By John G. Cross
This ebook develops dynamic fiscal types utilizing the point of view and analytic framework supplied by means of mental studying thought. This framework is used to unravel obvious contradictions among optimization thought, which lies on the center of all glossy fiscal thought, and daily proof that short-run monetary behaviour can't kind of be defined exclusively because the consequence of successfully applied self-interest. the writer applies this standpoint to a few areas of difficulty during which literal purposes of maximization idea haven't often proved to be passable. those comprise analyses of decision-making lower than uncertainty and playing behaviour, the function of consumer-oriented ads in influencing behaviour, the patience of cost dispersions in markets, and inflation.
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Extra info for A Theory of Adaptive Economic Behavior
4, 1 . 6, or 1 . 08, 1 . 1 2, 1 . 36. These specific parameters have been chosen so as to produce an optimum value C* = 0. 8/ and so as to preserve the 44 A theory of adaptive economic behavior condition I 8; 8 1 1 < 1 for all available combinations of I and C. For sim plicity, we use values of £ [ ¢;, 1 + i 1 as the values for >;, 1 + 1 in each succes sive iteration, thus eliminating the need to compute a succession of higher-order terms. This procedure does produce errors, but analysis of specific cases has failed to reveal any errors larger than 6 percent of the estimated values of ¢, and in most cases the errors are much smaller than this.
6, or 1 . 08, 1 . 1 2, 1 . 36. These specific parameters have been chosen so as to produce an optimum value C* = 0. 8/ and so as to preserve the 44 A theory of adaptive economic behavior condition I 8; 8 1 1 < 1 for all available combinations of I and C. For sim plicity, we use values of £ [ ¢;, 1 + i 1 as the values for >;, 1 + 1 in each succes sive iteration, thus eliminating the need to compute a succession of higher-order terms. This procedure does produce errors, but analysis of specific cases has failed to reveal any errors larger than 6 percent of the estimated values of ¢, and in most cases the errors are much smaller than this.
If "helplessness" is learned under such circumstances, then there is no con flict with the theory. If it should appear that helplessness can be acquired under conditions in which doing nothing is clearly inferior to some alter native (even if that alternative is not "successful"), then this behavior would be difficult to reconcile with our model. In fact, it would seem to be unrealistic to presume that e could remain fixed under such circum stances, and experimental evidence strongly suggests that under condi tions of unavoidable punishment, those choices that reduce the pain, so to speak, come to be regarded positively, implying that e does in fact fall.
A Theory of Adaptive Economic Behavior by John G. Cross