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Classical microeconomics is intended to explain how a price system is able to coordinate the economic agents. But even if it can be extended to incomplete information and externalities, it remains grounded on very heroic assumptions. Agents are endowed with a very strong rationality, equilibrium is stated without a concrete process to achieve it, market is the unique institution considered. Evolutionary microeconomics is aimed at bypassing these limitations by considering a dynamic approach, however not biologically oriented. Agents have local information and bounded rationality, they are involved in explicit processes of interactions through time, various institutions sustain the market or substitute to it. It explains then some phenomena hardly explained by classical microeconomics: dispersion of prices, variety of industrial structures, financial bubbles.
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- PublisherSpringer
- Publication date2006
- ISBN 10 3540285369
- ISBN 13 9783540285366
- BindingHardcover
- Number of pages305
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Evolutionary Microeconomics
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Evolutionary Microeconomics by Lesourne, Jacques, Orléan, André, Walliser, Bernard [Hardcover ]
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Evolutionary Microeconomics
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Book Description Buch. Condition: Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -Classical microeconomics is intended to explain how a price system is able to coordinate the economic agents. But even if it can be extended to incomplete information and externalities, it remains grounded on very heroic assumptions. Agents are endowed with a very strong rationality, equilibrium is stated without a concrete process to achieve it, market is the unique institution considered. Evolutionary microeconomics is aimed at bypassing these limitations by considering a dynamic approach, however not biologically oriented. Agents have local information and bounded rationality, they are involved in explicit processes of interactions through time, various institutions sustain the market or substitute to it. It explains then some phenomena hardly explained by classical microeconomics: dispersion of prices, variety of industrial structures, financial bubbles. 308 pp. Englisch. Seller Inventory # 9783540285366
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Evolutionary Microeconomics
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Book Description Condition: New. Dieser Artikel ist ein Print on Demand Artikel und wird nach Ihrer Bestellung fuer Sie gedruckt. A course in Microeconomics, oriented in an evolutionary viewClear and concise structure, numerous applicationsMany examples of the introduction of evolutionist ideas into formal modelsClassical microeconomics is intended to expla. Seller Inventory # 4887052
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