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Books > History > History of specific subjects > Economic history
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Modeling Rational Agents - From Interwar Economics to Early Modern Game Theory (Hardcover)
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Modeling Rational Agents - From Interwar Economics to Early Modern Game Theory (Hardcover)
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The book explores the evolution, through the first half of the 20th
century, of the key neoclassical concept of rationality. The
analysis begins with the development of modern decision theory,
covers the interwar debates over the role of perfect foresight and
analyses the first game-theoretic solution concepts of von Neumann
and Nash. The author's proposition is that the notion of
rationality suffered a profound transformation that reduced it to a
formal property of consistency. Such a transformation paralleled
that of neoclassical economics as a whole from a discipline dealing
with real economic processes to one investigating issues of logical
consistency between mathematical relationships. Modeling Rational
Agents will be of great interest to scholars of the history of
economic thought and method, as well as all those working in the
field of game and decision theory.
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