Economic Properties and Expectations. How the Process of Learning Develops by Selection

Jan Gunnarsson
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Jan Gunnarsson: Institute of Economics, University of Copenhagen

No 95-04, Discussion Papers from University of Copenhagen. Department of Economics

Abstract: This paper extends learning concepts developed in economics to take into account the fact that agents are not fully rational. Contrary to scholars who model individuals as if they know the equilibrium relationships between market prices and private signals a dynamic process is proposed, by means of which beliefs about macroeconomic properties are acquired. At the centre of concern is the formation of expectations in business firms. A perspective on this kind of decisions discussed in this paper, will refer to bounded rationality and Standard Operating Procedures. Learning in enterprises is analysed in terms of ongoing reasoning processes, which, unlike the maximizations based on classical definitions as mathematical concepts, are framed by common sense concepts.

Pages: 24 pages
Date: 1995-06
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Persistent link: https://EconPapers.repec.org/RePEc:kud:kuiedp:9504

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