Rationality of expectations: comparison of neoclassical and evolutionary approaches

Emilia Tomczyk ()

No 8, Working Papers from Department of Applied Econometrics, Warsaw School of Economics

Abstract: Paper compares two major schools of economic thought – neoclassical and evolutionary – from the perspective of keystone assumption: rationality of economic agents. It discusses role of rationality assumption in neoclassical and evolutionary theories; importance of expectations; and perspectives for analyzing them within the framework of evolutionary game theory – namely, through replicator dynamics.

Keywords: rationality; expectations; evolutionary economics (search for similar items in EconPapers)
JEL-codes: B52 C79 D84 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2006-05-22
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