Cultivation of taste and bounded rationality: Some computer simulations

One can approach the economics of the arts, as any field of applied economics, in either of two ways. First, one can treat economic theory and econometric technique as subjects settled by specialists in those fields, to be used in the ec onomics of the arts as they are given, very much as if one were studying the demand for maize. Alternatively, one can treat the economics of the arts as a field which may need and suggest its own developments in theory and technique, suitable to its spec ial problems and processes, from which general economic theory and econometric theory might in principle learn something. Perhaps this latter view is implausible, given the high state of development of economic theory and econometrics in the modern liter ature. Yet many of the advances embodied in these fields have come from particular areas of application-and the economics of maize has been a particularly fertile field.

[1]  J. Schumpeter,et al.  The Theory of Economic Development , 2017 .

[2]  W. Reddaway.  Irrationality in Consumers' Demand , 1936 .

[3]  H. Simon,et al.  A Behavioral Model of Rational Choice , 1955 .

[4]  K. Arrow.  The Economic Implications of Learning by Doing , 1962 .

[5]  N. Calder.  The mind of man , 1970 .

[6]  Allen Newell,et al.  Human Problem Solving. , 1973 .

[7]  Elizabeth C. Hirschman,et al.  Judgment under Uncertainty: Heuristics and Biases , 1974, Science.

[8]  A. Tversky,et al.  Judgment under Uncertainty: Heuristics and Biases , 1974, Science.

[9]  Brian Everitt,et al.  Cluster analysis , 1974 .

[10]  John H. Holland,et al.  Adaptation in Natural and Artificial Systems: An Introductory Analysis with Applications to Biology, Control, and Artificial Intelligence , 1992 .

[11]  John A. Hartigan,et al.  Clustering Algorithms , 1975 .

[12]  Market and Plan; Plan and Market: Discussion , 1977 .

[13]  George J. Stigler,et al.  De Gustibus Non Est Disputandum , 2010 .

[14]  H. Simon,et al.  Rationality as Process and as Product of Thought , 1978 .

[15]  H. Simon.  Rational Decision Making in Business Organizations , 1978 .

[16]  C. Plott,et al.  Economic Theory of Choice and the Preference Reversal Phenomenon , 1979 .

[17]  A. Tversky,et al.  Prospect theory: analysis of decision under risk , 1979 .

[18]  A. Tversky,et al.  Prospect Theory : An Analysis of Decision under Risk Author ( s ) : , 2007 .

[19]  R. McCain.  Reflections on the cultivation of taste , 1979 .

[20]  R. McCain.  Cultivation of Taste, Catastrophe Theory, and the Demand for Works of Art , 1981 .

[21]  R. McCain.  Optimal subsidies to the arts in a shortsighted world , 1982 .

[22]  B. Everitt,et al.  Cluster Analysis (2nd ed). , 1982 .

[23]  S. Winter,et al.  An evolutionary theory of economic change , 1983 .

[24]  R. McCain.  Economic planning for market economies: The optimality of planning in an economy with uncertainty and asymmetrical information , 1985 .

[25]  Game theory and cultivation of taste , 1986 .

[26]  H. Simon,et al.  Rationality in Psychology and Economics , 1986 .

[27]  Colin Camerer.  Do Biases in Probability Judgment Matter in Markets? Experimental Evidence , 1987 .

[28]  M. Machina.  Choice under Uncertainty: Problems Solved and Unsolved , 1987 .

[29]  David E. Goldberg,et al.  Genetic Algorithms in Search Optimization and Machine Learning , 1988 .

[30]  D. E. Goldberg,et al.  Genetic Algorithms in Search , 1989 .

[31]  R. McCain.  A linguistic conception of rationality , 1991 .

[32]  R. McCain.  A framework for cognitive economics , 1992 .

[33]  R. McCain,et al.  Genetic algorithms, teleological conservatism, and the emergence of optimal demand relations: The case of stable preferences , 1994 .