Open AccessRationality of Expectations: Comparison of Neoclassical and Evolutionary Approaches
Author(s) -
Emilia Tomczyk
Publication year - 2006
Publication title -
ssrn electronic journal
Language(s) - English
Resource type - Journals
ISSN - 1556-5068
DOI - 10.2139/ssrn.898608
Subject(s) - rationality , economics , mathematical economics , neoclassical economics , positive economics , epistemology , philosophy
Paper compares two major schools of economic thought – neoclassical and evolutionary – from the perspective of keystone assumption: rationality of economic agents. It discusses role of rationality assumption in neoclassical and evolutionary theories; importance of expectations; and perspectives for analyzing them within the framework of evolutionary game theory – namely, through replicator dynamics.
Accelerating Research
Robert Robinson Avenue,
Oxford Science Park, Oxford
OX4 4GP, United Kingdom
Address
John Eccles HouseRobert Robinson Avenue,
Oxford Science Park, Oxford
OX4 4GP, United Kingdom