Three Different Modalities of Information in Neoclassical Theory
Three Different Modalities of Information in Neoclassical Theory
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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