The traditional framework in economics portrays activity within an equilibrium steady state. The interacting agents in the economy are typically homogenous, solve well-defined problems using perfect rationality, and act within given legal and social structures. The complexity approach, by contrast, sees economic activity as continually changing?continually in process. The interacting agents are typically heterogeneous, they must cognitively interpret the problems they face, and together they create the structures?markets, legal and social institutions, price patters, expectations?to which they individually react. Such structures may never settle down. Agents may forever adapt and explore and evolve their behaviors within structures that continually emerge and change and disappear?structures these behaviors co-create. This complexity approach does not replace the equilibrium one?it complements it.The papers here collected originated at a recent conference at the Santa Fe Institute, which was called to follow up the well-known 1987 SFI conference organized by Philip Anderson, Kenneth Arrow, and David Pines. They survey the new study of complexity and the economy. They apply this approach to real economic problems and they show the extent to which the initial vision of the 1987 conference has come to fruition.
Book Synopsis Economic Evolution, Learning, and Complexity by : Uwe Cantner
Download or read book Economic Evolution, Learning, and Complexity written by Uwe Cantner and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: The twelve papers in this collection grew out of the workshop on "Eco nomic Evolution, Learning, and Complexity" held at the University of Augsburg, Augsburg, Germany on May 23-25, 1997. The Augsburg workshop was the second of two events in the Euroconference Series on Evolutionary Economics, the first of which was held in Athens, Greece in September 1993. A special issue of the Journal of Evolutionary Econo mics (1993(4)) edited by Yannis Katsoulacos on "Evolutionary and Neo classical Perspectives on Market Structure and Economic Growth" con tains selected papers from the Athens conference. The Athens conference explored neoclassical and evolutionary perspectives on technological competition and increasing returns. It helped to identify the dis tinguishing features of evolutionary scholarship. The Augsburg workshop was more oriented toward exploring methodological issues in evolutiona of the papers employed new me ry and related scholarship. A number thods, such as genetic programming and experimental analysis, some developed new econometric techniques or raised new empirical issues in evolutionary economics, and some relied on simulation techniques. Twelve papers covering a range of areas were selected for this collection. The papers address central issues in evolutionary and Schumpeterian accounts of industrial competition, learning, and innovation.
Book Synopsis Economic Evolution, a General Equilibrium Analysis by : Marco Lehmann-Waffenschmidt
Download or read book Economic Evolution, a General Equilibrium Analysis written by Marco Lehmann-Waffenschmidt and published by . This book was released on 1989 with total page 510 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Equilibrium and Evolution by : N. Hart
Download or read book Equilibrium and Evolution written by N. Hart and published by Springer. This book was released on 2011-12-12 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Alfred Marshall has traditionally been listed alongside pioneering 'neoclassical' economists. In this volume Neil Hart challenges this view, illuminating the ambiguities within Marshall's work, and exploring his reconciliation of two modes of thinking, equilibrium economics and evolutionary economics.
Book Synopsis Evolutionary Economics and Creative Destruction by : J. Stanley Metcalfe
Download or read book Evolutionary Economics and Creative Destruction written by J. Stanley Metcalfe and published by Routledge. This book was released on 2002-01-04 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: The central theme of this book is competition treated as an evolutionary process in which the focus is upon economic change and not economic equilibrium. This theme is explored by linking together differences in economic behaviour with the role of markets as co-ordinating institutions. In this picture innovation plays a central role as a primary source of differential behaviour of firms and the purpose of the book is to identify the consequences of these differences for competition and competitive advantage.
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 420 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. Richard R. Nelson and Sidney G. 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.
Author :Geoffrey Martin Hodgson Publisher :University of Michigan Press ISBN 13 :9780472084234 Total Pages :398 pages Book Rating :4.0/5 (842 download)
Book Synopsis Economics and Evolution by : Geoffrey Martin Hodgson
Download or read book Economics and Evolution written by Geoffrey Martin Hodgson and published by University of Michigan Press. This book was released on 1996 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: How evolutionary ideas can be used to reconstruct economics.
Book Synopsis Recent Developments in Evolutionary Economics by : Ulrich Witt
Download or read book Recent Developments in Evolutionary Economics written by Ulrich Witt and published by Edward Elgar Publishing. This book was released on 2008 with total page 568 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evolutionary economics is a vital, expanding field of research focusing on the incessant transformation of the economy and its driving forces. Highlighting a variety of pressing economic problems, explaining causes and arriving at innovative remedies, this book considers developments in innovations, knowledge transfer, and industrial dynamics.
Author :Japan Association for Evolutionary Economics Publisher :Springer Science & Business Media ISBN 13 :4431679030 Total Pages :253 pages Book Rating :4.4/5 (316 download)
Book Synopsis Evolutionary Controversies in Economics by : Japan Association for Evolutionary Economics
Download or read book Evolutionary Controversies in Economics written by Japan Association for Evolutionary Economics and published by Springer Science & Business Media. This book was released on 2011-06-27 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: In March 1997, we launched the Japan Association for Evolutionary Economics {JAFEE) to gather the academic minds that, out of dissatisfaction with established dynamic approaches, were separately searching for new approaches to economics. To our surprise and joy,as many as 500members, including graduate students,joined us. Later that year Prof. Horst Hanusch, then President of the International [oseph A. Schumpeter Society, remarked that such a start would take a couple of decades in Europe to prepare for. Since then we have been developing our activities incessantly not only in terms of the number of members, but also in terms of the intensity of international academic exchange. Originally the planning of this book came about as the successful outcome of our fourth annual conference organized as an international one, JAFEE 2000.Incorporat ing other international contributions related to our preceding conferences, this book has eventually turned out to be one of the most enterprising anthologies on evolu tionary economics ever published. Specifically, it contains excellent papers on such topics as streams of evolutionary economics, evolutionary nonlinear dynamics, experimental economics and evolution, multiagent systems and complexity, new frontiers for evolutionary economics, and economic heresies. In short, this book will provide a vivid and full-fledged picture of up-to-date evolutionary economics.
Book Synopsis Alfred Marshall and Modern Economics by : N. Hart
Download or read book Alfred Marshall and Modern Economics written by N. Hart and published by Springer. This book was released on 2013-03-25 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt: Alfred Marshall and Modern Economics re-examines Marshall's legacy and relevance to modern economic analysis with the more settled conventional wisdom concerning evolutionary processes allowing advances in economic theorising which were not possible in Marshall's life time.
Book Synopsis Evolution in Markets and Institutions by : Ulrich Witt
Download or read book Evolution in Markets and Institutions written by Ulrich Witt and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evolutionary economics is the most challenging unorthodox approach to economic theory that has been developed in the last decades. The present volume offers a survey as well as a carefully selected sample of important new insights from a broad range of topics in economics: - the dynamics of institutional change - aggregate employment effects of diffusing innovations - institutional regimes of long run growth - indeterminaciesresulting expectation formation in the economy - the synergetic approach and its application to market morphology. The volume documentsa variety of modeling tools in evolutionary economics and offers a series ofstimulating hypotheses and research results. Its reading is a `must' for all scholars with an interest in economic change.
