Adaptive Economic Models

Proceedings of a Symposium Conducted by the Mathematics Research Center, the University of Wisconsin–Madison, October 21-23, 1974

Richard H. Day, Theodore Groves

• Publisher: Academic Press
• Year: 2014
• Print ISBN:
  9780122073502
• eBook ISBN:
  9781483267326
• Topic: Mathematics
• Subtopic: Banks & Banking
• Index: Mathematics

Adaptive Economic Models provides information pertinent to the adaptive processes in economics. This book discusses the developments on research in the field of adaptive economics. Organized into 23 chapters, this book begins with an overview of the study of economic processes using concepts of adaptation. This text then explains how concepts arising from biology can be formulated in such a way that they can be a source of insight into man's social systems. Other chapters present a general view of the adaptation of the firm to its environment and discuss how a firm with a definite commodity in mind can decide whether to enter a given established market. This book discusses as well the simple duopoly problem in which firms are in error in the sense that they specify an incomplete model and add a random error term. The final chapter deals with the set of models and problems for the development of a theory of money and financial institutions. This book is a valuable resource for economic theorists and economists.

Table of contents

• Front Cover
• Adaptive Economic Models
• Copyright Page
• Table of Contents
• Preface
• Chapter 1. Adaptive Processes and Economic Theory
• Chapter 2. Biological Systems as Paradigms for Adaptation
• Chapter 3. Optimization and Evolution in the Theory of the Firm
• Chapter 4. The Market Adaptation of the Firm
• Chapter 5. Learning by Firms about Demand Conditions
• Chapter 6. Output Decisions by a Firm: An Example of a Dual Control Problem with Information Externalities
• Chapter 7. Further Notes on the Allocation of Effort
• Chapter 8. On Multi- and Ultrastable States in Hierarchical Multilevel Multigoal Systems (abstract)
• Chapter 9. Adaptive Utility
• Chapter 10. Convergence of Adaptive Decisions
• Chapter 11. Approximate Minimization of Noncovex Integral Functionals (abstract)
• Chapter 12. Equilibrium Under Uncertainity, and Bayesian Adaptive Control Theory
• Chapter 13. Market Adjustment with Adaptive Supply and Pricing Decisions
• Chapter 14. Demand for Labor in a Dynamic Theory of the Firm
• Chapter 15. Productivity Increase as a Learning Process (abstract)
• Chapter 16. Diffusion of Innovations Under Imperfect Competition
• Chapter 17. Autonomous Control of the Economic System: A Survey (abstract)
• Chapter 18. Modelling Discrete Adaptive Behavior in the Chemical Process Industries
• Chapter 19. Modelling the Development of the Intermediate Chemicals Industry
• Chapter 20. Economic Adjustments under Noncompetitive Pricing
• Chapter 21. Equilibrium in Stochastic Economic Models
• Chapter 22. Temporary Walrasian Equilibrium in a Monetary Economy
• Chapter 23. Mathematical Models for a Theory of Money and Financial Institutions
• Index