## Adaptive Economic Models: Proceedings of a Symposium Conducted by the Mathematics Research Center, the University of Wisconsin--Madison, October 21-23, 1974, Issue 34Adaptive processes and economic theory; Biological systems as paradigms for adaptation; Optimization and evolution in the theory of the firm; The market adaptation of the firm; Learning by firms about demand conditions; Further notes on the allocation of effort. |

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### Contents

Introduction | 3 |

Toward an Adaptive Economics | 28 |

Biological Systems as Paradigms for Adaptation | 39 |

Copyright | |

31 other sections not shown

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### Common terms and phrases

actual adaptive mechanisms adjustment agents aggregate allocation analysis approach assume assumption behavior biological commodity commodity money competitive concept consider constraints controlled system convergence costs decision problem decision rules defined demand denote determined discussion dynamic economic theory empirical environment equation equilibrium estimates evolution evolutionary example existence expected utility feedback homeostats fiat money firm firm's follows given global optimizing growth Hence homeostasis implies indifference curves industry input involves labor layoffs learning LEMMA market clearing natural selection noted operator optimization optimization theories organisms output paper parameters particular period planning population positive possible prediction probability distribution production profit maximization progress function putting out fires Radner random variable rational Rational Expectations result routine sequence solution specific stochastic strategy structure Suppose survival Theorem tion uncertainty utility function vacancies vector wage offer wage rate workers workforce