Download Advances in Behavioral Economics: Essays in Honor of Horst by Professor Dr. Friedel Bolle, Professor Dr. Michael Carlberg PDF

By Professor Dr. Friedel Bolle, Professor Dr. Michael Carlberg (auth.), Professor Dr. Friedel Bolle, Professor Dr. Michael Carlberg (eds.)

The connection of monetary thought and behaviour is likely one of the principal subject matters of this e-book - and in addition a principal factor in monetary taking into consideration Horst Todt to whom this booklet is devoted. The contributions take care of themes of normative and descriptive decision-making: They examine, for example, the emergence of choices or the position of imitation as a aggressive precept. a few contributions deal with exact decision-making difficulties on a micro or on a macro point, while others be aware of the main questions of decision-making or at the conceptualization of significant yet fuzzy notions like strength or solidarity.

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E. Hughson, and K. Vandezande (1996). The Price is Right, But Are the Bids? An Investigation of Rational Decision Theory. American Economic Review 86(4),954-970. 38 Walter Buhr and Thomas Christiaans [5] Conlisk, J. (1996). Why Bounded Rationality? Journal of Economic Literature 34, 669-700. [6] Day, R. , S. Morley, and K. R. Smith (1974). Myopic Optimizing and Rules of Thumb in a Micro-Model of Industrial Growth. American Economic Review 64(1), 11-23. [25] von Ditfurth, H. (1976). Der Geist fiel nicht vom Himmel, Die Evolution unseres Bewufltseins.

Roth (1998). Learning in High Stakes Ultimatum Games: An Experiment in the Slovak Republic. Econometrica 66(3), 569-596. 4 Economic Decisions by Approved Principles Rules of Thumb as Behavioral Guidelines Walter Buhr and Thomas Christiaans * Abstract. We discuss the relevance of the concept of rational behavior in economic theory and suggest, on the basis of modern brain research results, to abstain from this notion and instead to apply behavioral rules of thumb in decision-making, especially if these rules can be derived from rational problem solutions determined by individual economic agents.

Lasalle and Lefschetz (1961), e. g. 0 11 The solution of x = f(x) starting at x(O) = Xo E X is denoted by x(t, xo). 34 Walter Buhr and Thomas Christiaans Proposition 1. 6) is asymptotically stable. Its basin of attraction includes the region D = {(P,q) E R2 : V(p,q) < l}, where 1 = h(s) ds > O. For all initial values in D, the price p(t) is positive for all t ~ O. J: Proof. The function f p V(p, q) = ~q2 - h(s) ds, p is a suitable Lyapunov function for p > O. 3), and V (p, 0) = O. The derivative with respect to t is V (p, q) V(p,q) = qq - h(P)p = q[h(P) - q]- h(P)q = _q2 <0 O.

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