Diminished-dimensional political economy
| Autor: | Reinhard Selten, Ronald M. Harstad |
|---|---|
| Rok vydání: | 2016 |
| Předmět: |
Economics and Econometrics
05 social sciences jel:B41 Mainstream economics political economy policy advice problem complexity dimensionality jel:H11 jel:H42 050105 experimental psychology Variety (cybernetics) Political economy 0502 economics and business Economics 0501 psychology and cognitive sciences 050207 economics jel:D6 Finance Curse of dimensionality |
| Zdroj: | European Economic Review. 83:213-219 |
| ISSN: | 0014-2921 |
| DOI: | 10.1016/j.euroecorev.2015.08.006 |
| Popis: | Economists' policy advice is based on models of responses by a variety of economic entities to policy adoptions. There is compelling evidence that these entities do not optimize in at all the fashion that mainstream economics assumes. Rather, they limit decision-making to solving problems of much smaller dimensionality. We consider how political economy goes awry when ignoring diminished dimensionality, and some research avenues opened up by this realization. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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