Rationality in Economics - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Rationality in Economics write by Vernon L. Smith. This book was released on 2007-11-05. Rationality in Economics available in PDF, EPUB and Kindle. 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.
Quasi Rational Economics
Quasi Rational Economics - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Quasi Rational Economics write by Richard H. Thaler. This book was released on 1994-01-04. Quasi Rational Economics available in PDF, EPUB and Kindle. 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
Rationality and Irrationality in Economics - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Rationality and Irrationality in Economics write by Maurice Godelier. This book was released on 2014-08-26. Rationality and Irrationality in Economics available in PDF, EPUB and Kindle. 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 Economics of Rationality
The Economics of Rationality - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Economics of Rationality write by Bill J Gerrard. This book was released on 2006-04-10. The Economics of Rationality available in PDF, EPUB and Kindle. 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.
The Limits of Rationality
The Limits of Rationality - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Limits of Rationality write by Karen Schweers Cook. This book was released on 2008-10-03. The Limits of Rationality available in PDF, EPUB and Kindle. Prevailing economic theory presumes that agents act rationally when they make decisions, striving to maximize the efficient use of their resources. Psychology has repeatedly challenged the rational choice paradigm with persuasive evidence that people do not always make the optimal choice. Yet the paradigm has proven so successful a predictor that its use continues to flourish, fueled by debate across the social sciences over why it works so well. Intended to introduce novices to rational choice theory, this accessible, interdisciplinary book collects writings by leading researchers. The Limits of Rationality illuminates the rational choice paradigm of social and political behavior itself, identifies its limitations, clarifies the nature of current controversies, and offers suggestions for improving current models. In the first section of the book, contributors consider the theoretical foundations of rational choice. Models of rational choice play an important role in providing a standard of human action and the bases for constitutional design, but do they also succeed as explanatory models of behavior? Do empirical failures of these explanatory models constitute a telling condemnation of rational choice theory or do they open new avenues of investigation and theorizing? Emphasizing analyses of norms and institutions, the second and third sections of the book investigate areas in which rational choice theory might be extended in order to provide better models. The contributors evaluate the adequacy of analyses based on neoclassical economics, the potential contributions of game theory and cognitive science, and the consequences for the basic framework when unequal bargaining power and hierarchy are introduced.
