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A Rational Irrational Man?

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  • Alexander Harin

    (Modern University for the Humanities)

Abstract

A man is a key subject of economics. “A man is irrational” - this opinion can be made from Allais paradox, risk aversion and other well-known fundamental problems. For a long time, this opinion was a barrier to proper solution of these problems and the development of the economics. A radically new way is proposed to solve them and remove this barrier. The way is the generalization of a breach of a term of contract.

Suggested Citation

  • Alexander Harin, 2006. "A Rational Irrational Man?," Microeconomics harin_alexander.34115-060, Socionet.
    • Handle: RePEc:nos:wuwpmi:harin_alexander.34115-060814
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    File URL: http://harin.socionet.ru/files/060814.pdf
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    References listed on IDEAS

    as
    1. Alexander Harin, 2005. "A new approach to solve old problems," Game Theory and Information 0505005, University Library of Munich, Germany.
    2. Carmela Di Mauro & Anna Maffioletti, 2004. "Attitudes to risk and attitudes to uncertainty: experimental evidence," Applied Economics, Taylor & Francis Journals, vol. 36(4), pages 357-372.
    3. Guido Fioretti, 2004. "Evidence Theory: A Mathematical Framework For Unpredictable Hypotheses," Metroeconomica, Wiley Blackwell, vol. 55(4), pages 345-366, November.
    4. Schoemaker, Paul J H, 1982. "The Expected Utility Model: Its Variants, Purposes, Evidence and Limitations," Journal of Economic Literature, American Economic Association, vol. 20(2), pages 529-563, June.
    5. Gowdy, John & Erickson, Jon, 2005. "Ecological economics at a crossroads," Ecological Economics, Elsevier, vol. 53(1), pages 17-20, April.
    6. Quiggin, John, 2005. "The Precautionary Principle in Environmental Policy and the Theory of Choice under Uncertainty," Risk and Sustainable Management Group Working Papers 149847, University of Queensland, School of Economics.
    7. Massimo Egidi, 2005. "From Bounded Rationality to Behavioral Economics," Experimental 0507002, University Library of Munich, Germany.
    8. Tversky, Amos & Wakker, Peter, 1995. "Risk Attitudes and Decision Weights," Econometrica, Econometric Society, vol. 63(6), pages 1255-1280, November.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    risk; business; bank; trade; industry; development; utility; contract; “ideal” economics; investment;
    All these keywords.

    JEL classification:

    • C - Mathematical and Quantitative Methods
    • D - Microeconomics
    • E - Macroeconomics and Monetary Economics
    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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