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Rationality of expectations: comparison of neoclassical and evolutionary approaches

Author

Listed:
  • 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.

Suggested Citation

  • Emilia Tomczyk, 2006. "Rationality of expectations: comparison of neoclassical and evolutionary approaches," Working Papers 8, Department of Applied Econometrics, Warsaw School of Economics.
    • Handle: RePEc:wse:wpaper:8
    as

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    File URL: http://kolegia.sgh.waw.pl/pl/KAE/struktura/IE/struktura/ZES/Documents/Working_Papers/aewp01-06.pdf
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    More about this item

    Keywords

    rationality; expectations; evolutionary economics;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • C79 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Other
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations

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