A Theory of Adaptive Economic Behavior

John G. Cross

doi:10.1017/CBO9780511983856

This book develops dynamic economic models using the perspective and analytic framework provided by psychological learning theory. This framework is used to resolve apparent contradictions between optimization theory, which lies at the heart of all modern economic theory, and day-to-day evidence that short-run economic behaviour cannot reasonably be described solely as the outcome of efficiently implemented self-interest. The author applies this viewpoint to a number of problem areas in which literal applications of maximization theory have not usually proved to be satisfactory. These include analyses of decision-making under uncertainty and gambling behaviour, the role of consumer-oriented advertising in influencing behaviour, the persistence of price dispersions in markets, and inflation.

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A Theory of Adaptive Economic Behavior

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Contents

Frontmatter
pp i-iv

Contents
pp v-vi

Preface
pp vii-viii

1 - Introduction
pp 1-14

2 - Models of convergence
pp 15-40

3 - Behavior in the short run
pp 41-58

4 - Uncertainty
pp 59-83

5 - An application to state lottery games
pp 84-99

6 - An application to the problem of search behavior
pp 100-130

7 - Inflationary disequilibrium
pp 131-150

8 - Advertising and imitation
pp 151-165

9 - An application to migration
pp 166-178

10 - Conclusions
pp 179-188

References
pp 189-196

Index
pp 197-199

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A Theory of Adaptive Economic Behavior

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