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Rationality of expectations: comparison of neoclassical and evolutionary approaches

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  • 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://kolegia.sgh.waw.pl/pl/KAE/struktura/IE/struktura/ZES/Documents/Working_Papers/aewp01-06.pdf
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Bibliographic 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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Keywords: rationality; expectations; evolutionary economics;

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