## Adaptive economic models: proceedings of a symposium conducted by the Mathematics Research Center, the University of Wisconsin--Madison, October 21-23, 1974Adaptive 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 |

Modelling Adaptation | 14 |

Toward an Adaptive Economics | 28 |

Copyright | |

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acrylonitrile actual adjustment agents aggregate allocation analysis assume assumption behavior biological chemical commodity commodity money competitive concept consider constraints consumer convergence costs decision problem decision rules defined demand denote determined discussion dynamic Econ economic models Economic Theory environment equation equilibrium estimates ethylene evolutionary example existence expected utility feedback homeostats fiat money fibers firm firm's follows forecasts given global optimizing growth Hence homeostasis homeostats implies indifference curves individual industry input involves labor layoffs learning LEMMA linear market clearing molecules natural selection operator optimal organisms output paper parameters period plans positive possible prediction probability distribution production function profit maximization progress function PROOF putting out fires Radner random variable rational Rational Expectations result sequence solution specific stochastic structure Suppose synthesis Theorem tion uncertainty utility function vacancies vector wage offer wage rate workforce