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Articles 1 - 4 of 4
Full-Text Articles in Economics
Economics Of Time And Ignorance: 1996 Intro Survey, Mario Rizzo
Economics Of Time And Ignorance: 1996 Intro Survey, Mario Rizzo
Mario Rizzo
This is a review of the developments in Austrian-subjectivist economics during the period 1985-1996 from the perspective of the themes developed in the first-edition of "The Economics of Time and Ignorance." It is also a concise statement of a modern understanding of the classic ideas of Austrian economics with a view to seeing their connection to a broader set of perspectives in economics. (The version available here is the final draft of the text available in the book published by Routledge. This is available from Routledge as an e-book or from various Amazon.com sellers.)
Nash And Walras Equilibrium Via Brouwer, John Geanakoplos
Nash And Walras Equilibrium Via Brouwer, John Geanakoplos
Cowles Foundation Discussion Papers
The existence of Nash and Walras equilibrium is proved via Brouwer’s Fixed Point Theorem, without recourse to Kakutani’s Fixed Point Theorem for correspondences. The domain of the Walras fixed point map is confined to the price simplex, even when there is production and weakly quasi-convex preferences. The key idea is to replace optimization with “satisficing improvement,” i.e., to replace the Maximum Principle with the “Satisficing Principle.”
Nash And Walras Equilibrium Via Brouwer, John Geanakoplos
Nash And Walras Equilibrium Via Brouwer, John Geanakoplos
Cowles Foundation Discussion Papers
The existence of Nash and Walras equilibrium is proved via Brouwer’s Fixed Point Theorem, without recourse to Kakutani’s Fixed Point Theorem for correspondences. The domain of the Walras fixed point map is confined to the price simplex, even when there is production and weakly quasi-convex preferences. The key idea is to replace optimization with “satisficing improvement,” i.e., to replace the Maximum Principle with the “Satisficing Principle.”
The Genetic-Causal Tradition And Modern Economic Theory, Mario Rizzo
The Genetic-Causal Tradition And Modern Economic Theory, Mario Rizzo
Mario Rizzo
This paper is an analysis of a specific tradition of causal thinking in economics: the genetic-causal tradition. This was most self-consciously developed in the work of the Austrian School, but spilled over into other approaches. Genetic-causal explanations place emphasis, inter alia, on processes in time, emanating from changes in agents' desires and beliefs. The authors present a brief history of this approach, outline its major characteristics, differentiate genetic-causal explanation from other kinds of explanation, and illustrate the approach in mid and late-twentieth century economic theory