Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/31829
Authors: 
Day, Richard
Year of Publication: 
2005
Series/Report no.: 
Papers on economics and evolution 0514
Abstract: 
The models used in economic theory, though necessarily abstract, should be consistent with the nature of decision making behavior. A formal metaphor of individual behavior as a continuous flow indicates certain requirements that theories of consumer, producer, and economywide behavior should exhibit. A family of discrete time, recursive optimizing models is suggested as the appropriate building block for further developing dynamic economic theory.
Document Type: 
Working Paper

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