Cognitive Economics

Thu, Oct 29 2015 11:00am EDT 1
F. S. Miller
F. S. Miller
9 Posts

"[Cognitive economics] aims to take into account the cognitive processes of individuals in economic theory, both on the level of the agent and on the level of their dynamic interactions and the resulting collective phenomena." - http://www.springer.com/us/book/9783540404682

For further reading - http://www.nber.org/papers/w20834.pdf

Thu, Oct 29 2015 11:12am EDT 2
F. S. Miller
F. S. Miller
9 Posts
Research in this field could possibly lead to a deconstruction of classical models, as it takes a more individualized approach to decision-making.
Sat, Dec 26 2015 07:16pm EST 3
JCD
JCD
1 Posts
Interesting article, I think that the classic models are a simplification considering some assumptions to be able to handle the information and processed in a way that help explain a containable phenomenon. I wonder if this new branches of economics can be included in the classical assumption by a systems of cost balance where for example cognitive "scarcity" can be modeled as well as the long term effect in utilities of short term preference surveys. Cool man, very insightful article, thanks for sharing.

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