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UPDATING BELIEFS: ARE ECONOMIC AGENTS INSPIRED BY RATIONAL ACTION OR ACCORDING TO ONES HOPES AND FEARS?

Estudios Gerenciales

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Title UPDATING BELIEFS: ARE ECONOMIC AGENTS INSPIRED BY RATIONAL ACTION OR ACCORDING TO ONES HOPES AND FEARS?
UPDATING BELIEFS: ARE ECONOMIC AGENTS INSPIRED BY RATIONAL ACTION OR ACCORDING TO ONES HOPES AND FEARS? (Artículo publicado en inglés)
UPDATING BELIEFS: ARE ECONOMIC AGENTS INSPIRED BY RATIONAL ACTION OR ACCORDING TO ONES HOPES AND FEARS? (publicado em inglês)
 
Creator Gónzalez, Natalia
Fukano, Sachiko
Benítez, Edgar Orlando
 
Subject BELIEFE FORMATION; RATIONAL BEHAVIOR; DECSION MAKING
 
Description The purpose of this investigationwas to simulate a real life scenarioand explore the way economicagents update their beliefs. Do theyupdate according to what theyhope? Or do they update inspired byrational behavior?We mimicked the environment whicha recently high school graduate faceswhen entering college to see how astudent updates his beliefs in regardsto his classroom position. We examinedhow economic agents envisagethemselves through and through collegeand see if they update their beliefsabout a hypothesis A in the lightof new evidence B, or if they updatetheir beliefs subject to what theychoose they hope. In this sense weexplored the possibility of setting asidethe neoclassical assumption thatagents are anything more than hyperrational naïve optimizers acting on perfect (and in some cases, limited information)in order to turn back to anolder tradition in economic theory, thatis agents are recognizably human.
 
Publisher Universidad Icesi
 
Date 2004-06-30
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
 
Format application/pdf
text/html
 
Identifier http://www.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/view/137
 
Source Estudios Gerenciales; No. 91 Abr-Jun 2004; 65-90
01235923
 
Language eng
 
Relation http://www.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/view/137/pdf
http://www.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/view/137/html
 
Coverage Colombia de Lat: 04 00 00 N degrees minutes Lat: 4.0000 decimal degrees Long: 072 00 00 W degrees minutes Long: -72.0000 decimal degrees
Colombia de Lat: 04 00 00 N degrees minutes Lat: 4.0000 decimal degrees Long: 072 00 00 W degrees minutes Long: -72.0000 decimal degrees
Colombia de Lat: 04 00 00 N degrees minutes Lat: 4.0000 decimal degrees Long: 072 00 00 W degrees minutes Long: -72.0000 decimal degrees