This study aims at the analysis of the possible self-referential effects of economic theories and models on its own subject and of the mechanisms through which bounded rational actors perceive the self-referential nature of economic theories and might absorb their prescriptions. Thus, the focus...

A theory is said to be fully absorbable whenever its own acceptance by all of the individuals belonging to a certain population does not question its predictive validity. This accounts for strategic equilibria and can be related to the logic underlying convergence of behaviour and intentional...

It is routine to demonstrate in the exchange economy framework that small changes of individual preferences and endowments always result in small changes of the derived excess demand functions as one should expect. Though being as desirable for reasons of the consistency of the whole approach,...

The present paper makes a contribution to fill in a gap left open by dynamic theory and evolutionary economics as well. While the "closed loop" dynamic theory has explanation power in analyzing evolving economic systems at the price of neglecting the possible occurrence of non anticipated...

Like social predictions also advices addressed to the relevant agents may influence their subject and consequently may be liable to self-referentiality effects. It is a well-known phenomenon that decisionmakers tend to delay the execution of a given advice the more the less urgent the...

Wirtschaften vollzieht sich unzweifelhaft in der Zeit - aber kann man aus dieser Tatsache wirklich einen direkten Analogieschluss zwischen der natürlich-biologischen Evolution und dem Wirtschaftsprozess ziehen? Müßte dazu nicht nur sowohl das begriffliche als auch das methodische Arsenal der...

Until recently decelerationʺ has been little recognized as a technical term, or as an idea. However, it seems to be getting more attention now. For example the German magazine STERN dedicated a cover story to deceleration, in the Anglo-American world the Quiet Life Hypothesisʺ is gaining...

This research evaluates Minimal Economic Knowledge (MEK) in Germany - that is, basic knowledge of economic facts, concepts, and causal relationships needed for understanding and successfully participating in the economy. It is addressed to gain an understanding of the level of Minimal Economic...