Learning by doing is non-convex with positive and negative feedback looks. In evolutionary time, an equilibrium cannot exist. Nothing be “optimised”. What is “rational” or “irrational” depends on the objective and the knowledge and life experience of the individual
Please take a look at Axelrod’s experiments on cooperative competition where fair competition produces the best outcomes
Exactly the opposite of so called competitive money markets that are probably the most inefficient markets we could invent
I know these well. Very useful and I’m surprised how they haven’t become integrated into the core of economics
Learning by doing is non-convex with positive and negative feedback looks. In evolutionary time, an equilibrium cannot exist. Nothing be “optimised”. What is “rational” or “irrational” depends on the objective and the knowledge and life experience of the individual