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Microeconomic Foundations for Macroeconomic Structure

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  • Richard Day
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    Abstract

    The models used in economic theory, though necessarily abstract, should be consistent with the nature of decision making behavior. A formal metaphor of individual behavior as a continuous flow indicates certain requirements that theories of consumer, producer, and economywide behavior should exhibit. A family of discrete time, recursive optimizing models is suggested as the appropriate building block for further developing dynamic economic theory.

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    File URL: ftp://papers.econ.mpg.de/evo/discussionpapers/2005-14.pdf
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    Bibliographic Info

    Paper provided by Max Planck Institute of Economics, Evolutionary Economics Group in its series Papers on Economics and Evolution with number 2005-14.

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    Length: 28 pages
    Date of creation: Nov 2005
    Date of revision:
    Handle: RePEc:esi:evopap:2005-14

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    1. Simon, Herbert A, 1978. "Rationality as Process and as Product of Thought," American Economic Review, American Economic Association, vol. 68(2), pages 1-16, May.
    2. Richard J. Herrnstein & Drazen Prelec, 1991. "Melioration: A Theory of Distributed Choice," Journal of Economic Perspectives, American Economic Association, vol. 5(3), pages 137-156, Summer.
    3. Day, Richard H & Kennedy, Peter E, 1970. "Recursive Decision Systems: An Existence Analysis," Econometrica, Econometric Society, vol. 38(5), pages 666-81, September.
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