Recursivity and Self-Referentiality of Economic Theories and Their Implications for Bounded Rational Actors
AbstractThis 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. --
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper 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.
Date of creation: 2007
Date of revision:
self-referentiality; recursivity; self-altering predictions; theory absorption; bounded rationality;
Find related papers by JEL classification:
- D7 - Microeconomics - - Analysis of Collective Decision-Making
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Cass, David & Shell, Karl, 1983. "Do Sunspots Matter?," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 193-227, April.
- Berg Joyce & Dickhaut John & McCabe Kevin, 1995. "Trust, Reciprocity, and Social History," Games and Economic Behavior, Elsevier, vol. 10(1), pages 122-142, July.
- Emile Grunberg & Franco Modigliani, 1954. "The Predictability of Social Events," Journal of Political Economy, University of Chicago Press, vol. 62, pages 465.
- Morgenstern, Oskar, 1972. "Descriptive, Predictive and Normative Theory," Kyklos, Wiley Blackwell, vol. 25(4), pages 699-714.
- 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.
- Werner Güth & Hartmut Kliemt, 2004.
"Bounded Rationality and Theory Absorption,"
Institute of SocioEconomics, vol. 21, pages 521-541.
- John Davis & Matthias Klaes, 2003. "Reflexivity: curse or cure?," Journal of Economic Methodology, Taylor and Francis Journals, vol. 10(3), pages 329-352.
- Denzau, Arthur T & North, Douglass C, 1994.
"Shared Mental Models: Ideologies and Institutions,"
Wiley Blackwell, vol. 47(1), pages 3-31.
- Tilman Slembeck, 2000. "Ideologies, Beliefs, and Economic Advice - A Cognitive- Evolutionary View on Economic Policy-Making," Public Economics 0004005, EconWPA.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ZBW - German National Library of Economics).
If references are entirely missing, you can add them using this form.