Necessity of Changes in the Point of View on the Randomness in the Frame of Economic Paradigm
AbstractProblem of current world economy results from reality that we do not know to manage comprehensive complicated economic word with elements unrestrained randomness. Way to implement mathematics to economic science in not efficient, the same statement is valid about “risk based approach”. Effort to normative prediction put on the periphery of interest ethics problems. Crisis provoked political pressure on extensity of regulation. Dilemma is: to support of naturally correct economic surroundings or strong regulation to restrict unethical behavior.Overcoming our cognitive insufficiency and finding new paradigm with anticipation of unrestrained randomness is very acute.
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Bibliographic InfoArticle provided by University of Economics, Prague in its journal Český finanční a účetní časopis.
Volume (Year): 2012 (2012)
Issue (Month): 3 ()
Postal: Český finanční a účetní časopis, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3
Find related papers by JEL classification:
- A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- G01 - Financial Economics - - General - - - Financial Crises
- G20 - Financial Economics - - Financial Institutions and Services - - - General
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Amos Tversky & Daniel Kahneman, 1979.
"Prospect Theory: An Analysis of Decision under Risk,"
Levine's Working Paper Archive
7656, David K. Levine.
- Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
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