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From Economic Activity to Understanding Spaces

Author

Listed:
  • Diego Iribarren

    (ESRC Centre for Research on Innovation & Competition)

Abstract

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.

Suggested Citation

  • Diego Iribarren, 2003. "From Economic Activity to Understanding Spaces," Method and Hist of Econ Thought 0303001, University Library of Munich, Germany.
  • Handle: RePEc:wpa:wuwpmh:0303001
    Note: Type of Document - word; prepared on none; to print on non;
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    References listed on IDEAS

    as
    1. 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.
    2. Piet Hut & David Ruelle & Joseph Traub, 1998. "Varieties of Limits to Scientific Knowledge," Working Papers 98-02-015, Santa Fe Institute.
    3. 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.
    4. McFadden, Daniel, 1999. "Rationality for Economists?," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 73-105, December.
    5. 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)

    More about this item

    Keywords

    Knowledge; intuitions; probability;

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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