Download e-book for iPad: A Theory of Adaptive Economic Behavior by John G. Cross

By John G. Cross

ISBN-10: 0521251109

ISBN-13: 9780521251105

This publication develops dynamic financial types utilizing the point of view and analytic framework supplied by way of mental studying conception. This framework is used to solve obvious contradictions among optimization idea, which lies on the middle of all sleek fiscal idea, and day by day facts that short-run financial behaviour can't kind of be defined exclusively because the consequence of successfully applied self-interest. the writer applies this point of view to a couple of areas of difficulty during which literal functions of maximization thought haven't frequently proved to be passable. those comprise analyses of decision-making lower than uncertainty and playing behaviour, the position of consumer-oriented advertisements in influencing behaviour, the patience of cost dispersions in markets, and inflation.

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I is held constant at I= 1 . 5 . 2 describes the results of such a simulation using the same initial conditions described in the previous case and the same procedure of finding expected consumption of the commodity as a function of price and length of the lag after a once-and­ for-all price change. Again, the model closely corresponds to what we would expect to find empirically: The very short-run demand curve dis­ plays very little responsiveness to price, whereas the longer-run functions (t = 1 5 , t = 50, t = 1 00) approach more and more closely to the static­ equilibrium demand curve.

The sign of L i ( · ) now depends on the sign of 8 - 8 1 : 8 < 8 1 � L i ( 4'r. >1, i, 0, 8 1> = 0 8 > 8 1 � L i ( 4'r. >1, i, 8, 8 1) not be above zero. That is, an indefinite string of choices, each of whose consequences is disadvantageous to A i > will lead to a declining sequence of values of i 30 A theory of adaptive economic behavior that will not converge above zero. This condition is guaranteed by the following: For any 0, e ;:e 0, there exists E > 0 such that L ; ( 4>i. 8) Superstition An important, although often overlooked, property of any feedback model such as (2.

Evidence that this process exists in reinforcement learning situations is extensive, and of course it appeals strongly to an introspec­ tive view of how choices are made among alternatives that have never precisely arisen before. Unfortunately, direct application of this principle would require that we investigate the specific qualities of actions that lend themselves to the determination of "similarity, " and this enterprise would take us far from our main purpose of describing feedback processes themselves.

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A Theory of Adaptive Economic Behavior by John G. Cross

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