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Insertion of Bounded Rationality in Economic Science

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  • Lesourne Jacques

    (National des Arts et Métiers)

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    Abstract

    After having explained why economics introduced utility functions and later the axioms about behaviour in a risky environment, the paper examines the interest for microeco-nomics of the concept of bounded rationality. It starts from a simple model of the labour market on which agents scarch and adapt their demands, contributing unconsciously to the emergence of a unique price. More complex models are thereafter introduced, which enables to draw a picture of the variety of possible trajectories in a dynamic microeco-nomic system. This approach enables to enlarge microeconomics and to explain numerous facts poorly taken into account in the traditional presentations.Après avoir rappelé pourquoi la science économique avait introduit les fonctions d’utilité puis l’axiomatique des comportements en face du risque, l’article examine l’apport en microéco-nomie du concept de rationalité limitée. Il le fait à partir d’un modèle simple du marché du travail où les agents cherchent, et adaptent leurs exigences, contribuant, sous certaines hypothèses et sans en avoir conscience, à l’émergence d’un prix unique. Des modèles plus complexes sont ensuite examinés, ce qui permet de dresser un tableau de la variété des trajectoires possibles dans un système microéconomique dynamique. Cette approche permet d’élargir la théorie microéconomique en rendant compte de nombreux faits mal insérés dans la présentation traditionnelle.

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    Bibliographic Info

    Article provided by De Gruyter in its journal Journal des Economistes et des Etudes Humaines.

    Volume (Year): 14 (2004)
    Issue (Month): 1 (March)
    Pages: 1-11

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    Handle: RePEc:bpj:jeehcn:v:14:y:2004:i:1:n:5

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    Web page: http://www.degruyter.com

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    1. Insertion of Bounded Rationality in Economic Science
      by inobrec in Knowledge Team on 2012-06-26 20:04:08

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