A Generalization of R. Goodwin Model with Rational Behavior of Economic Agents

1984 ◽  
pp. 47-66 ◽  
Author(s):  
R. Balducci ◽  
G. Candela ◽  
G. Ricci
Keyword(s):  
Rational Behavior ◽  
Economic Agents ◽  
Goodwin Model

The Historical Development of Hierarchical Behavior in Economic Thought

2004 ◽  
Vol 26 (3) ◽  
pp. 363-378 ◽  
Author(s):  
S. A. Drakopoulos ◽  
A. D. Karayiannis
Keyword(s):  
Rational Choice ◽  
Historical Development ◽  
Rational Choice Theory ◽  
Choice Theory ◽  
Economic Thought ◽  
Common Denominator ◽  
Rational Behavior ◽  
Consumer Theory ◽  
Economic Agents ◽  
Basic Ideas

One of the basic ideas underlying the established conception of rational behavior is the unlimited substitutability of preferences. Economic agents are assumed to compare and reduce everything to a common denominator: utility. The most obvious example of such preferences can be found in standard consumer theory where complete substitutability of every good is assumed in the sense that a loss of some units of one bundle can always be compensated by gain of some units of another commodity (such preferences are sometimes called Archimedian—see Borch 1968). This conception of preferences has a long history in economic thought and forms the basis of the standard rational choice theory (Hicks and Allen 1934, Samuelson 1938, Hicks 1946, Houthakker 1950).

Economic Theory, Ideal Types, and Rationality

1982 ◽  
Vol 4 (1) ◽  
Author(s):  
Lansana Keita
Keyword(s):  
Economic Theory ◽  
Scientific Explanation ◽  
Natural Sciences ◽  
Type Model ◽  
Rational Behavior ◽  
Ideal Types ◽  
Economic Agents ◽  
Economic Man ◽  
Normative Principle ◽  
The Ideal

AbstractContemporary economic theory is generally regarded as a scientific or at least potentially so. The replacing of the cardinal theory of utility measurement by the ordinal theory was supposed to prepare the groundwork for economics as a genuine science. But in adopting the ordinal approach, theorists saw fit to anchor ordinal theory to axioms of choice founded on principles of rational behavior. Behavior according to these axioms was embodied in the ideal type model of rational economic man. This model served the basis for scientific explanation of the choices made by actual economic agents. I argue though that the postulate of rationality is a normative principle and that this compromises the scientific pretensions of economic theory. Yet the theorist must rely on this principle to formulate predictive and explanatory theories. This raises questions as to whether it is possible that economic theory satisfy the same kind of scientific criteria set down for research in the natural sciences.

From Market Studies to Society Analysis

2005 ◽  
pp. 63-81
Author(s):  
Ya. Kouzminov ◽  
K. Bendoukidze ◽  
M. Yudkevich
Keyword(s):  
Institutional Theory ◽  
Policy Making ◽  
Institutional Design ◽  
The Real ◽  
Economic Agents

The article examines the main concepts of modern institutional theory and the ways its tools and concepts could be applied in the real policy-making. In particular, the authors focus on behavioral assumptions of the theory that allow them to explain the imperfection of economic agents’ behavior as a reason for rules and institutions to emerge. Problems of institutional design are also discussed.

Sociostructural Aspects of Socio-Economic Development:The role of Economic approach

2014 ◽  
pp. 86-105
Author(s):  
M. Shabanova
Keyword(s):  
Economic Development ◽  
Structural Factors ◽  
Economic Approach ◽  
Economic Agents ◽  
Socio Economic Development

The author discusses the importance of studying socio-structural factors of socio-economic development through a broader application of the economic approach. The resources of status positions of economic agents are in the spotlight. A possible platform for interdisciplinary interactions is proposed which allows to increase the contribution of both economics and sociology in improving governance at all levels.

Thomas Schelling, Robert Aumann and Interactive Decision Theory (2005 Nobel Prize in Economics)

2006 ◽  
pp. 4-21
Author(s):  
A. Belyanin
Keyword(s):  
Social Sciences ◽  
International Relations ◽  
Nobel Prize ◽  
Rational Behavior ◽  
Human Interactions ◽  
The Game Theory ◽  
Applied Industrial Organization ◽  
Nobel Prize Laureates ◽  
Thomas Schelling ◽  
Human Rationality

The paper describes the contributions of T. Schelling and R. J. Aumann, the Nobel Prize laureates of 2005 in economics, to modern economics and social sciences. Their key contributions were in the field of the game theory - a major tool to study human interactions and rational behavior in a wide variety of contexts, from applied industrial organization to labor economics, public policy, international relations and political science. Works by Aumann and Schelling were pathbreaking in this respect, and have paved the way to many modern developments that enhance our understanding of human rationality.

Estimation of welfare costs of inflation: The case of Russia

2019 ◽  
pp. 55-69 ◽  
Author(s):  
Sergey M. Drobyshevskiy ◽  
Natalia V. Makeeva ◽  
Elena V. Sinelnikova-Muryleva ◽  
Pavel V. Trunin
Keyword(s):  
Inflation Targeting ◽  
Empirical Studies ◽  
Welfare Costs ◽  
Economic Agents ◽  
Academic Literature ◽  
Russian Economy ◽  
Theoretical Approaches ◽  
Real Gdp ◽  
Quantitative Estimates ◽  
Positive Effect

This paper is devoted to the estimation of welfare costs of inflation, taking into account the peculiarities of the Russian economy. Theoretical approaches that are used in the literature to analyze the costs of inflation are discussed in the paper. It also provides an overview of the empirical studies of this topic. Research found in academic literature shows that the results of quantitative estimates are extremely sensitive to the choice of the functional form of the money demand equation, as well as to assumptions that are made to simplify the analysis, some of which do not fit Russian data. As a result, we have modified the standard approaches to estimating welfare costs of inflation, taking into account the monetization growth in Russia, and provide quantitative estimates of the magnitude of welfare costs of inflation. The results indicate a significant gain for economic agents in terms of real GDP with a decrease in inflation, which is regarded as a positive effect from the inflation targeting policy.

A New Model of Man in Economics

2011 ◽  
pp. 78-98
Author(s):  
M. Storchevoy
Keyword(s):  
Behavioral Economics ◽  
Human Behavior ◽  
Social Factors ◽  
Rational Behavior ◽  
New Model ◽  
Common Framework

The paper draws on the most recent research in the field of behavioral economics, neuroscience, and other disciplines and shows how biological and social factors interact and co-determine real human behavior. The author considers in detail various affects and forms of non-rational behavior. He proposes a common framework for such analysis, where each of those forms of behavior becomes the result of conscious or evolutionary-driven choice.

Organizational Culture in the Focus of Improving Risk Management in the Enterprise

2020 ◽  
Vol 17 (4) ◽  
pp. 86-95
Author(s):  
R. M. Kachalov ◽  
Yu. A. Sleptsova
Keyword(s):  
Risk Management ◽  
Organizational Culture ◽  
Point Of View ◽  
Economic Risk ◽  
Management Activity ◽  
Economic Agents ◽  
Cultural Aspects ◽  
Industrial Enterprises ◽  
Operational Theory ◽  
Stable Forms

The article considers the manifestations of the phenomenon of economic risk in the socioeconomic ecosystems of industrial enterprises, examines and differentiates the pragmatic and cultural aspects of the concept of "economic risk management". In terms of methodology, the study is based on the operational theory of risk management, and also uses tools to describe the organizational culture of risk management. Pragmatic and cultural differences in the characteristics of economic risk are identified at the level of stable forms of management activity with the involvement of the main provisions of the operational theory of risk management. The phenomenon of risk is considered in the ontological space as an artificial category of activity of industrial enterprises and other economic agents that form a socio-economic ecosystem. This phenomenon is studied as a specific form of social communication associated with the desire to assess the uncertain future in the present time, mainly from the point of view of analysis and management of the level of economic risk in the enterprise.

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