A Rational Irrational Man?
AbstractA man is a key subject of economics. “A man is irrational” - this opinion can be made from Allais paradox, risk aversion and other well-known fundamental problems. For a long time, this opinion was a barrier to proper solution of these problems and the development of the economics. A radically new way is proposed to solve them and remove this barrier. The way is the generalization of a breach of a term of contract.
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Date of creation: 14 Aug 2006
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risk; business; bank; trade; industry; development; utility; contract; “ideal” economics; investment;
Find related papers by JEL classification:
- C - Mathematical and Quantitative Methods
- D - Microeconomics
- E - Macroeconomics and Monetary Economics
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
- E2 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment
- G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-12-09 (All new papers)
- NEP-EVO-2006-12-09 (Evolutionary Economics)
- NEP-HPE-2006-12-09 (History & Philosophy of Economics)
- NEP-MAC-2006-12-09 (Macroeconomics)
- NEP-UPT-2006-12-09 (Utility Models & Prospect Theory)
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