Modeling Rational Agents: From Interwar Economics to Early Modern Game Theory
Modeling Rational Agents: From Interwar Economics to Early Modern Game Theory by Nicola Giocoli
English | 2003 | ISBN: 1840648686 | 480 pages | PDF | 9 MB
English | 2003 | ISBN: 1840648686 | 480 pages | PDF | 9 MB
Exploring the evolution, through the first half of the 20th century, of the key neoclassical concept of rationality, this book begins with the development of modern decision theory, covers the interwar debates over the role of perfect foresight and analyses the first game-theoretic solution concepts of von Neumann and Nash. The author's proposition is that the notion of rationality suffered a profound transformation that reduced it to a formal property of consistency. Such a transformation paralleled that of neoclassical economics as a whole from a discipline dealing with real economic processes to one investigating issues of logical consistency between mathematical relationships.