Chapter

Adaptive Behavior

Kumaraswamy Velupillai

in Computable Economics

Published in print January 2000 | ISBN: 9780198295273
Published online November 2003 | e-ISBN: 9780191596988 | DOI: http://dx.doi.org/10.1093/0198295278.003.0004
 Adaptive Behavior

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Two counter‐intuitive points are made in this chapter. The first is the claim, demonstrated formally, that orthodox definitions of rationality, when viewed in a dynamic context, turn out to be approximations to adaptively rational behaviour. The second, related point – illustrated with a formal example – is that bounded rationality is not an approximation of any sort to the full rationality of standard theory; rather, it is the other way about.

Keywords: adaptive behaviour; bounded rationality; computation universality; decision rules; neural nets

Chapter.  7114 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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