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Rationality in Economics

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  • Smith,Vernon L.

Abstract

The principal findings of experimental economics are that impersonal exchange in markets converges in repeated interaction to the equilibrium states implied by economic theory, under information conditions far weaker than specified in the theory. In personal, social, and economic exchange, as studied in two-person games, cooperation exceeds the prediction of traditional game theory. This book relates these two findings to field studies and applications and integrates them with the main themes of the Scottish Enlightenment and with the thoughts of F. A. Hayek: through emergent socio-economic institutions and cultural norms, people achieve ends that are unintended and poorly understood. In cultural changes, the role of constructivism, or reason, is to provide variation, and the role of ecological processes is to select the norms and institutions that serve the fitness needs of societies.

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Bibliographic Info

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This book is provided by Cambridge University Press in its series Cambridge Books with number 9780521871358 and published in 2008.

Order: http://www.cambridge.org/uk/catalogue/catalogue.asp?isbn=9780521871358
Handle: RePEc:cup:cbooks:9780521871358

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Web page: http://www.cambridge.org

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Cited by:
  1. Lester, Bijou Yang, 2011. "An exploratory analysis of composite choices: Weighing rationality versus irrationality," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(6), pages 949-958.
  2. Stringham, Edward Peter, 2011. "Embracing morals in economics: The role of internal moral constraints in a market economy," Journal of Economic Behavior & Organization, Elsevier, vol. 78(1-2), pages 98-109, April.
  3. Novarese, Marco & Chelini, Chiara & Spada, Anna & Ambrosino, Angela & Trigona, Carla, 2010. "An Experimental Investigation on Learning and Context Effects," MPRA Paper 27807, University Library of Munich, Germany.
  4. Alistair Munro, 2009. "Introduction to the Special Issue: Things We Do and Don’t Understand About the Household and the Environment," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 43(1), pages 1-10, May.
  5. Al-Suwailem, Sami, 2014. "Complexity and endogenous instability," Research in International Business and Finance, Elsevier, vol. 30(C), pages 393-410.
  6. DeScioli, Peter & Krishna, Siddhi, 2013. "Giving to whom? Altruism in different types of relationships," Journal of Economic Psychology, Elsevier, vol. 34(C), pages 218-228.

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