Adaptive Economic Models: Proceedings of a Symposium Conducted by the Mathematics Research Center, the University of Wisconsin–Madison, October 21-23, 1974

By: Richard H. Day and Theodore Groves

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Synopsis: Adaptive Economic Models provides information pertinent to the adaptive processes in economics. This book discusses the developments on research in the field of adaptive economics.Organized into 23 chapters, this book begins with an overview of the study of economic processes using concepts of adaptation. This text then explains how concepts arising from biology can be formulated in such a way that they can be a source of insight into man's social systems. Other chapters present a general view of the adaptation of the firm to its environment and discuss how a firm with a definite commodity in mind can decide whether to enter a given established market. This book discusses as well the simple duopoly problem in which firms are in error in the sense that they specify an incomplete model and add a random error term. The final chapter deals with the set of models and problems for the development of a theory of money and financial institutions.This book is a valuable resource for economic theorists and economists.