Adaptive economic models : proceedings of a symposium conducted by the Mathematics Research Center, the University of Wisconsin--Madison, October 21-23, 1974

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. Content: Front Matter, Page iii Copyright, Page iv Preface, Page ix, R.H.D., T.G. Adaptive Processes and Economic Theory, Pages 1-38, Richard H. Day Biological Systems as Paradigms for Adaptation, Pages 39-72, Robert Rosen Optimization and Evolution in the Theory of the Firm, Pages 73-118, Sidney G. Winter The Market Adaptation of the Firm, Pages 119-135, Cliff Lloyd, David Rapport, James E. Turner Learning by Firms about Demand Conditions, Pages 137-156, Alan P. Kirman Output Decisions by a Firm: An Example of a Dual Control Problem with Information Externalities, Pages 157-193, Masanao Aoki Further Notes on the Allocation of Effort, Pages 195-220, Michael Rothschild On Multi- and Ultrastable States in Hierarchical Multilevel Multigoal Systems (abstract), Pages 221-222, Christer Carlsson Adaptive Utility, Pages 223-246, Richard M. Cyert, Morris H. DeGroot Convergence of Adaptive Decisions, Pages 247-272, Frederic B. Shipley II Approximate Minimization of Noncovex Integral Functionals (abstract), Pages 273-278, J.P. Aubin, I. Ekeland Equilibrium under Uncertainty and Bayesian Adaptive Control Theory, Pages 279-307, Sanford Grossman Market Adjustment with Adaptive Supply and Pricing Decisions, Pages 309-325, William R. Porter Demand for Labor in a Dynamic Theory of the Firm, Pages 327-360, William J. Scanlon, Charles C. Holt Productivity Increase as a Learning Process (abstract), Pages 361-362, Karl O. Faxén Diffusion of Innovations under Imperfect Competition, Pages 363-386, Alessandro Cigno Autonomous Control of the Economic System: A Survey (abstract), Pages 387-389, András Simonovits Modelling Discrete Adaptive Behavior in the Chemical Process Industries, Pages 391-409, Gary J. Powers Modelling the Development of the Intermediate Chemicals Industry, Pages 411-452, Dale F. Rudd Economic Adjustments under Noncompetitive Pricing, Pages 453-477, Hukukane Nikaido Equilibrium in Stochastic Economic Models, Pages 479-498, Mukul Majumdar Temporary Walrasian Equilibrium in a Monetary Economy, Pages 499-512, Bryce Hool Mathematical Models for a Theory of Money and Financial Institutions, Pages 513-574, Martin Shubik Index, Pages 575-581