Evolutionary Microeconomics
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...
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| Main Authors: | , , |
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| Other Authors: | |
| Format: | Book |
| Language: | English |
| Published: |
Berlin
Springer
2006
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| Subjects: | |
| Online Access: | Click Here to View Status and Holdings. |
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Add Tag | Summary: | 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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| Physical Description: | ix, 296 pages illustrations 24 cm |
| Bibliography: | Includes bibliographical references |
| ISBN: | 9783540285366 3540285369 |
The new evolutionary microeconomic complexity, competence and adaptive behavior