Download or read book Science Rationality and Neoclassical Economics written by L. D. Keita and published by University of Delaware Press. This book was released on 1992 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work examines the claim to scienific status made by supporters and practitioners of neoclassical economics. The approach taken is that of the history and philosophy of science. Analysis points to the conclusion that theories of economic choice are necessarily normative, essentially because of the nature of human behavior.
Download or read book Revealed Preference Theory Rationality and Neoclassical Economics written by and published by . This book was released on with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: So it behoves the African student of economics to ponder the results of a meta-analysis of neoclassical economics as it strove to establish itself as a science in order to cement the claim that capitalist market economics describes the natural and optimal behaviour and decision making of humans. [...] The point is that whereas the behaviours of the objects of the natural sciences were to be studied purely in terms of their physical or empirical manifestations, the objects of the social sciences required study not only of external or empirical manifestation of human behaviours but also the non-empirical causes of such behaviours. [...] According to Samuelson (1938), the purpose of his novel approach was to lead eventually to the 'dropping of the last vestiges of the utility analysis. [...] Consider Simon's approach to the problem: 'Broadly stated, the task is to replace the global rationality of economic man with a kind of rational behaviour that is compatible with the access to information and the computational capacities that are actually possessed by organisms, including man, in the kinds of environments in which such organisms exist' (Simon 1955:99). [...] What this evolutionary approach achieves is as follows: the paradigm of program-based behaviour appeals to the concept of rationality to explain behaviour that is based on agents engaging in purposeful action that is constantly seeking to adapt to the conditions of the environment.
Download or read book Foundations of Paul Samuelson s Revealed Preference Theory written by Stanley Wong and published by Routledge. This book was released on 2006-01-13 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt: Containing a new preface by Wong, and a new introduction from Philip Mirowski, this classic text within the philosophy of economics, originally published over two decades ago, is a tour de force against revealed preference.
Download or read book The Eclipse of Value Free Economics The concept of multiple self versus homo economicus written by Aleksander Ostapiuk and published by Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu. This book was released on 2021-03-30 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: The books’ goal is to answer the question: Do the weaknesses of value-free economics imply the need for a paradigm shift? The author synthesizes criticisms from different perspectives (descriptive and methodological). Special attention is paid to choices over time, because in this area value-free economics has the most problems. In that context, the enriched concept of multiple self is proposed and investigated. However, it is not enough to present the criticisms towards value-free economics. For scientists, a bad paradigm is better than no paradigm. Therefore, the author considers whether value-based economics with normative approaches such as economics of happiness, capability approach, libertarian paternalism, and the concept of multiple self can be the alternative paradigm for value-free economics. This book is essential reading to everyone interested in the current state of economics as a discipline.
Download or read book Behaviour and the Concept of Preference written by Amartya Sen and published by . This book was released on 1973 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Agreement on Demand written by Philip Mirowski and published by Annual Supplement to History o. This book was released on 2006 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: While the theory of demand—that consumers buy more as prices fall and buy less as they rise—is decidedly uncontroversial in mainstream economics, the absence of controversy belies the theory’s contentious and complicated history. This volume provides a better understanding of the history of demand theory and its relationship to major theoretical developments in twentieth-century microeconomics. Contributors investigate demand theory as it stabilized in the first half of the twentieth century by examining the Hicks-Allen composite commodity, French mathematician Jean Ville’s contribution to consumption theory, Walrasian theories of markets with adverse selection, and the Sonnenschein-Mantel-Debreu theorem. They analyze the relationship between demand theory and both the broader program of neoclassical economics and developments within contemporary economic theory. This volume demonstrates that demand theory is more complicated than it is generally imagined to be. Contributors. H. Spencer Banzhaf, John S. Chipman, Manuel Fernandez-Grela, François Gardes, Pierre Garrouste, J. Daniel Hammond, D. Wade Hands, Alan Kirman, Kyu Sang Lee, Jean-Sébastien Lenfant, Philip Mirowski, S. Abu Turab Rizvi, Maarten Pieter Schinkel, Esther-Mirjam Sent, Shyam Sunder, Fernando Tohmé
Download or read book Rationality and Explanation in Economics written by Maurice Lagueux and published by Routledge. This book was released on 2010-02-28 with total page 630 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economical questions indisputably occupy a central place in everyday life. In order to clarify these questions, people generally turn to those who are familiar with economics. In answering such legitimate questions, economists propose explanations which rest on a few principles among which the rationality principle is by far the most fundamental. This principle assumes that people are rational, but what is meant by this has to be specified. Rationality and Explanation in Economics claims that only a minimal kind of rationality is required to ‘animate’ economic explanations. However, such a conception of rationality faces serious objections: it is closely associated with harshly criticised methodological individualism and it is not easily disentangled from sheer irrationality. The book answers these objections and shows that the economists’ way of mobilising the concepts of maximization or of consistency for defining rationality raises more serious problems. Since the latter have encouraged various attempts to downgrade or even to dispense with the very notion of rationality, the book is largely devoted to countering arguments associated with these attempts and to show why postulating that agents are rational is still the only efficient way to explain economic phenomena as such. The author also proposes original views about the role of rationality, the meaning of methodological individualism, the relevance of the selection argument and the relation between ‘rational’ explanations of economics and explanations in natural sciences.
Download or read book The Present State of Consumer Theory written by Timothy P. Roth and published by . This book was released on 1989 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: To find more information on Rowman & Littlefield titles, please visit us at www.rowmanlittlefield.com.
Download or read book The Foundations of Paul Samuelson s Revealed Preference Theory written by Stanley Wong and published by London ; Boston : Routledge & K. Paul. This book was released on 1978 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: Good,No Highlights,No Markup,all pages are intact, Slight Shelfwear,may have the corners slightly dented, may have slight color changes/slightly damaged spine.
Download or read book Rational Choice Theory and Organizational Theory written by Mary Zey and published by SAGE. This book was released on 1998 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rational Choice Theory and Organizational Theory is written in response to the neo-classical economic rational choice theories and organizational economic theories which have emerged in the past decade and gained center stage in current organizational analysis.
Download or read book Collective Household Consumption Behavior written by Laurens Cherchye and published by Foundations & Trends. This book was released on 2012-03 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: Collective Household Consumption Behavior: Revealed Preference Analysis presents a nonparametric `revealed preference' methodology for analyzing collective consumption behavior in practical applications, while possibly accounting for externalities, public consumption and the use of assignable quantity information. Collective Household Consumption Behavior: Revealed Preference Analysis considers two types of collective models: The general collective model considers general preferences of the individual household members, which allow for externalities and public consumption within the household. The special collective models that do not allow for consumption externalities. After the introduction, section 2 sets the stage by introducing the revealed preference characterizations of the unitary model. Section 3 presents a collective model that allows for general individual preferences and discusses its revealed preference characterization. Sections 4 and 5 show how to bring this theoretical characterization to observational data. More specifically, Section 4 introduces the mixed integer programming characterizations for special collective models that impose restrictions on the household members' preferences. Section 5 does the same for the general collective model. Throughout Section 2 to Section 5, the authors illustrate the most relevant concepts by means of numerical examples. In Section 6 we subsequently illustrate our main results for data drawn from the Russian Longitudinal Monitoring Survey.
Download or read book A United Approach to Revealed Preference Theory written by Hiroki Nishimura and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Consumer Theory written by Kelvin Lancaster and published by Edward Elgar Publishing. This book was released on 1998 with total page 662 pages. Available in PDF, EPUB and Kindle. Book excerpt: A collection of 34 articles on consumer theory, giving representative coverage of important ideas in the field. Apart from a few classics from the pre-1950 period, most papers are from the decades of the 1950s, 1960s, and 1970s, with the most recent from 1991. Articles are arranged in sections on foundations of neoclassical theory, revealed preference, utility and rationality, aggregate demand, the structure of preferences, consumption as production, intertemporal choice, durable goods, uncertainty, and special cases. No index. Annotation copyrighted by Book News, Inc., Portland, OR
Download or read book The Present State of Consumer Theory written by Timothy P. Roth and published by University Press of America. This book was released on 1998 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: The neoclassical theory of choice is an integral part of a large and growing literature. Its elegance, simplicity and apparent generality appear, increasingly, to influence the thinking of psychologists, sociologists, and political scientists. At the same time, the theory is subject to robust attack. The theme of the book is that the critics have it right. Account must be taken of the endogeneity of preference and value structures, of decision makers' cognitive limitations, of information asymmetries, of opportunistic behavior, and of positive transaction and decision costs. Yet these considerations militate against the specification of both the efficiency frontier and the Social Welfare Function. This, in turn, suggests that Social Welfare Theory is an inappropriate guide for the formulation of distributional and other economic policies. A corollary is that economists' (and others) attention should center less on 'getting the prices right' and more on 'getting the institutions right'.
Download or read book Revealed Preference Theory written by Christopher P. Chambers and published by Cambridge University Press. This book was released on 2016-01-05 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theory of revealed preference has a long, distinguished tradition in economics but lacked a systematic presentation of the theory until now. This book deals with basic questions in economic theory and studies situations in which empirical observations are consistent or inconsistent with some of the best known economic theories.
Download or read book Introspection Revealed Preference and Neoclassical Economics written by D. Wade Hands and published by . This book was released on 2008 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Don Ross' recent book Economic Theory and Cognitive Science (2005) provides an elaborate philosophical defense of neoclassical economics. He argues that the central features of neoclassical theory are associated with what he calls the Robbins-Samuelson argument pattern (RASP) and that it can be reconciled with recent developments in experimental and behavioral economics, as well as contemporary cognitive science. This paper argues that Ross' Robbins-Samuelson argument pattern is not in the work of either Robbins or Samuelson and in many ways is in conflict with their own versions, and defenses, of neoclassical theory.
Download or read book Rational Decisions written by Ken Binmore and published by Princeton University Press. This book was released on 2008-12-29 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is widely held that Bayesian decision theory is the final word on how a rational person should make decisions. However, Leonard Savage--the inventor of Bayesian decision theory--argued that it would be ridiculous to use his theory outside the kind of small world in which it is always possible to "look before you leap." If taken seriously, this view makes Bayesian decision theory inappropriate for the large worlds of scientific discovery and macroeconomic enterprise. When is it correct to use Bayesian decision theory--and when does it need to be modified? Using a minimum of mathematics, Rational Decisions clearly explains the foundations of Bayesian decision theory and shows why Savage restricted the theory's application to small worlds. The book is a wide-ranging exploration of standard theories of choice and belief under risk and uncertainty. Ken Binmore discusses the various philosophical attitudes related to the nature of probability and offers resolutions to paradoxes believed to hinder further progress. In arguing that the Bayesian approach to knowledge is inadequate in a large world, Binmore proposes an extension to Bayesian decision theory--allowing the idea of a mixed strategy in game theory to be expanded to a larger set of what Binmore refers to as "muddled" strategies. Written by one of the world's leading game theorists, Rational Decisions is the touchstone for anyone needing a concise, accessible, and expert view on Bayesian decision making.
