Equilibrium And Rationality

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Rationality and Equilibrium

Charalambos D. Aliprantis,Rosa L. Matzkin,Daniel L. McFadden,James C. Moore,Nicholas C. Yannelis
Rationality and Equilibrium Book PDF

Author : Charalambos D. Aliprantis,Rosa L. Matzkin,Daniel L. McFadden,James C. Moore,Nicholas C. Yannelis
Publisher : Springer Science & Business Media
Page : 252 pages
File Size : 51,5 Mb
Release : 2006-04-20
Category : Business & Economics
ISBN : 9783540295785

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Rationality and Equilibrium by Charalambos D. Aliprantis,Rosa L. Matzkin,Daniel L. McFadden,James C. Moore,Nicholas C. Yannelis Pdf

This book contains a collection of original and state-of-the-art contributions in rational choice and general equilibrium theory. Among the topics are preferences, demand, equilibrium, core allocations, and testable restrictions. The contributing authors are Daniel McFadden, Rosa Matzkin, Emma Moreno-Garcia, Roger Lagunoff, Yakar Kannai, Myrna Wooders, James Moore, Ted Bergstrom, Luca Anderlini, Lin Zhou, Mark Bagnoli, Alexander Kovalenkov, Carlos Herves-Beloso, Michaela Topuzu, Bernard Cornet, Andreu Mas-Colell and Nicholas Yannelis.

Collective Rationality

Paul Weirich
Collective Rationality Book PDF

Author : Paul Weirich
Publisher : OUP USA
Page : 283 pages
File Size : 54,5 Mb
Release : 2010
Category : Business & Economics
ISBN : 9780195388381

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Collective Rationality by Paul Weirich Pdf

Groups of people perform acts that are subject to standards of rationality. The book's theory of collective rationality explains how to evaluate collective acts. The people engaged in a game of strategy collectively produce an outcome, and the theory reveals what makes some outcomes solutions. It generates new equilibrium standards for solutions to cooperative games.

Equilibrium and Rationality

Paul Weirich
Equilibrium and Rationality Book PDF

Author : Paul Weirich
Publisher : Cambridge University Press
Page : 250 pages
File Size : 51,9 Mb
Release : 1998-01-28
Category : Science
ISBN : 0521593522

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Equilibrium and Rationality by Paul Weirich Pdf

This book represents a major contribution to game theory. It offers a new conception of equilibrium in games: strategic equilibrium. This new conception arises from a study of expected utility decision principles, which must be revised to take account of the evidence a choice provides concerning its outcome. In synthesizing decision theory and game theory in a powerful new way this book will be of particular interest to all philosophers concerned with decision theory and game theory as well as economists and other social scientists.

Rationality and Coordination

Cristina Bicchieri
Rationality and Coordination Book PDF

Author : Cristina Bicchieri
Publisher : CUP Archive
Page : 294 pages
File Size : 44,5 Mb
Release : 1997-03-28
Category : Business & Economics
ISBN : 0521574447

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Rationality and Coordination by Cristina Bicchieri Pdf

. This major new book will be of particular interest not only to philosophers but to decision theorists, political scientists, economists, and researchers in artificial intelligence.

Rationality in Economics: Alternative Perspectives

Ken Dennis
Rationality in Economics Alternative Perspectives Book PDF

Author : Ken Dennis
Publisher : Springer Science & Business Media
Page : 153 pages
File Size : 51,8 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9789401148627

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Rationality in Economics: Alternative Perspectives by Ken Dennis Pdf

Ideas linked to rational choice theory started to appear frequently in the economics literature in the 1960s and 1970s, but the attention given to rationality widened to include commentators presenting far-reaching appraisals and critiques. The literature grew to a steady flow and spanned diverse areas of thought including socialist and `rational-choice Marxist' assessments, and other approaches including institutional, sociological, psychological, ethical, choice-theoretical, strategic, and game-theoretical treatments of rationality. This diversity of literature led to the creation of this volume. What does rationality mean? Was there some common core of meaning that held all of these seemingly disparate developments together, or were there discernable schools of thought with peculiarities that set them clearly apart from one another? The essays in this volume illustrate that diversity, and despite the variety of approaches there remains a common core of meaning that accommodates not so much a radically different set of concepts of rationality as a highly variegated array of methods and approaches to this subject. Contributors address topics of their choice on the concept of rationality in economics, and the selection of these contributors is meant to represent a variety of backgrounds and approaches.

Rational Behavior and Bargaining Equilibrium in Games and Social Situations

John C. Harsanyi
Rational Behavior and Bargaining Equilibrium in Games and Social Situations Book PDF

Author : John C. Harsanyi
Publisher : CUP Archive
Page : 340 pages
File Size : 52,5 Mb
Release : 1986
Category : Decision-making
ISBN : 0521311837

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Rational Behavior and Bargaining Equilibrium in Games and Social Situations by John C. Harsanyi Pdf

This is a paperback edition of a major contribution to the field, first published in hard covers in 1977. The book outlines a general theory of rational behaviour consisting of individual decision theory, ethics, and game theory as its main branches. Decision theory deals with a rational pursuit of individual utility; ethics with a rational pursuit of the common interests of society; and game theory with an interaction of two or more rational individuals, each pursuing his own interests in a rational manner.

The Limits of Rationality

Karen Schweers Cook,Margaret Levi
The Limits of Rationality Book PDF

Author : Karen Schweers Cook,Margaret Levi
Publisher : University of Chicago Press
Page : 436 pages
File Size : 44,6 Mb
Release : 2008-10-03
Category : Political Science
ISBN : 9780226742410

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The Limits of Rationality by Karen Schweers Cook,Margaret Levi Pdf

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.

Rationality, Institutions, and Economic Methodology

Uskali Mäki,Bo Gustafsson,Christian Knudsen
Rationality Institutions and Economic Methodology Book PDF

Author : Uskali Mäki,Bo Gustafsson,Christian Knudsen
Publisher : Psychology Press
Page : 332 pages
File Size : 47,9 Mb
Release : 1993
Category : Business & Economics
ISBN : 0415092086

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Rationality, Institutions, and Economic Methodology by Uskali Mäki,Bo Gustafsson,Christian Knudsen Pdf

First published in 1993. Routledge is an imprint of Taylor & Francis, an informa company.

Rationality in Social Interactions

Guido Olschewski
Rationality in Social Interactions Book PDF

Author : Guido Olschewski
Publisher : Logos Verlag Berlin GmbH
Page : 130 pages
File Size : 55,7 Mb
Release : 2009
Category : Business & Economics
ISBN : 9783832523688

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Rationality in Social Interactions by Guido Olschewski Pdf

The analysis of human decision making in social sciences is often based on a conception of rationality. This dissertation contains three microeconomic models, which directly build on the rationality assumption in economic theory. We model agents endowed with rational preferences and analyze how such preferences translate into decisions in a given social interaction. In particular, we present three different models: (1) Arrovian social choice theory with delegation as a feasible policy alternative; (2) Game theory and the existence of mental equilibrium in 2x2 games; (3) Information economics and its application to analyzing stakeholder participation in electronic health record networks.

Bounded Rationality in Macroeconomics

Thomas J. Sargent
Bounded Rationality in Macroeconomics Book PDF

Author : Thomas J. Sargent
Publisher : Unknown
Page : 208 pages
File Size : 50,5 Mb
Release : 1993
Category : Macroeconomics
ISBN : UCSC:32106011760268

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Bounded Rationality in Macroeconomics by Thomas J. Sargent Pdf

How do people behave in new situations in which previous experience is not useful? The recent changes in Eastern Europe, for example, are unprecedented and there is not an available model on which to base the mechanisms that will govern the economics in this region. The concept of "bounded (orlimited) rationality" is being developed to analyze behavior in such situations. In this book Thomas Sargent describes and interprets the recent work in the area, especially in statistics, econometrics, networks and artificial intelligence. He focuses on examples designed to illustrate the issuesinvolved and the kinds of questions that are being asked and answered in this research. He points to further potential positive developments of the theory as well as some of its limitations.

Bounded Rationality and Industrial Organization

Ran Spiegler
Bounded Rationality and Industrial Organization Book PDF

Author : Ran Spiegler
Publisher : Oxford University Press
Page : 240 pages
File Size : 43,5 Mb
Release : 2011-02-18
Category : Business & Economics
ISBN : 0199813426

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Bounded Rationality and Industrial Organization by Ran Spiegler Pdf

Conventional economic theory assumes that consumers are fully rational, that they have well-defined preferences and easily understand the market environment. Yet, in fact, consumers may have inconsistent, context-dependent preferences or simply not enough brain-power to evaluate and compare complicated products. Thus the standard model of consumer behavior-which depends on an ideal market in which consumers are boundlessly rational-is called into question. While behavioral economists have for some time confirmed and characterized these inconsistencies, the logical next step is to examine the implications they have in markets. Grounded in key observations in consumer psychology, Bounded Rationality and Industrial Organization develops non-standard models of "boundedly rational" consumer behavior and embeds them into familiar models of markets. It then rigorously analyses each model in the tradition of microeconomic theory, leading to a richer, more realistic picture of consumer behavior. Ran Spiegler analyses phenomena such as exploitative price plans in the credit market, complexity of financial products and other obfuscation practices, consumer antagonism to unexpected price increases, and the role of default options in consumer decision making. Spiegler unifies the relevant literature into three main strands: limited ability to anticipate and control future choices, limited ability to understand complex market environments, and sensitivity to reference points. Although the challenge of enriching the psychology of decision makers in economic models has been at the frontier of theoretical research in the last decade, there has been no graduate-level, theory-oriented textbook to cover developments in the last 10-15 years. Thus, Bounded Rationality and Industrial Organization offers a welcome and crucial new understanding of market behavior-it challenges conventional wisdom in ways that are interesting and economically significant, and which in the end effect the well-being of all market participants.

Science, Rationality, and Neoclassical Economics

L. D. Keita
Science Rationality and Neoclassical Economics Book PDF

Author : L. D. Keita
Publisher : Unknown
Page : 200 pages
File Size : 47,5 Mb
Release : 1992
Category : Business & Economics
ISBN : STANFORD:36105041592580

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Science, Rationality, and Neoclassical Economics by L. D. Keita Pdf

This work examines the claim to scienific status made by supporters and practitioners of neoclassical economics. The approach taken is that of the history and philosophy of science. Analysis points to the conclusion that theories of economic choice are necessarily normative, essentially because of the nature of human behavior.

The Covenant of Reason

Isaac Levi
The Covenant of Reason Book PDF

Author : Isaac Levi
Publisher : Cambridge University Press
Page : 280 pages
File Size : 49,7 Mb
Release : 1997-09-13
Category : Philosophy
ISBN : 0521576016

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The Covenant of Reason by Isaac Levi Pdf

Isaac Levi is one of the preeminent philosophers in the areas of pragmatic rationality and epistemology. This collection of essays constitutes an important presentation of his original and influential ideas about rational choice and belief. A wide range of topics is covered, including consequentialism and sequential choice, consensus, voluntarism of belief, and the tolerance of the opinions of others. The essays elaborate on the idea that principles of rationality are norms that regulate the coherence of our beliefs and values with our rational choices. The norms impose minimal constraints on deliberation and inquiry, but they also impose demands well beyond the capacities of deliberating agents. This major collection will be eagerly sought out by a wide range of philosophers in epistemology, logic, and philosophy of science, as well as economists, decision theorists, and statisticians.

Rational Behaviour and Bargaining Equilibrium in Games and Social Situations

John C. Harsanyi
Rational Behaviour and Bargaining Equilibrium in Games and Social Situations Book PDF

Author : John C. Harsanyi
Publisher : Cambridge University Press
Page : 352 pages
File Size : 46,8 Mb
Release : 1977-10-01
Category : Business & Economics
ISBN : 0521208866

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Rational Behaviour and Bargaining Equilibrium in Games and Social Situations by John C. Harsanyi Pdf

This is a paperback edition of a major contribution to the field, first published in hard covers in 1977. The book outlines a general theory of rational behaviour consisting of individual decision theory, ethics, and game theory as its main branches. Decision theory deals with a rational pursuit of individual utility; ethics with a rational pursuit of the common interests of society; and game theory with an interaction of two or more rational individuals, each pursuing his own interests in a rational manner.

Complex Economics

Alan Kirman
Complex Economics Book PDF

Author : Alan Kirman
Publisher : Routledge
Page : 272 pages
File Size : 54,6 Mb
Release : 2010-09-13
Category : Business & Economics
ISBN : 9781136941672

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Complex Economics by Alan Kirman Pdf

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.