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Economics and Cognitive Science

Author

Listed:
  • Douglass C. North

    (Washington University)

Abstract

The neo-classical approach to analyzing the performance of an economy assumes that in the face of pervasive scarcity individuals make choices reflecting a set of desires, wants or preferences. But valuable as this model has been for the development of an elegant body of theory it is a very imperfect tool for solving economic problems both at a moment of time but particularly over time. The puzzle I seek to unravel is how do humans evolve and believe in theories in the face of uncertainty.

Suggested Citation

  • Douglass C. North, 1996. "Economics and Cognitive Science," Economic History 9612002, EconWPA.
  • Handle: RePEc:wpa:wuwpeh:9612002
    Note: Type of Document - Word; prepared on PC;print on HP Laser; 8 pages
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    Citations

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    Cited by:

    1. Olsson, Ola, 2000. "A Microeconomic Analysis of Institutions," Working Papers in Economics 25, University of Gothenburg, Department of Economics.
    2. Tilman Slembeck, 1999. "Low Information Games - Experimental Evidence on Learning in Ultimatum Bargaining," Experimental 9905001, EconWPA.

    More about this item

    Keywords

    cognitive uncertainty development;

    JEL classification:

    • N - Economic History

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