Mathematical foundations of information economics

N. S. Gonchar

Papers from arXiv.org

Abstract: The state of economic theory and accumulated facts from the different branches of the economic science require to analyze the concept of the description of economy systems. The economic reality generates the problems the solution of that is only possible by a new paradigm of the description of economy system. The classical mathematical economics is based on a notion of the rational consumer choice generated by a certain preference relation on some set of goods a consumer wanted and the concept of maximization of the firm profit. The sense of the notion of the ratio- nal consumer choice is that it is determined by a certain utility function, defining the choice of a consumer by maximization of it on a certain budget set of goods. More- over, choices of consumers are independent. In the reality choices of consumers are not independent because they depend on the firms supply. Except the firms supply, the consumer choice is also determined by information about the state of the economy system that the consumer has and respectively eval- uates at the moment of the choice. In turn, the firms supply is made on the basis of needs of the consumers and their buying power. By information about the state of the economy system we understand a certain information about the equilibrium price vector and productive processes realized in the economy system under the equilibrium price vector.

Date: 2025-03
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