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Title:Recursivity and Self-Referentiality of Economic Theories and Their Implications for Bounded Rational Actors PDF Logo
Authors:Lehmann-Waffenschmidt, Marco
Sandri, Serena
Issue Date:2007
Series/Report no.:Dresden discussion paper in economics 03/07
Abstract:This study aims at the analysis of the possible self-referential effects of economic theories and models on its own subject and of the mechanisms through which bounded rational actors perceive the self-referential nature of economic theories and might absorb their prescriptions. Thus, the focus of the present study will be on the effects of economic theories on the behaviour of the analyzed economic actors. The analysis of the possible causal role of theories on bounded rational economic behaviour will be interpreted as a sort of validity test of economic theory.
Subjects:self-referentiality
recursivity
self-altering predictions
theory absorption
bounded rationality
JEL:D7
D01
Document Type:Working Paper
Appears in Collections:Dresden Discussion Paper Series in Economics, Faculty of Business and Economics, TU Dresden

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