Reflexivity in economics. An experimental examination on the self-referentiality of economic theories
This dissertation discusses the implications of the recursive or self-reflexive effects of economic theories on bounded rational economic behaviour and interaction. The mechanisms through which bounded rational actors perceive the self-referential nature of economic theories and might absorb their prescriptions focused and depend both from a theoretical and an experimental point of view, according to the evidence of two experimental studies. This book has 8 chapters. Chapter 1 regards the reflexivity and self-reference, as the definition, reference relations, and regards on self-references. Chapter 2 treats reflexivity of social reality. It begins with the question what social reality is, and describes recursivity of social reality. Chapter 3 treats reflexivity and predictability of social sciences as constructs and reality or recursivity of social theorizing and predictability of social reality. Chapter 4 describes the rationality of economic actors. It begins with questioning of descriptive vality of rational choice theory, ther bounded rational revolution and ends with decomposing rationality. Heuristics, biases and methods of debiasing follow in chapter 5. It treats bounded rational heuristics,heuristics and biases, debiasing, and concluding remarks on debiasing and some implications for theory absorption. Chapter 6 describes self-referentiality of economic theories and theory absorption. After the economic methodology it regards self-referentiality of economic theory and theory absorption, theory absorption among bounded rational decision makers, and applications of theory absorption to economic policy advising. This book ends with an experimental analysis in chapter 7. It describes the experimental method in economics, a possible experimental approach for testing the self-referentiality absorbability of economic theories, related experimental studies, some preparatory attempts, the absorbability of guessing game theory, an experimental study on the absorbability of herd behaviour and informational cascades theories. It ends with concluding remarks on experimental examination.
scientific article; zbMATH DE number 5480949