The Walrasian Paradigm: Difference between revisions
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<big>A few basic assumptions of the Walrasian Paradigm:</big> | |||
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*Consumers make economic decisions based on exogenously determined and self-interested preferences | *Consumers make economic decisions based on exogenously determined and self-interested preferences | ||
**Preferences do not change over time | **Preferences do not change over time | ||
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[[Moving past Walras: An Exploration of Evolutionary Game Theory ]] | [[Moving past Walras: An Exploration of Evolutionary Game Theory|Home]] | ||
Latest revision as of 21:53, 28 April 2009
A few basic assumptions of the Walrasian Paradigm:
- Consumers make economic decisions based on exogenously determined and self-interested preferences
- Preferences do not change over time
- Economic transactions are the only form of social interaction
- Repeated interactions are ignored
- Price vectors are presumed to encapsulate the influence and action of other economic actors
- Returns to scale are ignored
- Institutions do not evolve
- Societal learning is ignored
- Institutions exist to facilitate trade
