From Economic Activity to Understanding Spaces
This paper constructs the probability space underlying the random variable of any time dependent econometric specification. The construction links concrete economic activity, both perceived and recorded, and econometric formulations. Furthermore, it is argued that the probability events belonging to this space are forms of understanding economic activity held by each agent. The model establishes two aspects of any econometric formulation. Mainly, that learning must be unique between any two ticks of the clock and that not all forms of understandings can indeed become events in the random variable’s probability space. Finally, a model of the dependencies based on agent-based understandings, and evolution thereof, is presented as well.
References listed on IDEAS
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- Alchian, Armen A & Demsetz, Harold, 1972.
"Production , Information Costs, and Economic Organization,"
American Economic Review,
American Economic Association, vol. 62(5), pages 777-795, December.
- Armen A. Alchian & Harold Demsetz, 1971. "Production, Information Costs and Economic Organizations," UCLA Economics Working Papers 10A, UCLA Department of Economics.
- Piet Hut & David Ruelle & Joseph Traub, 1998. "Varieties of Limits to Scientific Knowledge," Working Papers 98-02-015, Santa Fe Institute.
- George J. Mailath, 1998. "Do People Play Nash Equilibrium? Lessons from Evolutionary Game Theory," Journal of Economic Literature, American Economic Association, vol. 36(3), pages 1347-1374, September.
- George J. Mailath, "undated". ""Do People Play Nash Equilibrium? Lessons From Evolutionary Game Theory''," CARESS Working Papres 98-01, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
- McFadden, Daniel, 1999. "Rationality for Economists?," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 73-105, December.
- Minkler, Alanson P, 1993. "The Problem with Dispersed Knowledge: Firms in Theory and Practice," Kyklos, Wiley Blackwell, vol. 46(4), pages 569-587. Full references (including those not matched with items on IDEAS)
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