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A Rational Irrational Man

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  • Alexander Harin

    (Modern University for the Humanities)

Abstract

A man is a key subject of economics and economic theory. “A man is irrational” - this opinion can be made from Allais paradox, risk aversion and other well-known fundamental problems. For a long time, this opinion was a barrier to proper solution of these problems and the development of the economic theory. A radically new approach has been proposed. It considers arrangement infringement possibility as a quite different source of such problems. It opens a quite different way to solve them and remove this barrier. It helps economists to open new and rediscover old fields and trends for the research.

Suggested Citation

  • Alexander Harin, 2005. "A Rational Irrational Man," Public Economics 0511005, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwppe:0511005
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    References listed on IDEAS

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    1. ALLARD, Marie & BRONSARD, Camille & GOURIÉROUX, Christian, 2003. "Aversion Analysis," Cahiers de recherche 04-2003, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
    2. Alexander Harin, 2005. "A new approach to solve old problems," Game Theory and Information 0505005, University Library of Munich, Germany.
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    4. Schoemaker, Paul J H, 1982. "The Expected Utility Model: Its Variants, Purposes, Evidence and Limitations," Journal of Economic Literature, American Economic Association, vol. 20(2), pages 529-563, June.
    5. William Goetzmann & Roger Ibbotson, 2005. "History and the Equity Risk Premium," Yale School of Management Working Papers ysm448, Yale School of Management.
    6. Gowdy, John & Erickson, Jon, 2005. "Ecological economics at a crossroads," Ecological Economics, Elsevier, vol. 53(1), pages 17-20, April.
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    8. Massimo Egidi, 2005. "From Bounded Rationality to Behavioral Economics," Experimental 0507002, University Library of Munich, Germany.
    9. Tversky, Amos & Wakker, Peter, 1995. "Risk Attitudes and Decision Weights," Econometrica, Econometric Society, vol. 63(6), pages 1255-1280, November.
    10. Joseph Henrich & Robert Boyd & Samuel Bowles & Colin Camerer & Ernst Fehr & Herbert Gintis & Richard McElreath & Michael Alvard & Abigail Barr & Jean Ensminger & Kim Hill & Francisco Gil-White & Micha, 2001. "Economic Man in Cross-Cultural Perspective: Behavioral Experiments in Fifteen Small-Scale Societies," Working Papers 01-11-063, Santa Fe Institute.
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    Citations

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    Cited by:

    1. Harin, Alexander, 2015. "“Luce problem” and discontinuity of Prelec’s function at p = 1," MPRA Paper 63672, University Library of Munich, Germany.
    2. Harin, Alexander, 2014. "Is data interpretation in utility and prospect theories unquestionably correct?," MPRA Paper 53880, University Library of Munich, Germany.
    3. Alexander Harin, 2005. "Scientific Revolution. A Farewell to EconWPA," Method and Hist of Econ Thought 0512003, University Library of Munich, Germany.
    4. Harin, Alexander, 2014. "General correcting formulae for forecasts," MPRA Paper 55283, University Library of Munich, Germany.

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    More about this item

    Keywords

    “non-ideal” economics; risk; market; bank; industry; development;
    All these keywords.

    JEL classification:

    • C - Mathematical and Quantitative Methods
    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • H - Public Economics
    • O - Economic Development, Innovation, Technological Change, and Growth

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