Imperfect Information and Bounded Rationality with Applications to Macroeconomic Dynamics
نویسنده
چکیده
A few decades ago macroeconomics was a field of its own. Now there is an understanding that macroeconomics should have explicit micro foundations. This project aims to look into several traditional arenas of macroeconomics from the microeconomics standpoint. Specifically, we focus on the role of imperfect information and bounded rationality for the real business cycle, growth, and money.
منابع مشابه
Bounded Rationality in the Iterated Prisoner’s Dilemma
In diverse fields such as computer science, economics and psychology, bounded rationality has emerged as an important research topic. Models which assume the existence of perfectly rational agents seem inadequate for many realworld problems where agents often lack perfect rationality. Classes of imperfect rationality include the conditions of incomplete knowledge, memory, information or computa...
متن کاملFlexibly-bounded Rationality and Marginalization of Irrationality Theories for Decision Making
In this paper the theory of flexibly-bounded rationality which is an extension to the theory of bounded rationality is revisited. Rational decision making involves using information which is almost always imperfect and incomplete together with some intelligent machine which if it is a human being is inconsistent to make decisions. In bounded rationality, this decision is made irrespective of th...
متن کاملSemi-bounded Rationality: A model for decision making
In this paper the theory of semi-bounded rationality is proposed as an extension of the theory of bounded rationality. In particular, it is proposed that a decision making process involves two components and these are the correlation machine, which estimates missing values, and the causal machine, which relates the cause to the effect. Rational decision making involves using information which i...
متن کاملEquilibrium, Evolutionary stability and Gradient Dynamics
Considered here are equilibria, notably those that solve noncooperative games. Focus is on connections between evolutionary stability, concavity and monotonicity. It is shown that evolutionary stable points are local attractors under gradient dynamics. Such dynamics, while reflecting search for individual improvement, can incorporate myopia, imperfect knowledge and bounded rationality/competence.
متن کاملتحلیلی بر وجوه نهادی مدیریت ریسک در صنعت بیمه مبتنی بر رویکرد اقتصاد هزینه مبادله
While many studies have been conducted regarding the analysis and risk assessment in the insurance, less attention has been paid to cognitive and objective aspects of uncertainty concept. The role of insurance companies to cover existing uncertainty in the framework of legal contracts can be crystallized. Thus, the measurement unit of dealing between insurer and insured is transaction. Imper...
متن کامل