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Constructive and Classical Models for Results in Economics and Game Theory

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  • Kislaya Prasad

Abstract

A standard approach in economic theory is to use a formal language to prove results about an economy or a game. In this paper, model theory is used to examine interpretations of such results. The particular focus is on constructive theorems, since results established by constructive methods are valid for many different interpretations, whereas classical theorems are valid more narrowly. I discuss why non‐classical models may be of interest and also describe applications of model theory to economics in classical contexts, e.g. non‐standard analysis. The paper advocates a viewpoint suggesting that constructive models are tools for studying worlds in which agents’ knowledge of the world is incomplete.

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  • Kislaya Prasad, 2004. "Constructive and Classical Models for Results in Economics and Game Theory," Metroeconomica, Wiley Blackwell, vol. 55(2‐3), pages 141-154, May.
    • Handle: RePEc:bla:metroe:v:55:y:2004:i:2-3:p:141-154
    DOI: 10.1111/j.0026-1386.2004.00187.x
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    References listed on IDEAS

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    1. Kislaya Prasad, 2004. "Observation, Measurement, and Computation in Finite Games," International Journal of Game Theory, Springer;Game Theory Society, vol. 32(4), pages 455-470, August.
    2. Vela Velupillai, K., 2002. "Effectivity and constructivity in economic theory," Journal of Economic Behavior & Organization, Elsevier, vol. 49(3), pages 307-325, November.
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    Cited by:

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    2. N. C. A. da Costa & Francisco A. Doria, 2014. "On an Extension of Rice’s Theorem and its Applications in Mathematical Economics☆Dedicated to the memory of Professor Saul Fuks (1929–2012)," Advances in Austrian Economics, in: Entangled Political Economy, volume 18, pages 237-257, Emerald Group Publishing Limited.
    3. Troy Tassier, 2013. "Handbook of Research on Complexity, by J. Barkley Rosser, Jr. and Edward Elgar," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 39(1), pages 132-133.
    4. Bartholo, R.S. & Cosenza, C.A.N. & Doria, F.A. & de Lessa, C.T.R., 2009. "Can economic systems be seen as computing devices?," Journal of Economic Behavior & Organization, Elsevier, vol. 70(1-2), pages 72-80, May.
    5. Antonio Doria, Francisco, 2011. "J.B. Rosser Jr. , Handbook of Research on Complexity, Edward Elgar, Cheltenham, UK--Northampton, MA, USA (2009) 436 + viii pp., index, ISBN 978 1 84542 089 5 (cased)," Journal of Economic Behavior & Organization, Elsevier, vol. 78(1-2), pages 196-204, April.

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