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The Knowledge We Have Lost in InformationThe History of Information in Modern Economics$
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Philip Mirowski and Edward Nik-Khah

Print publication date: 2017

Print ISBN-13: 9780190270056

Published to Oxford Scholarship Online: June 2017

DOI: 10.1093/acprof:oso/9780190270056.001.0001

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Three Different Modalities of Information in Neoclassical Theory

Three Different Modalities of Information in Neoclassical Theory

Chapter:
(p.101) 8 Three Different Modalities of Information in Neoclassical Theory
Source:
The Knowledge We Have Lost in Information
Author(s):

Philip Mirowski

Edward Nik-Khah

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780190270056.003.0008

There were eventually three major formats explored by the Cowles economists in their quest to incorporate information into the existing neoclassical model: information as thing, information as inductive index, and information as symbolic computation. We describe the major ways they differed from one another, comparing the inspirational views of Claude Shannon, David Blackwell, and Alan Turing. Further, each came with its own characteristic mathematical formalism, not easily reconciled with prior microeconomics, which tended to be irreducible to the other candidates.

Keywords:   information commodity, human capital, Blackwell state space, Harsanyi program, Hayek hypothesis, zero-intelligence agent, computationalism, game theory, asymmetric information

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