A Theory of Adaptive Economic Behavior
Book Details
Format
Hardback or Cased Book
ISBN-10
0521251109
ISBN-13
9780521251105
Publisher
Cambridge University Press
Imprint
Cambridge University Press
Country of Manufacture
US
Country of Publication
GB
Publication Date
Nov 25th, 1983
Print length
207 Pages
Weight
39 grams
Product Classification:
Economic theory & philosophy
Ksh 7,650.00
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This book develops dynamic economic models using the perspective and analytic framework provided by psychological learning theory.
This book develops dynamic economic models using the perspective and analytic framework provided by psychological learning theory. This framework is used to resolve apparent contradictions between optimization theory, which lies at the heart of all modern economic theory, and day-to-day evidence that short-run economic behaviour cannot reasonably be described solely as the outcome of efficiently implemented self-interest. The author applies this viewpoint to a number of problem areas in which literal applications of maximization theory have not usually proved to be satisfactory. These include analyses of decision-making under uncertainty and gambling behaviour, the role of consumer-oriented advertising in influencing behaviour, the persistence of price dispersions in markets, and inflation.
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