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Reflexivity in Economics: An Experimental Examination on the Self-Referentiality of Economic Theories: Contributions to Economics

Autor Serena Sandri
en Limba Engleză Paperback – 19 oct 2010
Since the individuals are not just stimulus-response machines but more complex beings that think and are simultaneously conscious of their thought, re?exivity is potentially involved in all human acts of cognition and in all conceptualizations. On this basis, each human discourse can be characterized as a way of thought f- mulation and therefore, reveals a self-referring nature. On this level of re?exivity, the individual thought shapes beliefs and mental representations which give life to mental models and strive to predict future events and developments to support the individuals in their decision-making. Such mental models are re?ected by the - dividuals themselves and on the situation they are confronted with. According to the result of this recursive application, the individuals will then decide which model they want to refer to, or in other words, which model they want to absorb. Similarly, the individuals can make use of social theories and predictions which can therefore yield recursive effects and interfere with the phenomena they aim to depict. Revealed theories, if accepted, may in?uence the behaviour or the agents they focus on, either in the sense of validation of the theoretical content or in that of its rejection.
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Specificații

ISBN-13: 9783790825725
ISBN-10: 3790825727
Pagini: 220
Ilustrații: XII, 206 p. 30 illus.
Dimensiuni: 155 x 235 x 12 mm
Greutate: 0.31 kg
Ediția:Softcover reprint of hardcover 1st ed. 2009
Editura: Physica-Verlag HD
Colecția Physica
Seria Contributions to Economics

Locul publicării:Heidelberg, Germany

Public țintă

Research

Cuprins

Reflexivity and Self-Reference.- Reflexivity of Social Reality.- Reflexivity and Predictability of the Social Sciences.- On the Rationality of the Economic Actors.- Heuristics, Biases and Methods for Debiasing.- Self-Referentiality of Economic Theories and Theory Absorption.- On the Absorbability of Economic Theories – An Experimental Analysis.

Textul de pe ultima copertă

This study discusses the implications of the recursive or self-reflexive effects of economic theories on bounded rational behaviour and interaction. It focuses on the mechanisms through which bounded rational actors perceive the self-referential nature of economic theories and might absorb their prescriptions. As individuals think and are conscious of their thought, reflexivity is potentially involved in all human acts of cognition and in all conceptualizations. Further, the individuals can make use of social theories which can therefore yield recursive effects and interfere with the phenomena they aim to depict. Taking into consideration the bounded rationality of the individuals, this study investigates the modalities by means of which the recursive character of economic theorizing is perceived and the conditions under which economic theories affect behaviour, according to the results of two economic experiments focussing the absorbability of guessing-games' and informational cascades' theories.

Caracteristici

Interdiciplinary approach to reflexivity in economics Implications of self-reflexivity in economic theories on the concept of bounded rationality Economic experiments focussing the absorbability of guessing-games' and informational cascades' theories Includes supplementary material: sn.pub/extras