Irreducible complexities: from Gödel and Turing to the paradigm of Imperfect Knowledge Economics

Giuseppe Garofalo

Quality & Quantity: International Journal of Methodology, 2014, vol. 48, issue 6, 3463-3474

Abstract: The paper discusses synthetically an epistemological question in the field of economics: how to translate a real problem into formal terms without a substantial loss of significance for its solution in policy making. The discussion will challenge the plausibility of the basic assumption of ultra-rational subjects who act independently of each other and will propose a research programme in Imperfect Knowledge Economics (in an Appendix the latter is compared with the mainstream model founded on Rational Expectation Hypothesis). References to some results of the debate in mathematics, but also in computer science, are produced in support. Copyright Springer Science+Business Media Dordrecht 2014

Keywords: Reality and economic theory; Imperfect knowledge; Strategic rationality; Risk and uncertainty; Expectations (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1007/s11135-013-9967-5

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