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Adaptive Economic Models

Proceedings of a Symposium Conducted by the Mathematics Research Center, the University of Wisconsin–Madison, October 21-23, 1974

  • 1st Edition - January 28, 1975
  • Latest edition
  • Editors: Richard H. Day, Theodore Groves
  • Language: English

Adaptive Economic Models provides information pertinent to the adaptive processes in economics. This book discusses the developments on research in the field of adaptive economics.… Read more

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Description

Adaptive Economic Models provides information pertinent to the adaptive processes in economics. This book discusses the developments on research in the field of adaptive economics. Organized into 23 chapters, this book begins with an overview of the study of economic processes using concepts of adaptation. This text then explains how concepts arising from biology can be formulated in such a way that they can be a source of insight into man's social systems. Other chapters present a general view of the adaptation of the firm to its environment and discuss how a firm with a definite commodity in mind can decide whether to enter a given established market. This book discusses as well the simple duopoly problem in which firms are in error in the sense that they specify an incomplete model and add a random error term. The final chapter deals with the set of models and problems for the development of a theory of money and financial institutions. This book is a valuable resource for economic theorists and economists.

Table of contents


Adaptive Processes and Economic Theory

Biological Systems as Paradigms for Adaptation

Optimization and Evolution in the Theory of the Firm

The Market Adaptation of the Firm

Learning by Firms About Demand Conditions

Output Decisions by a Firm: An Example of a Dual Control Problem with Information Externalities

Further Notes on the Allocation of Effort

On Multi- and Ultrastable States in Hierarchical Multilevel Multigoal Systems (Abstract)

Adaptive Utility

Convergence of Adaptive Decisions

Approximate Minimization of Noncovex Integral Functionals (Abstract)

Equilibrium Under Uncertainity, and Bayesian Adaptive Control Theory

Market Adjustment with Adaptive Supply and Pricing Decisions

Demand for Labor in a Dynamic Theory of the Firm

Productivity Increase as a Learning Process (Abstract)

Diffusion of Innovations Under Imperfect Competition

Autonomous Control of the Economic System: A Survey (Abstract)

Modelling Discrete Adaptive Behavior in the Chemical Process Industries

Modelling the Development of the Intermediate Chemicals Industry

Economic Adjustments Under Noncompetitive Pricing

Equilibrium in Stochastic Economic Models

Temporary Walrasian Equilibrium in a Monetary Economy

Mathematical Models for a Theory of Money and Financial Institutions

Index

Product details

  • Edition: 1
  • Latest edition
  • Published: January 28, 1975
  • Language: English

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