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Rationality of expectations: comparison of neoclassical and evolutionary approaches

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Author Info
Emilia Tomczyk () (Department of Applied Econometrics, Warsaw School of Economics)
Abstract

Paper compares two major schools of economic thought – neoclassical and evolutionary – from the perspective of keystone assumption: rationality of economic agents. It discusses role of rationality assumption in neoclassical and evolutionary theories; importance of expectations; and perspectives for analyzing them within the framework of evolutionary game theory – namely, through replicator dynamics.

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File URL: http://www.sgh.waw.pl/instytuty/zes/wp/aewp01-06.pdf
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Publisher Info
Paper provided by Department of Applied Econometrics, Warsaw School of Economics in its series Working Papers with number 8.

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Length: 15 pages
Date of creation: 22 May 2006
Date of revision:
Handle: RePEc:wse:wpaper:8

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Postal: 02-554 Warszawa, Al. Niepodległosci 164
Web page: http://www.sgh.waw.pl/instytuty/zes
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Related research
Keywords: rationality expectations evolutionary economics

Find related papers by JEL classification:
B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
C79 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Other
D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations

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