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The propensity function as formal passkey to economic action

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  • Kakarot-Handtke, Egmont

Abstract

The purpose of the present paper is to demonstrate how the interaction of the structural axiomatic core and the behavioral propensity function produces plausible outcomes in the product market. The propensity function is a compact formal expression of random, semi-random, and deterministic behavioral assumptions. Its two components are direction and magnitude of the rate of change of an elementary axiomatic variable. A type-C propensity function is the formal container for a familiar conception that Samuelson identified as qualitative prediction. Two type-C functions are sufficient to produce stochastic stability and optimality in the product market.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 34051.

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Date of creation: 11 Oct 2011
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Handle: RePEc:pra:mprapa:34051

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Keywords: New framework of concepts; Structure-centric; Axiom set; Qualitative prediction; Tendency laws; Separability; Determinism–indeterminism; Information function; Action function;

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  1. Rosen Sherwin, 1997. "Austrian and Neoclassical Economics: Any Gains From Trade?," University of Chicago - George G. Stigler Center for Study of Economy and State 133, Chicago - Center for Study of Economy and State.
  2. Kakarot-Handtke, Egmont, 2011. "Primary and secondary markets," MPRA Paper 32996, University Library of Munich, Germany.
  3. Keuzenkamp, H.A. & McAleer, M., 1994. "Simplicity, scientific inference and econometric modelling," Discussion Paper 1994-56, Tilburg University, Center for Economic Research.
  4. Backhouse, Roger E, 1998. "If Mathematics Is Informal, Then Perhaps We Should Accept That Economics Must Be Informal Too," Economic Journal, Royal Economic Society, vol. 108(451), pages 1848-58, November.
  5. Nava Ashraf & Colin F. Camerer & George Loewenstein, 2005. "Adam Smith, Behavioral Economist," Journal of Economic Perspectives, American Economic Association, vol. 19(3), pages 131-145, Summer.
  6. Kakarot-Handtke, Egmont, 2011. "Properties of an economy without human beings," MPRA Paper 31497, University Library of Munich, Germany.
  7. Giovanni Dosi & Luigi Marengo & Giorgio Fagiolo, 2003. "Learning in Evolutionary Environments," LEM Papers Series 2003/20, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  8. Boland, Lawrence A, 1981. "On the Futility of Criticizing the Neoclassical Maximization Hypothesis," American Economic Review, American Economic Association, vol. 71(5), pages 1031-36, December.
  9. Kakarot-Handtke, Egmont, 2011. "Qualitative and temporal aggregation," MPRA Paper 33345, University Library of Munich, Germany.
  10. Gavin Kennedy, 2009. "Adam Smith and the Invisible Hand: From Metaphor to Myth," Econ Journal Watch, Econ Journal Watch, vol. 6(2), pages 239-263, May.
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