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Modelling learning in economics /
Thomas Brenner.
Cheltenham, UK ; Northampton, MA, USA : E. Elgar Pub., 1999.
xx, 321 p. : ill.
More Details
Cheltenham, UK ; Northampton, MA, USA : E. Elgar Pub., 1999.
catalogue key
Includes bibliographical references and index.
A Look Inside
About the Author
Author Affiliation
Thomas Brenner is Research Associate in the Evolutionary Economics Unit at the Max-Planck-Institute for Research into Economic Systems, Jena, Germany.
This item was reviewed in:
Reference & Research Book News, February 2000
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Bowker Data Service Summary
This innovative book investigates the processes involved in economic learning by categorising different ways of learning - non-cognitive, routine-based and associative learning - and using mathematical models for their description.
Main Description
I like this book because it attempts to tackle many difficult problems of applying learning theory that have not been satisfactorily dealt with in the literature. . . this book is an impressive achievement for so young a researcher in such a rapidly growing field. It contains many not yet fully exploited ideas, and, economic applications. This book should be useful for those seeking to reseach economic applications of learning models. I am glad to have read the book, and I think it makes a useful addition to the literature on learning in economics. R. Sarin, Journal of Economics/Zeitschrift für Nationalökonomie This is a book that anybody interested in the role of learning in economics will find informative. Its particular strength lies in the fact that the author has made a genuine attempt to knit together the formalism so vaunted by economists with the understanding of human decision processes that resides in the domain of psychologists. Tim Wakeley, Journal of Economic Psychology I found this one of the most readable treatments of the enormously interesting and rapidly evolving area of learning in economics. Thomas Brenner has managed to combine a reasonably comprehensive account of a very large and rather amorphous literature with an insightful and engaging literary style, while at the same time not sacrificing anything in terms of mathematical rigour. I think that this book will be found useful by many who want to get an overview of an exciting area. John D. Hey, University of York, UK and Universita Degli Studi di Bari, Italy Modelling Learning in Economics provides a comprehensive study of how learning processes can be modelled in an economic context. This innovative book investigates the processes involved in economic learning by categorizing different ways of learning, and using mathematical models for their description. The author distinguishes three types of learning processes non-cognitive, routine-based and associative learning and, for each of these, a model is proposed. Thomas Brenner also provides an overview of the psychological literature on learning and on the learning models most frequently used in economics. He then goes on to present applications of these models of learning to various economic topics including evolutionary game theory, consumption behaviour, investment behaviour of savers and the diffusion of innovation. In applying the models to economic topics, the author not only presents new insights into learning but also contributes to many topics within economic research. This book will be of interest to economic psychologists and economists working in the areas of game theory, consumer and investment behaviour and the diffusion of innovation.
Unpaid Annotation
Of particular interest to economic psychologists and those working with game theory and consumer and investment behavior, this book examines the ways people learn and provides mathematical models for their description within an economic context. Brenner, a Research Associate at the Max-Planck-Institute for Research into Economic Systems, identifies three types of learning processes, proposes a model for each, and presents applications of these models to various economic topics such as evolutionary game theory, consumption behavior, and the diffusion of innovation.
Table of Contents
List of Figuresp. ix
List of Tablesp. xi
List of Symbolsp. xiii
Acknowledgementsp. xix
Introductionp. 1
Theoretical Aspects of Learningp. 13
Categorisation of Learningp. 15
Learning and the Situationp. 15
Categorisation of Learning Processesp. 22
Psychological Knowledge About Learningp. 27
Summaryp. 43
Modelling Learning Processesp. 47
Non-Cognitive Learningp. 48
Normative Routine-Based Learningp. 54
Models of Routine-Based Learningp. 60
General Model of Routine-Based Learningp. 71
Associative Learningp. 89
Summaryp. 91
Mathematical Prerequisites for Modelling Learningp. 93
Learning and Economic Dynamicsp. 94
Stationary States and Learningp. 97
Path Dependencep. 109
Learning in Diverse Economic Contextsp. 115
Learning of Preferencesp. 117
Preferences, an Economic Constructp. 118
Definition of Preferencesp. 119
Evolution and Change of Preferencesp. 125
Preferences in the Context of Learningp. 128
Reinforcement Learning in Gamesp. 131
Game Theory and Learningp. 132
Melioration Learning in Gamesp. 136
Bush-Mosteller Model in Gamesp. 151
Reinforced Consumer Behaviourp. 171
Modeling Consumption Behaviourp. 173
Stable Consumption Behaviourp. 180
Social Interaction and Consumptionp. 187
Summaryp. 198
Routine-based Choices of Assetsp. 201
Behaviour of Small Saversp. 202
An Isolated Saverp. 207
Interaction Between Saversp. 216
Dynamics in the Financial Marketp. 223
Summaryp. 231
Learning and Diffusionp. 233
Modelling Diffusionp. 234
An Infinite Number of Individualsp. 236
A Finite Number of Individualsp. 243
Diffusion of Innovationsp. 251
Summaryp. 257
Associative Learning and the Evolution of Cooperationp. 259
The Prisoner's Dilemma Gamep. 260
Explanations for Cooperationp. 262
Learning of Cooperationp. 268
Modelling Associative Learningp. 271
Summaryp. 290
Learning in Economic Researchp. 295
Bibliographyp. 303
Indexp. 315
Table of Contents provided by Syndetics. All Rights Reserved.

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