GRK 1134: Economic Behaviour and Interaction Models

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Economics as a discipline arises from the fact that scarce resources prevent individuals from unrestricted maximisation of their desires. In the illuminating case of one person, economics degenerates to an application of decision theory. If several persons are involved, economics naturally has to deal with interaction of individuals with partially different interests. Depending on the framework, individual information and the presumed level of rationality and learning abilities economics has provided various approaches with different focuses. Also depending on the level of aggregation different assumptions are made on interacting decision units, and their goals and behaviour and various approaches yield different, sometimes contradicting results.