Computable Economics (Arne Ryde Memorial Lectures) by K. Velupillai

By K. Velupillai

Within the box of monetary research, computability within the formation of monetary hypotheses is obvious because the method ahead. during this ebook, Professor Velupillai implements a theoretical study application alongside those strains. selection idea, studying rational expectancies equlibria, the endurance of adaptive habit, arithmetical video games, points of creation thought, and fiscal dynamics are given recursion theoretic (i.e. computable) interpretations.

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Extra resources for Computable Economics (Arne Ryde Memorial Lectures)

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Above all, one is forced to re-examine the concepts of rationality, learning, the effective playability of games, and the diophantine complexity of simple (arithmetical) games. For example, a reconsideration of the notion of rationality leads to a natural definition in terms of procedures, which in turn forces — almost — the economic problem to be posed as a decision problem rather than an optimizing problem; such a series of re-evaluations brings back into the fold, quite naturally, satisficing behavior — but not simply as suboptimal behavior in a complex optimization problem (cf.

384–5, fn. 11). 47 But see Ch. 9 for an “inductivist's” justification of a compromise between realism and instrumentalism, naively conceived. 48 In an expectational context, the analogous problem would be whether there are effective procedures to rationalize expectations. 38 COMPUTABLE ECONOMICS the fundamental assumption about the revelation of preference can be criticized from many points of view, including the possibility that behavior may not be based on systematic comparison of alternatives.

Now I can view it as one special type of knowledge; and it cannot operate alone, without the aid of procedural 31 Inspired by listening to my friend and mentor, Axel Leijonhufvud, deliver his Marshall Lectures at Cambridge University almost a quarter of a century ago, where I was first introduced to Herbert Simon's fascinating, algorithmic world. IDEAS, PIONEERS, AND PRECURSORS 27 knowledge. No equation, however general and elegant, can be used without an algorithm for its solution. . Thus the change to proceduralism was in three steps: lifting the restrictions imposed by logicism; extending the techniques of procedural knowledge; understanding the universal role of procedural knowledge.

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