Asymmetric and Imperfect Knowledge

Name: Asymmetric and Imperfect Knowledge
Brand: VDM Verlag Dr. Mueller E.K.
SKU: 9783639020779
Price: 376.73 RON
Availability: InStock

A Proposal to Replace Unbounded Rationality with Bounded Rationality

Autor: Cung Cao

Limbă:

Legare: Carte broșată

Editura: VDM Verlag Dr. Mueller E.K.

Disponibilitate: În depozitul extern

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376.73 lei

This book is a proposal to address the incoherencies of New Keynesian economics by replacing the sta...

Informații despre carte

Autor

Cung Cao

Limbă

engleză

Legare

Carte - Carte broșată

Publicat

2008

Pagini

192

EAN

9783639020779

ISBN

3639020774

Enbook ID

06811954

Editura

VDM Verlag Dr. Mueller E.K.

Greutate

263

Dimensiuni

152 x 229 x 10

Descriere completă

This book is a proposal to address the incoherencies of New Keynesian economics by replacing the standard neoclassical rational choice theory used in New Keynesian economics with bounded rationality. Bounded rationality is redefined as people are rational, but are bounded by asymmetric and imperfect knowledge. This decomposition of bounded rationality makes it possible for us to operationalize bounded rationality, which was founded by Herbert Simon in the 1950s, but has not been widely adopted in economics because the concept was considered too difficult to formalize.§Bounded rationality does not just provide better micro-foundations for New Keynesian economics. It also provides better explanations to various anomalies in neoclassical economics, enhancing economics scientific aspirations, as well as opening the possibility of unifying various schools of economic thought.

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Asymmetric and Imperfect Knowledge

A Proposal to Replace Unbounded Rationality with Bounded Rationality

Informații despre carte

Descriere completă

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