Volume 2, Issue 13 (2005) | American Journal of Applied Sciences

On the Evolutionary Fitness of Bounded Rationality: Heterogeneous Populations in Antagonistic Interactions

Tassos Patokos — 2005-12-01

American Journal of Applied Sciences, Published online: 1 December 2005; doi:10.3844/ajassp.2005.1.13

Conventional game theory assumes hyper-rational players, while evolutionary game theory abandons the assumption. This paper studies what happens when agents of both profiles co-exist and get engaged i...

An Experimental Study of Petty Corrupt Behaviour in Small Decision Making Problems

Takemi Fujikawa — 2005-12-03

American Journal of Applied Sciences, Published online: 3 December 2005; doi:10.3844/ajassp.2005.14.18

This research discusses small decision making problems and petty corruption as their practical applications with a structured economic experiment. One of examples of petty corruption considered includ...

Publicly Funded Education and Human Capital in the Presence of a Convex-Concave Education Function

Binh Tran-Nam — 2005-12-07

American Journal of Applied Sciences, Published online: 7 December 2005; doi:10.3844/ajassp.2005.19.26

This study investigates an aggregative optimal growth model in which short-lived individuals obtain their labour skill through education. The process of human capital formation is described by an incr...

The Possibility of Cyclical Behavior in a Class of Dynamic Models

Anjan Mukherji — 2005-12-09

American Journal of Applied Sciences, Published online: 9 December 2005; doi:10.3844/ajassp.2005.27.38

The study investigates conditions under which endogenous cyclic behavior may be observed within the context of Predator-Prey (Lotka-Volterra) Models. The analysis also establishes conditions under whi...

Imperfectly-Rational Agents, Volatility of Reserves and Customer Markets

Partha Gangopadhyay — 2005-12-11

American Journal of Applied Sciences, Published online: 11 December 2005; doi:10.3844/ajassp.2005.39.44

Potential customers in customer markets are typically dichotomised into actual and prospective customers. If the firm holds its price firm, the actual customers hold their reserves/reservation price f...

Learning Dynamics in the Cobweb Model with Heterogeneous Producers

Carl Chiarella — 2005-12-15

American Journal of Applied Sciences, Published online: 15 December 2005; doi:10.3844/ajassp.2005.45.56

In this study we investigate the nonlinear dynamics of the traditional cobweb model with two types of heterogeneous producers who are risk averse and seek to learn the distribution of asset prices, in...

Rational Rules of Thumb in Finite Dynamic Games N-person Backward Induction with Inconsistently Aligned Beliefs and Full Rationality

Yanis Varoufakis — 2005-12-16

American Journal of Applied Sciences, Published online: 16 December 2005; doi:10.3844/ajassp.2005.57.60

Recent work has cast considerable doubt on the plausibility of specific assumptions about how rational agents form out-of-equilibrium beliefs in finite extensive games in which beliefs are induced bac...

Irrationality in the Neoclassical Definition of Rationality

Steve Keen — 2005-12-18

American Journal of Applied Sciences, Published online: 18 December 2005; doi:10.3844/ajassp.2005.61.68

In this study we are not arguing that competition as it actually occurs in practice is not socially beneficial. Our criticism is directed instead at the false belief that rational profit-maximizing be...

Long Cycles in Employment, Inflation and Real Unit Wage Costs, Qualitative Analysis and Quantitative Assessment

Peter Flaschel — 2005-12-18

American Journal of Applied Sciences, Published online: 18 December 2005; doi:10.3844/ajassp.2005.69.77

This study provided some theoretical foundations for the empirical hypothesis. At first presented two simple prototype models of inflation, stagflation and disinflation. We concluded that there are cy...

Price-Taking in General Equilibrium

Murray C. Kemp — 2005-12-22

American Journal of Applied Sciences, Published online: 22 December 2005; doi:10.3844/ajassp.2005.78.80

The Arrow-Debreu and McKenzie existence propositions of 1954 rest on the assumption of price-taking behaviour by households and firms. No attempt was made to justify the assumption or to relate it to ...