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Description - Computable Economics by K. Velupillai

In the field of economic analysis, computability in the formation of economic hypotheses is seen as the way forward. In this book, Professor Velupillai implements a theoretical research program along these lines. Choice theory, learning rational expectations equlibria, the persistence of adaptive behaviour, arithmetical games, aspects of production theory, and economic dynamics are given recursion theoretic (i.e. computable) interpretations. These interpretations lead to new kinds of questions being posed by the economic theorist. In particular, recurison theoretic decision problems replace standard optimisation paradigms in economic analysis. Economic theoretic questions, posed recursion-theoretically, lead to answers that are ambiguous: undecidable choices, uncomputable learning processes, and algorithmically unplayable games become standard answers. Professor Velupillai argues that a recursion theoretic formalisation of economic analysisComputable Economicsmakes the subject intrinsically inductive and computational.

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Book Details

ISBN: 9780198295273
ISBN-10: 0198295278
Format: Hardback
(223mm x 144mm x 19mm)
Pages: 236
Imprint: Oxford University Press
Publisher: Oxford University Press
Publish Date: 6-Jan-2000
Country of Publication: United Kingdom

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Author Biography - K. Velupillai

Kumaraswamy Velupillai, University of Trento and Madras School of Economics