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Recursivity and Self-Referentiality of Economic Theories and Their Implications for Bounded Rational Actors

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  • Lehmann-Waffenschmidt, Marco
  • Sandri, Serena
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    Abstract

    This study aims at the analysis of the possible self-referential effects of economic theories and models on its own subject and of the mechanisms through which bounded rational actors perceive the self-referential nature of economic theories and might absorb their prescriptions. Thus, the focus of the present study will be on the effects of economic theories on the behaviour of the analyzed economic actors. The analysis of the possible causal role of theories on bounded rational economic behaviour will be interpreted as a sort of validity test of economic theory. --

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    Bibliographic Info

    Paper provided by Dresden University of Technology, Faculty of Business and Economics, Department of Economics in its series Dresden Discussion Paper Series in Economics with number 03/07.

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    Date of creation: 2007
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    Handle: RePEc:zbw:tuddps:0307

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    Keywords: self-referentiality; recursivity; self-altering predictions; theory absorption; bounded rationality;

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    1. Güth, Werner & Kliemt, Hartmut, 2001. "From full to bounded rationality: The limits of unlimited rationality," SFB 373 Discussion Papers 2001,12, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
    2. Berg Joyce & Dickhaut John & McCabe Kevin, 1995. "Trust, Reciprocity, and Social History," Games and Economic Behavior, Elsevier, Elsevier, vol. 10(1), pages 122-142, July.
    3. Emile Grunberg & Franco Modigliani, 1954. "The Predictability of Social Events," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 62, pages 465.
    4. Morgenstern, Oskar, 1972. "Descriptive, Predictive and Normative Theory," Kyklos, Wiley Blackwell, Wiley Blackwell, vol. 25(4), pages 699-714.
    5. Denzau, Arthur T & North, Douglass C, 1994. "Shared Mental Models: Ideologies and Institutions," Kyklos, Wiley Blackwell, Wiley Blackwell, vol. 47(1), pages 3-31.
    6. John Davis & Matthias Klaes, 2003. "Reflexivity: curse or cure?," Journal of Economic Methodology, Taylor & Francis Journals, Taylor & Francis Journals, vol. 10(3), pages 329-352.
    7. Cass, David & Shell, Karl, 1983. "Do Sunspots Matter?," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 91(2), pages 193-227, April.
    8. Werner Güth & Hartmut Kliemt, 2004. "Bounded Rationality and Theory Absorption," Papers on Strategic Interaction, Max Planck Institute of Economics, Strategic Interaction Group 2004-27, Max Planck Institute of Economics, Strategic Interaction Group.
    9. Tilman Slembeck, 2000. "Ideologies, Beliefs, and Economic Advice - A Cognitive- Evolutionary View on Economic Policy-Making," Public Economics, EconWPA 0004005, EconWPA.
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