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Evolutionary Microeconomics
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Binding: Hardcover
Dewey Decimal Number: 338.5
EAN: 9783540285366
Edition: 1
ISBN: 3540285369
Label: Springer
Manufacturer: Springer
Number Of Items: 1
Number Of Pages: 296
Publication Date: June 02, 2006
Publisher: Springer
Studio: Springer
Editorial Review:Classical microeconomics is intended to explain how a price system is able to coordinate the economic agents. But even if it can be extended to incomplete information and externalities, it remains grounded on very heroic assumptions. Agents are endowed with a very strong rationality, equilibrium is stated without a concrete process to achieve it, market is the unique institution considered. Evolutionary microeconomics is aimed at bypassing these limitations by considering a dynamic approach, however not biologically oriented. Agents have local information and bounded rationality, they are involved in explicit processes of interactions through time, various institutions sustain the market or substitute to it. It explains then some phenomena hardly explained by classical microeconomics: dispersion of prices, variety of industrial structures, financial bubbles.
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Rating: - Engaging Supplement to Graduate Micro Text
This textbook can serve as a supplementary text in a year-long graduate micro sequence, a main textbook in a graduate course on evolutionary microeconomics following a year of standard microeconomics, or an advanced undergraduate "honors" textbook. The authors position themselves as strong critics of traditional microeconomic theory, but they consider the main flaw of traditional theory to be "narrowness," so virtually every contribution in the volume is a deepening of, an elaboration upon, a dynamic ... Read More
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