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Author: K. Vela Velupillai
Publisher: Routledge
ISBN: 1134253362
Category : Business & Economics
Languages : en
Pages : 514
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Book Description
Computable Foundations for Economics is a unified collection of essays, some of which are published here for the first time and all of which have been updated for this book, on an approach to economic theory from the point of view of algorithmic mathematics. By algorithmic mathematics the author means computability theory and constructive mathematics. This is in contrast to orthodox mathematical economics and game theory, which are formalised with the mathematics of real analysis, underpinned by what is called the ZFC formalism, i.e., set theory with the axiom of choice. This reliance on ordinary real analysis and the ZFC system makes economic theory in its current mathematical mode completely non-algorithmic, which means it is numerically meaningless. The book provides a systematic attempt to dissect and expose the non-algorithmic content of orthodox mathematical economics and game theory and suggests a reformalization on the basis of a strictly rigorous algorithmic mathematics. This removes the current schizophrenia in mathematical economics and game theory, where theory is entirely divorced from algorithmic applicability – for experimental and computational exercises. The chapters demonstrate the uncomputability and non-constructivity of core areas of general equilibrium theory, game theory and recursive macroeconomics. The book also provides a fresh look at the kind of behavioural economics that lies behind Herbert Simon’s work, and resurrects a role for the noble classical traditions of induction and verification, viewed and formalised, now, algorithmically. It will therefore be of particular interest to postgraduate students and researchers in algorithmic economics, game theory and classical behavioural economics.
Author: K. Vela Velupillai
Publisher: Routledge
ISBN: 1134253362
Category : Business & Economics
Languages : en
Pages : 514
Get Book Here
Book Description
Computable Foundations for Economics is a unified collection of essays, some of which are published here for the first time and all of which have been updated for this book, on an approach to economic theory from the point of view of algorithmic mathematics. By algorithmic mathematics the author means computability theory and constructive mathematics. This is in contrast to orthodox mathematical economics and game theory, which are formalised with the mathematics of real analysis, underpinned by what is called the ZFC formalism, i.e., set theory with the axiom of choice. This reliance on ordinary real analysis and the ZFC system makes economic theory in its current mathematical mode completely non-algorithmic, which means it is numerically meaningless. The book provides a systematic attempt to dissect and expose the non-algorithmic content of orthodox mathematical economics and game theory and suggests a reformalization on the basis of a strictly rigorous algorithmic mathematics. This removes the current schizophrenia in mathematical economics and game theory, where theory is entirely divorced from algorithmic applicability – for experimental and computational exercises. The chapters demonstrate the uncomputability and non-constructivity of core areas of general equilibrium theory, game theory and recursive macroeconomics. The book also provides a fresh look at the kind of behavioural economics that lies behind Herbert Simon’s work, and resurrects a role for the noble classical traditions of induction and verification, viewed and formalised, now, algorithmically. It will therefore be of particular interest to postgraduate students and researchers in algorithmic economics, game theory and classical behavioural economics.
Author: K. Vela Velupillai
Publisher: Routledge
ISBN: 1134253370
Category : Business & Economics
Languages : en
Pages : 513
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Book Description
Computable Foundations for Economics is a unified collection of essays, some of which are published here for the first time and all of which have been updated for this book, on an approach to economic theory from the point of view of algorithmic mathematics. By algorithmic mathematics the author means computability theory and constructive mathematics. This is in contrast to orthodox mathematical economics and game theory, which are formalised with the mathematics of real analysis, underpinned by what is called the ZFC formalism, i.e., set theory with the axiom of choice. This reliance on ordinary real analysis and the ZFC system makes economic theory in its current mathematical mode completely non-algorithmic, which means it is numerically meaningless. The book provides a systematic attempt to dissect and expose the non-algorithmic content of orthodox mathematical economics and game theory and suggests a reformalization on the basis of a strictly rigorous algorithmic mathematics. This removes the current schizophrenia in mathematical economics and game theory, where theory is entirely divorced from algorithmic applicability – for experimental and computational exercises. The chapters demonstrate the uncomputability and non-constructivity of core areas of general equilibrium theory, game theory and recursive macroeconomics. The book also provides a fresh look at the kind of behavioural economics that lies behind Herbert Simon’s work, and resurrects a role for the noble classical traditions of induction and verification, viewed and formalised, now, algorithmically. It will therefore be of particular interest to postgraduate students and researchers in algorithmic economics, game theory and classical behavioural economics.
Author: Stefano Zambelli
Publisher:
ISBN: 0415492637
Category : Business & Economics
Languages : en
Pages : 533
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Book Description
The book contains thirty original articles dealing with important aspects of theoretical as well as applied economic theory. While the principal focus is on: the computational and algorithmic nature of economic dynamics; individual as well as collective decision process and rational behavior, some contributions emphasize also the importance of classical recursion theory and constructive mathematics for dynamical systems, business cycles theories, growth theories, and others are in the area of history of thought, methodology and behavioural economics. The contributors range from Nobel Laureates to the promising new generation of innovative thinkers. This volume is also a Festschrift in honour of Professor Kumaraswamy Vela Velupillai, the founder of Computable Economics, a growing field of research where important results stemming from classical recursion theory and constructive mathematics are applied to economic theory. The aim and hope is to provide new tools for economic modelling. This book will be of particular appeal to postgraduate students and scholars in one or more of the following fields: computable economics, business cycles, macroeconomics, growth theories, methodology, behavioural economics, financial economics, experimental and agent based economics. It might be also of importance to those interested on the general theme of algorithmic foundations for social sciences.
Author: Mary E. Burfisher
Publisher: Cambridge University Press
ISBN: 1107132207
Category : Business & Economics
Languages : en
Pages : 443
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Book Description
The book provides a hands-on introduction to computable general equilibrium (CGE) models, written at an accessible, undergraduate level.
Author: Kumaraswamy Velupillai
Publisher:
ISBN: 9780198295273
Category : Business & Economics
Languages : en
Pages : 250
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Book Description
In the field of economic analysis, computability in the formation of economic hypotheses is seen as the way forward. In this book, Professor Velupillai implements a theoretical research program along these lines. Choice theory, learning rational expectations equlibria, the persistence of adaptive behavior, arithmetical games, aspects of production theory, and economic dynamics are given recursion theoretic (i.e. computable) interpretations.
Author: Kumaraswamy Velupillai
Publisher: Springer Nature
ISBN: 3030581314
Category : Business & Economics
Languages : en
Pages : 447
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Book Description
This book explores an alternative approach to the conventional, market-based, view of economic theory and economic policy, at theoretical, numerical and applicable levels. The chapters provide a theoretical, empirical, and algorithmic approach to marcodynamics, Sraffian economics, and current policy issues. Post-Keynesian macroeconomics, business cycle theory, the trade cycle, microfoundations, and the Philips Machine are also covered. This book aims to challenge orthodox ideas and provide a lens through which to honour the work of Stefano Zambelli. It will be of relevant to students and academics interested in economics.
Author: Thomas A. Boylan
Publisher: Routledge
ISBN: 1351124544
Category : Business & Economics
Languages : en
Pages : 307
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Book Description
With the failure of economics to predict the recent economic crisis, the image of economics as a rigorous mathematical science has been subjected to increasing interrogation. One explanation for this failure is that the subject took a wrong turn in its historical trajectory, becoming too mathematical. Using the philosophy of mathematics, this unique book re-examines this trajectory. Philosophy of Mathematics and Economics re-analyses the divergent rationales for mathematical economics by some of its principal architects. Yet, it is not limited to simply enhancing our understanding of how economics became an applied mathematical science. The authors also critically evaluate developments in the philosophy of mathematics to expose the inadequacy of aspects of mainstream mathematical economics, as well as exploiting the same philosophy to suggest alternative ways of rigorously formulating economic theory for our digital age. This book represents an innovative attempt to more fully understand the complexity of the interaction between developments in the philosophy of mathematics and the process of formalisation in economics. Assuming no expert knowledge in the philosophy of mathematics, this work is relevant to historians of economic thought and professional philosophers of economics. In addition, it will be of great interest to those who wish to deepen their appreciation of the economic contours of contemporary society. It is also hoped that mathematical economists will find this work informative and engaging.
Author: Alessandra Cassar
Publisher: Routledge
ISBN: 1134347731
Category : Business & Economics
Languages : en
Pages : 248
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Book Description
Laboratory experiments with human subjects now provide crucial data in most fields of economics and there has been a tremendous upsurge in interest in this relatively new field of economics. This textbook introduces the student to the world of experimental economics. Contributors including Reinhard Selten and Axel Leijonhufvud that s
Author: Alessandro Innocenti
Publisher: Routledge
ISBN: 1136333746
Category : Business & Economics
Languages : en
Pages : 258
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Book Description
In the last two decades there has been a flourishing research carried out jointly by economists, psychologists and neuroscientists. This meltdown of competences has lead towards original approaches to investigate the mental and cognitive mechanisms involved in the way the economic agent collects, processes and uses information to make choices. This research field involves a new kind of scientist, trained in different disciplines, familiar in managing experimental data, and with the mathematical foundations of decision making. The ultimate goal of this research is to open the black-box to understandthe behavioural and neural processes through which humans set preferences and translate these behaviours into optimal choices. This volume intends to bring forward new results and fresh insights into this matter.
Author: John E. Roemer
Publisher: Cambridge University Press
ISBN: 9780521347754
Category : Business & Economics
Languages : en
Pages : 234
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Book Description
This book gives a rigorous view of classical Marxian economic theory by presenting specific analytic models.
