A Theory of Adaptive Economic Behavior - Softcover

Cross, John G.

Softcover

ISBN 10: 0521067111 ISBN 13: 9780521067119

Publisher: Cambridge University Press, 2008

Synopsis

This book develops dynamic economic models using the perspective and analytic framework provided by psychological learning theory. This framework is used to resolve apparent contradictions between optimization theory, which lies at the heart of all modern economic theory, and day-to-day evidence that short-run economic behaviour cannot reasonably be described solely as the outcome of efficiently implemented self-interest. The author applies this viewpoint to a number of problem areas in which literal applications of maximization theory have not usually proved to be satisfactory. These include analyses of decision-making under uncertainty and gambling behaviour, the role of consumer-oriented advertising in influencing behaviour, the persistence of price dispersions in markets, and inflation.

About this title

Book Description:

This book develops dynamic economic models using the perspective and analytic framework provided by psychological learning theory. This framework is used to resolve apparent contradictions between optimization theory, which lies at the heart of all modern economic theory, and day-to-day evidence that short-run economic behaviour cannot reasonably be described solely as the outcome of efficiently implemented self-interest.

About the Author:

John G. Cross is Senior Vice President for Administration and Finance at Bloomfield College.

About this edition

• Publisher: Cambridge University Press
• Publication date: 2008
• ISBN 10: 0521067111
• ISBN 13: 9780521067119
• Binding: Paperback
• Edition number: 1
• Number of pages: 208