Rationality In Economics Alternative Perspectives

Author : Ken Dennis
Publisher : Springer Science & Business Media
Page : 153 pages
File Size : 45,6 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.

Author : Emma Coleman Jordan,Angela P. Harris
Publisher : Unknown
Page : 580 pages
File Size : 47,7 Mb
Release : 2006
Category : Economics
ISBN : STANFORD:36105114547453

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Beyond Rational Choice by Emma Coleman Jordan,Angela P. Harris Pdf

George Akerlof, 2002 Nobel Laureate in Economics argues that: ?Neoclassical theory suggests that poverty is the reflection of low initial endowments of human and nonhuman capital. The theory cannot account for persistent and extreme poverty coupled with high incidence of drug and alcohol abuse, out-of-wedlock births, single-headed households, high welfare dependency, and crime." This book is designed to provide materials for faculty and students who want to explore the basic intellectual history of modern economics and its turn away from rigid rationality assumptions by including material that would be useful in courses and seminars taught in economics departments at all levels, law school courses and seminars. It looks beyond neoclassical theory to provide the following alternatives: An introduction to the major challenges to the neoclassical model from scholars who share a faith in market ordering with overviews of the perspectives of behavioral economics, informational economics, institutional economics, and social norms. An introduction to the major criticisms of neoclassical economics from scholars who reject the model of the market for distributing the basic necessities of life with overviews of the perspectives of humanism; feminist critiques of market theory; racial critiques of market theory; empirical evidence of persistent racial discrimination in major markets; and market socialism.

Author : Bill J Gerrard
Publisher : Routledge
Page : 174 pages
File Size : 52,5 Mb
Release : 2006-04-10
Category : Business & Economics
ISBN : 9781134915293

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The Economics of Rationality by Bill J Gerrard Pdf

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.

Author : Alistair Munro
Publisher : Springer Science & Business Media
Page : 330 pages
File Size : 53,8 Mb
Release : 2009-06-10
Category : Business & Economics
ISBN : 9781402094736

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Bounded Rationality and Public Policy by Alistair Munro Pdf

This book is about bounded rationality and public policy. It is written from the p- spective of someone trained in public economics who has encountered the enormous literature on experiments in decision-making and wonders what implications it has for the normative aspects of public policy. Though there are a few new results or models, to a large degree the book is synthetic in tone, bringing together disparate literatures and seeking some accommodation between them. It has had a long genesis. It began with a draft of a few chapters in 2000, but has expanded in scope and size as the literature on behavioural economics has grown. At some point I realised that the geometric growth of behavioural - search and the arithmetic growth of my writing were inconsistent with an am- tion to be exhaustive. As such therefore I have concentrated on particular areas of behavioural economics and bounded rationality. The resulting book is laid out as follows: Chapter 1 provides an overview of the rest of the book, goes through some basic de?nitions and identi?es themes.

Author : Mary Zey
Publisher : SAGE Publications, Incorporated
Page : 480 pages
File Size : 47,8 Mb
Release : 1992-06-22
Category : Business & Economics
ISBN : UCSC:32106009043842

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Decision Making by Mary Zey Pdf

Prevailing, highly conservative rational choice theories are challenged in this illuminating volume. Mary Zey and other outstanding contributors expand our understanding of decision making theory by presenting evidence that points to the wide range and complexity of human decision making. Labelled as deviations from formal rationality, other models of decision making (habit, emotion, moral and ethical values) are shown to be alternative, not deviant, motives behind decision making. Written at an accessible level, this volume examines criticisms of the rational choice models from a wide range of perspectives. The following chapters then concentrate on micro- and macro- alternatives to rational choice models, including a bala

Author : Mary Zey
Publisher : SAGE Publications
Page : 152 pages
File Size : 47,6 Mb
Release : 1997-12-30
Category : Business & Economics
ISBN : 9781452254968

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Rational Choice Theory and Organizational Theory by Mary Zey Pdf

An ambitious new work by a well-respected economic sociologist, Rational Choice Theory and Organizational Theory: A Critique, offers a new perspective on the strategy and actions of organizations. In merging economic, psychological, and sociological literature as they focus on organizations, author Mary Zey contends that a historical political economy contingency theory provides the key to understanding how organizations function and the relationships between individuals and organizations in which they work. She brings to our attention that economic and other types of organizations differ in their behavior from rational individuals and rational markets. Zey integrates macro- and micro-levels of analysis while drawing together internal and external contingencies to explain how decisions are taken. Zey interprets, synthesizes, and critiques the important work of renowned scholars of rational choice, finance, and organizations including James March, Michael Jensen, and Oliver Williamson to analyze corporate decision making, differentiating it from individual decision making. The analysis is distinguished by inclusive thinking and new approaches to issues that have long confronted those who think about, theorize about, work with, and manage organizations. Mary ZeyÆs work expands the understanding of decision making by presenting evidence that points to the wide range and complexity of human decision making. The rational choice theorists, led most notably by Oliver Williamson and James Coleman, adhere to the tenets of transaction cost analysis and agency theory when looking at micro- and macro-level decisions made by people and organizations. Other models of decision making (habit, emotion, moral and ethical values, among others) have been labeled as deviations from formal rationality. Mary Zey calls these "deviations" alternative motives behind decision making, and her books are an attempt to present the leading work from this point of view. Rational Choice Theory and Organizational Theory: A Critique is the first single-authored volume to analyze and present an alternative model to decision making theory and serves as a companion to Decision Making (Sage, 1992). Rational Choice Theory and Organizational Theory will be useful to professors and students of decision making theory, organizational theory, sociology of organizations, and social theory.

Author : J. Marangos
Publisher : Springer
Page : 314 pages
File Size : 47,5 Mb
Release : 2012-01-02
Category : Business & Economics
ISBN : 9780230337800

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Alternative Perspectives of a Good Society by J. Marangos Pdf

As a collection of alternative views on societies, methodologies, policies and assessment of the current elements of the society, Alternative Perspectives on a Good Society brings together different authors answering different questions all within the context of visions of a good society.

Author : Richard M. Coughlin
Publisher : M.E. Sharpe
Page : 432 pages
File Size : 45,6 Mb
Release : 1991
Category : Business & Economics
ISBN : 0873328213

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Morality, Rationality, and Efficiency by Richard M. Coughlin Pdf

Selected papers from the Second Annual International Conference on Socio-Economics, held at George Washington U., Washington, DC, March 1990, provide a snapshot of the current state of research being pursued across a range of established academic disciplines with respect to this emerging movement, formally launched by the publication of Amitai Etzioni's book The moral dimension in 1988. Paper edition (unseen), $17.95. Annotation copyrighted by Book News, Inc., Portland, OR

Author : Ariel Rubinstein
Publisher : Open Book Publishers
Page : 266 pages
File Size : 48,8 Mb
Release : 2012
Category : Biography & Autobiography
ISBN : 9781906924775

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Economic Fables by Ariel Rubinstein Pdf

"I had the good fortune to grow up in a wonderful area of Jerusalem, surrounded by a diverse range of people: Rabbi Meizel, the communist Sala Marcel, my widowed Aunt Hannah, and the intellectual Yaacovson. As far as I'm concerned, the opinion of such people is just as authoritative for making social and economic decisions as the opinion of an expert using a model." Part memoir, part crash-course in economic theory, this deeply engaging book by one of the world's foremost economists looks at economic ideas through a personal lens. Together with an introduction to some of the central concepts in modern economic thought, Ariel Rubinstein offers some powerful and entertaining reflections on his childhood, family and career. In doing so, he challenges many of the central tenets of game theory, and sheds light on the role economics can play in society at large. Economic Fables is as thought-provoking for seasoned economists as it is enlightening for newcomers to the field.

Author : Alan Kirman
Publisher : Routledge
Page : 272 pages
File Size : 48,5 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.

Author : Reid Hastie,Robyn M. Dawes
Publisher : SAGE
Page : 393 pages
File Size : 46,8 Mb
Release : 2010
Category : Psychology
ISBN : 9781412959032

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Rational Choice in an Uncertain World by Reid Hastie,Robyn M. Dawes Pdf

In the Second Edition of Rational Choice in an Uncertain World the authors compare the basic principles of rationality with actual behaviour in making decisions. They describe theories and research findings from the field of judgment and decision making in a non-technical manner, using anecdotes as a teaching device. Intended as an introductory textbook for advanced undergraduate and graduate students, the material not only is of scholarly interest but is practical as well. The Second Edition includes: - more coverage on the role of emotions, happiness, and general well-being in decisions - a summary of the new research on the neuroscience of decision processes - more discussion of the adaptive value of (non-rational heuristics) - expansion of the graphics for decision trees, probability trees, and Venn diagrams.

Author : Colin P. Elliott
Publisher : Cambridge University Press
Page : 225 pages
File Size : 53,5 Mb
Release : 2020-02-20
Category : Business & Economics
ISBN : 9781108418607

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Economic Theory and the Roman Monetary Economy by Colin P. Elliott Pdf

Reconceptualizes economic theory as a tool for understanding the Roman monetary system and its social and cultural contexts.

Author : Francesco Forte,Ram Mudambi,Pietro Maria Navarra
Publisher : Edward Elgar Publishing
Page : 567 pages
File Size : 42,8 Mb
Release : 2014-03-28
Category : Business & Economics
ISBN : 9781781004715

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A Handbook of Alternative Theories of Public Economics by Francesco Forte,Ram Mudambi,Pietro Maria Navarra Pdf

This comprehensive and thought-provoking Handbook reviews public sector economics from pluralist perspectives that either complement or reach beyond mainstream views. The book takes a comprehensive interdisciplinary approach, drawing on economi

Author : Vernon L. Smith
Publisher : Cambridge University Press
Page : 384 pages
File Size : 46,6 Mb
Release : 2007-11-05
Category : Business & Economics
ISBN : 9781139466462

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Rationality in Economics by Vernon L. Smith Pdf

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.

Author : Adam Smith
Publisher : Unknown
Page : 522 pages
File Size : 48,8 Mb
Release : 1822
Category : Economics
ISBN : UCAL:$B87540

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An Inquiry Into the Nature and Causes of the Wealth of Nations by Adam Smith Pdf