Spontaneous order : how norms, institutions, and innovations emerge from the bottom up /
"This book argues that equilibrium behaviors often coalesce from the interactions and experiences of many dispersed individuals acting with fragmentary knowledge of the world, rather than from the actions of fully rational agents with commonly held beliefs, as is often assumed in economic theor...
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| Format: | eBook |
| Language: | English |
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Oxford :
Oxford University Press,
[2024]
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| Online Access: | Connect to the full text of this electronic book |
| Summary: | "This book argues that equilibrium behaviors often coalesce from the interactions and experiences of many dispersed individuals acting with fragmentary knowledge of the world, rather than from the actions of fully rational agents with commonly held beliefs, as is often assumed in economic theory. The book presents a unified and rigorous account of how such "bottom-up" evolutionary processes work using recent advances in stochastic dynamical systems theory. The framework illuminates how social norms and institutions evolve, how social and technical innovations spread in society, and how these processes depend on adaptive learning behavior by human subjects. The theory also has important applications to the design of distributed systems of interacting components in computer science and engineering. The evolutionary framework described here has major ramifications across a wide range of academic disciplines, including economics, sociology, philosophy, biology, computer science, and engineering."--Publisher. |
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| Physical Description: | 1 online resource : illustrations. |
| Audience: | Specialized. |
| Bibliography: | Includes bibliographical references and index. |
| ISBN: | 9780191996931 0191996939 0198892985 9780198892984 |