The Neoclassical Economics of Information Was Incubated at Cowles
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One of the most important contributions of the Cowles Commission in the period 1944 to 1954 was to jump-start the formalization of the orthodox approach to the economics of information. The tension with the neoliberals also housed at the University of Chicago was fruitful. Members such as Jacob Marschak, Leonid Hurwicz, Kenneth Arrow, and Stanley Reiter all struggled to infuse the utility function with some sort of cognitive capacity. Their struggles to make this do political double-duty set the stage for the subsequent evolution of the economics of information.
1953 ◽
Vol 19
(01)
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pp. 39-70
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2021 ◽
pp. 1-25
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2015 ◽
Vol 42
(1)
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pp. 191-192
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