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- W60108514 abstract "This paper explores one option for the development of a theoretical approach to economic decision-making that goes beyond the mechanical-mathematical models based on the assumptions of rational self-interest and utility maximization. The proposed model incorporates facts, values, relationships, cooperation, learning, and other factors into economic decision-making and applies to both the micro- and macroeconomic levels. While the model is descriptive in nature, it has predictive potential to establish a menu of alternative outcomes or “opportunity sets.” The goal of this discussion is to move the language of economic decision-making away from the mid-nineteenth century language of science toward the concepts associated with the complex systems approach of the new science." @default.
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- W60108514 date "2011-01-01" @default.
- W60108514 modified "2023-09-23" @default.
- W60108514 title "Toward a Value Inclusive Theory of Economic Decision-Making: A 'New Science' Model" @default.
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