Bounded Rationality and Economic Evolution: A Contribution to Decision Making, Economics, and Management
The scope is large and the treatment is thoughtful. . . . for anyone who wishes to teach a seminar on economic behaviour this book provides an excellent bridge between the old economics and some of the newer developments. M. Shubik, Journal of Economics This seminal work advances beyond neoclassical economics to provide an integrated overview of economic decision making, and the management of bounded rationality and its evolutionary consequences. Clem Tisdell successfully combines recent developments in learning and game theory, transaction costs and evolutionary economics to provide new insights into economic and managerial phenomena. The results are applied to different levels of decision-making, including decisions by individuals, taking into account learning possibilities, decisions by groups and economic organizations including optimal communication within organizations. Bounded Rationality and Economic Evolution will be of particular use to economists, academics in management, business administration and public administration, and social scientists interested in group behaviour.
What people are saying - Write a review
We haven't found any reviews in the usual places.
Concepts of Rationality as Foundations of Economic
Further Views on the Role and Concept of Rationality
15 other sections not shown
allocation alternative assume assumption Bangladesh bias certainty equivalence Chapter choice coalition competitive considered controlled variables cooperation cooperative games courses of action curve decision maker diversity economic agents economic efficiency economists equilibrium evolutionary economics example expected profit expected value factors Figure flexibility gain given greater group behaviour important imputed profit increase individuals industry inflexible policy innovation input involved knowhow knowledge learning limited marginal benefit marginal cost marginal expected market failure market transaction costs Marks & Spencer maximize microeconomic mills models neoclassical economic theory Neumann and Morgenstern non-controlled variable objective function optimal transfer price optimal value organization output Paretian Pareto optimality payoffs players possible predict primary division problem productivity progress random rational behaviour Rational Expectations reduce relationships relevant represents result secondary division social solution strategies suppliers supply surrogate procedure techniques Tisdell unbounded rationality uncertainty X-Efficiency X-inefficiency