Modeling rational agents : from interwar economics to early modern game theory /
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TextPublication details: Northampton, Mass. : Edward Elgar Pub., c2003.Description: x, 464 pISBN: - 1840648686
- 9781840648683
- 330.15'09'04 GIO
- HB87 .G56 2003
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Includes bibliographical references and index.
The book explores the evolution, through the first half of the 20th century, of the key neoclassical concepts of rationality. The analysis begins with the development of modern decision theory, covers the interwar debates over the role of perfect foresight and analyses the first game-theorist solution concepts of von Neumann and Nash. The author's proposition is that the notion of rationality suffered a profound transformation that reduced it to a formal property of consisteny. Such a transformation paralleled that of neoclassical economics as a whole from a discipline dealing with real economic processes to one investigating issues of local consistency between mathematical relationships.
rpm 15/11/2013
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