Rationality And Equilibrium
Download Rationality And Equilibrium full books in PDF, epub, and Kindle. Read online free Rationality And Equilibrium ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author | : Paul Weirich |
Publisher | : Oxford University Press |
Total Pages | : 283 |
Release | : 2009-12-01 |
Genre | : Philosophy |
ISBN | : 019974145X |
Groups of people perform acts that are subject to standards of rationality. A committee may sensibly award fellowships, or may irrationally award them in violation of its own policies. A theory of collective rationality defines collective acts that are evaluable for rationality and formulates principles for their evaluation. This book argues that a group's act is evaluable for rationality if it is the products of acts its members fully control. It also argues that such an act is collectively rational if the acts of the group's members are rational. Efficiency is a goal of collective rationality, but not a requirement, except in cases where conditions are ideal for joint action and agents have rationally prepared for joint action. The people engaged in a game of strategy form a group, and the combination of their acts yields a collective act. If their collective act is rational, it constitutes a solution to their game. A theory of collective rationality yields principles concerning solutions to games. One principle requires that a solution constitute an equilibrium among the incentives of the agents in the game. In a cooperative game some agents are coalitions of individuals, and it may be impossible for all agents to pursue all incentives. Because rationality is attainable, the appropriate equilibrium standard for cooperative games requires that agents pursue only incentives that provide sufficient reasons to act. The book's theory of collective rationality supports an attainable equilibrium-standard for solutions to cooperative games and shows that its realization follows from individuals' rational acts. By extending the theory of rationality to groups, this book reveals the characteristics that make an act evaluable for rationality and the way rationality's evaluation of an act responds to the type of control its agent exercises over the act. The book's theory of collective rationality contributes to philosophical projects such as contractarian ethics and to practical projects such as the design of social institutions.
Author | : Charalambos D. Aliprantis |
Publisher | : Springer Science & Business Media |
Total Pages | : 254 |
Release | : 2006-04-20 |
Genre | : Business & Economics |
ISBN | : 354029578X |
This book contains a collection of original and state-of-the-art contributions in rational choice and general equilibrium theory. Among the topics are preferences, demand, equilibrium, core allocations, and testable restrictions. The contributing authors are Daniel McFadden, Rosa Matzkin, Emma Moreno-Garcia, Roger Lagunoff, Yakar Kannai, Myrna Wooders, James Moore, Ted Bergstrom, Luca Anderlini, Lin Zhou, Mark Bagnoli, Alexander Kovalenkov, Carlos Herves-Beloso, Michaela Topuzu, Bernard Cornet, Andreu Mas-Colell and Nicholas Yannelis.
Author | : Paul Weirich |
Publisher | : OUP USA |
Total Pages | : 283 |
Release | : 2010 |
Genre | : Business & Economics |
ISBN | : 0195388380 |
Groups of people perform acts that are subject to standards of rationality. The book's theory of collective rationality explains how to evaluate collective acts. The people engaged in a game of strategy collectively produce an outcome, and the theory reveals what makes some outcomes solutions. It generates new equilibrium standards for solutions to cooperative games.
Author | : John C. Harsanyi |
Publisher | : CUP Archive |
Total Pages | : 340 |
Release | : 1986 |
Genre | : Decision-making |
ISBN | : 9780521311830 |
This is a paperback edition of a major contribution to the field, first published in hard covers in 1977. The book outlines a general theory of rational behaviour consisting of individual decision theory, ethics, and game theory as its main branches. Decision theory deals with a rational pursuit of individual utility; ethics with a rational pursuit of the common interests of society; and game theory with an interaction of two or more rational individuals, each pursuing his own interests in a rational manner.
Author | : Cristina Bicchieri |
Publisher | : CUP Archive |
Total Pages | : 294 |
Release | : 1997-03-28 |
Genre | : Business & Economics |
ISBN | : 9780521574440 |
. This major new book will be of particular interest not only to philosophers but to decision theorists, political scientists, economists, and researchers in artificial intelligence.
Author | : Nicola Giocoli |
Publisher | : |
Total Pages | : 380 |
Release | : 2000 |
Genre | : |
ISBN | : |
Author | : Paul Weirich |
Publisher | : Cambridge University Press |
Total Pages | : 253 |
Release | : 1998-01-28 |
Genre | : Business & Economics |
ISBN | : 0521593522 |
This major contribution to game theory offers this conception of equilibrium in games: strategic equilibrium.
Author | : Ran Spiegler |
Publisher | : Oxford University Press |
Total Pages | : 235 |
Release | : 2011-02-18 |
Genre | : Business & Economics |
ISBN | : 0199813426 |
Conventional economic theory assumes that consumers are fully rational, that they have well-defined preferences and easily understand the market environment. Yet, in fact, consumers may have inconsistent, context-dependent preferences or simply not enough brain-power to evaluate and compare complicated products. Thus the standard model of consumer behavior-which depends on an ideal market in which consumers are boundlessly rational-is called into question. While behavioral economists have for some time confirmed and characterized these inconsistencies, the logical next step is to examine the implications they have in markets. Grounded in key observations in consumer psychology, Bounded Rationality and Industrial Organization develops non-standard models of "boundedly rational" consumer behavior and embeds them into familiar models of markets. It then rigorously analyses each model in the tradition of microeconomic theory, leading to a richer, more realistic picture of consumer behavior. Ran Spiegler analyses phenomena such as exploitative price plans in the credit market, complexity of financial products and other obfuscation practices, consumer antagonism to unexpected price increases, and the role of default options in consumer decision making. Spiegler unifies the relevant literature into three main strands: limited ability to anticipate and control future choices, limited ability to understand complex market environments, and sensitivity to reference points. Although the challenge of enriching the psychology of decision makers in economic models has been at the frontier of theoretical research in the last decade, there has been no graduate-level, theory-oriented textbook to cover developments in the last 10-15 years. Thus, Bounded Rationality and Industrial Organization offers a welcome and crucial new understanding of market behavior-it challenges conventional wisdom in ways that are interesting and economically significant, and which in the end effect the well-being of all market participants.
Author | : Ken Dennis |
Publisher | : Springer Science & Business Media |
Total Pages | : 153 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 9401148627 |
Ideas linked to rational choice theory started to appear frequently in the economics literature in the 1960s and 1970s, but the attention given to rationality widened to include commentators presenting far-reaching appraisals and critiques. The literature grew to a steady flow and spanned diverse areas of thought including socialist and `rational-choice Marxist' assessments, and other approaches including institutional, sociological, psychological, ethical, choice-theoretical, strategic, and game-theoretical treatments of rationality. This diversity of literature led to the creation of this volume. What does rationality mean? Was there some common core of meaning that held all of these seemingly disparate developments together, or were there discernable schools of thought with peculiarities that set them clearly apart from one another? The essays in this volume illustrate that diversity, and despite the variety of approaches there remains a common core of meaning that accommodates not so much a radically different set of concepts of rationality as a highly variegated array of methods and approaches to this subject. Contributors address topics of their choice on the concept of rationality in economics, and the selection of these contributors is meant to represent a variety of backgrounds and approaches.
Author | : Alfred R. Mele |
Publisher | : Oxford University Press |
Total Pages | : 498 |
Release | : 2004-01-08 |
Genre | : Philosophy |
ISBN | : 9780198033240 |
Rationality has long been a central topic in philosophy, crossing standard divisions and categories. It continues to attract much attention in published research and teaching by philosophers as well as scholars in other disciplines, including economics, psychology, and law. The Oxford Handbook of Rationality is an indispensable reference to the current state of play in this vital and interdisciplinary area of study. Twenty-two newly commissioned chapters by a roster of distinguished philosophers provide an overview of the prominent views on rationality, with each author also developing a unique and distinctive argument.