A large market economy has a huge number of degrees of freedom with weak microlevel coordination. The ‘implicit microfoundations’ approach considers this property of micro-level interactions to more strongly determine macro-level outcomes compared to the precise details of individual choice behavior; that is, the ‘particle’ nature of individuals dominates their ‘mechanical’ nature. So rather th...

We examine the Cournot oligopoly model in the context of social and individual learning. In both models of learning, firms update their decisions about how much to produce via variants of the genetic algorithm updating procedure. Arifovic (1994) found that both models of social and individual learning converged to the Walrasian, competitive equilibrium. Vriend (2000) reports that the model of s...

We examine the Cournot oligopoly model in the context of social and individual learning. In both models of learning, firms update their decisions about how much to produce via variants of the genetic algorithm updating procedure. Arifovic (1994) found that both models of social and individual learning converged to the Walrasian, competitive equilibrium. Vriend (2000) reports that the model of s...

The &as if ' view of economic rationality defends the pro"t maximization hypothesis by pointing out that only those "rms who act as if they maximize pro"ts can survive in the long run. Recently, the problem of arriving at a logically consistent de"nition of rational behavior in games has shown that one must sometimes study explicitly the evolutionary processes that form the basis of this view. ...

Article history: Received 1 November 2009 Available online 3 March 2011 JEL classification: D44 C63 C72 D82

Article history: Received 6 February 2008 Accepted 14 May 2008 Available online 20 May 2008 JEL classification: C63 G11 G31 G39

There are many different ideas of understanding in the experimental economics literature, leading to much debate and conflict between various methodological positions. It is argued that a Gricean approach to the notion of understanding is one which makes most sense in the context of experimentation and provides a robust theoretical background for assessing understanding in practical experiments...

This paper discusses the idea that John Stuart Mill supported two intellectual positions which are considered to be contradictory. On one hand, he proposed a radical empiricist epistemology in his System of Logic. other defended David Ricardo’s Political Economy, fairly criticized its time from an empirical point view. argues there is no internal contradiction Mill, as believes method used Econ...