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From Economic Activity to Understanding Spaces


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  • Diego Iribarren
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    This paper constructs the probability space underlying the random variable of any time dependent econometric specification. The construction links concrete economic activity, both perceived and recorded, and econometric formulations. Furthermore, it is argued that the probability events belonging to this space are forms of understanding economic activity held by each agent. The model establishes two aspects of any econometric formulation. Mainly, that learning must be unique between any two ticks of the clock and that not all forms of understandings can indeed become events in the random variable’s probability space. Finally, a model of the dependencies based on agent-based understandings, and evolution thereof, is presented as well.

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    Bibliographic Info

    Paper provided by Economics and Econometrics Research Institute (EERI), Brussels in its series EERI Research Paper Series with number EERI_RP_2003_01.

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    Length: 47 pages
    Date of creation: Jan 2003
    Date of revision:
    Handle: RePEc:eei:rpaper:eeri_rp_2003_01

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    Keywords: Knowledge intuitions probability;

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    1. Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 35(1), pages 60-85, March.
    2. George J. Mailath, 1998. "Do People Play Nash Equilibrium? Lessons from Evolutionary Game Theory," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 36(3), pages 1347-1374, September.
    3. Daniel McFadden, 1998. "Rationality for Economists?," Working Papers, Santa Fe Institute 98-09-086, Santa Fe Institute.
    4. Piet Hut & David Ruelle & Joseph Traub, 1998. "Varieties of Limits to Scientific Knowledge," Working Papers, Santa Fe Institute 98-02-015, Santa Fe Institute.
    5. George J. Stigler, 1961. "The Economics of Information," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 69, pages 213.
    6. Minkler, Alanson P, 1993. "The Problem with Dispersed Knowledge: Firms in Theory and Practice," Kyklos, Wiley Blackwell, Wiley Blackwell, vol. 46(4), pages 569-87.
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