Evolutionary Microeconomics

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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Bibliographic Details
Main Authors: Lesourne, Jacques 1928- (Author), Orlean, Andre (Author), Walliser, Bernard (Author)
Other Authors: Bourgine, Paul
Format: Book
Language:English
Published: Berlin Springer 2006
Subjects:
Evolutionary economics
Microeconomics
Online Access:Click Here to View Status and Holdings.
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100 1 # |a Lesourne, Jacques  |d 1928-  |e author 
245 1 0 |a Evolutionary Microeconomics  |c Jacques Lesourne, Andre Orlean, Bernard Walliser ; in cooperation with Paul Bourgine ... [et al.] 
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520 # # |a 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. 
650 # 0 |a Evolutionary economics 
650 # 0 |a Microeconomics 
700 1 # |a Orlean, Andre  |e author 
700 # # |a Walliser, Bernard  |e author 
700 1 # |a Bourgine, Paul 
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