Neglected Theories of Business Cycle—Alternative Ways of Explaining Economic Fluctuations

The business cycle is a frequent topic in economic research; however, the approach based on individual strategies often remains neglected. The aspiration of this study is to prove that the behavior of individuals can originate and fuel an economic cycle. For this purpose, we are using an algorithm b...

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Autores principales:	Klára Čermáková, Michal Bejček, Jan Vorlíček, Helena Mitwallyová
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	economic fluctuations strategic behavior growth theories decision making game theory Bibliography. Library science. Information resources Z
Acceso en línea:	https://doaj.org/article/e2a83ed2e87a456f88140e8c19af4004
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spelling	oai:doaj.org-article:e2a83ed2e87a456f88140e8c19af40042021-11-25T17:19:48ZNeglected Theories of Business Cycle—Alternative Ways of Explaining Economic Fluctuations10.3390/data61101092306-5729https://doaj.org/article/e2a83ed2e87a456f88140e8c19af40042021-10-01T00:00:00Zhttps://www.mdpi.com/2306-5729/6/11/109https://doaj.org/toc/2306-5729The business cycle is a frequent topic in economic research; however, the approach based on individual strategies often remains neglected. The aspiration of this study is to prove that the behavior of individuals can originate and fuel an economic cycle. For this purpose, we are using an algorithm based on a repeated dove–hawk game. The results reveal that the sum of output in a society is affected by the ratio of individual strategies. Cyclical changes in this ratio will be translated into fluctuations of the total product of society. We present game theory modelling of a strategic behavioral approach as a valid theoretical foundation for explaining economic fluctuations. This article offers an unusual insight into the business cycle’s causes and growth theories.Klára ČermákováMichal BejčekJan VorlíčekHelena MitwallyováMDPI AGarticleeconomic fluctuationsstrategic behaviorgrowth theoriesdecision makinggame theoryBibliography. Library science. Information resourcesZENData, Vol 6, Iss 109, p 109 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	economic fluctuations strategic behavior growth theories decision making game theory Bibliography. Library science. Information resources Z
spellingShingle	economic fluctuations strategic behavior growth theories decision making game theory Bibliography. Library science. Information resources Z Klára Čermáková Michal Bejček Jan Vorlíček Helena Mitwallyová Neglected Theories of Business Cycle—Alternative Ways of Explaining Economic Fluctuations
description	The business cycle is a frequent topic in economic research; however, the approach based on individual strategies often remains neglected. The aspiration of this study is to prove that the behavior of individuals can originate and fuel an economic cycle. For this purpose, we are using an algorithm based on a repeated dove–hawk game. The results reveal that the sum of output in a society is affected by the ratio of individual strategies. Cyclical changes in this ratio will be translated into fluctuations of the total product of society. We present game theory modelling of a strategic behavioral approach as a valid theoretical foundation for explaining economic fluctuations. This article offers an unusual insight into the business cycle’s causes and growth theories.
format	article
author	Klára Čermáková Michal Bejček Jan Vorlíček Helena Mitwallyová
author_facet	Klára Čermáková Michal Bejček Jan Vorlíček Helena Mitwallyová
author_sort	Klára Čermáková
title	Neglected Theories of Business Cycle—Alternative Ways of Explaining Economic Fluctuations
title_short	Neglected Theories of Business Cycle—Alternative Ways of Explaining Economic Fluctuations
title_full	Neglected Theories of Business Cycle—Alternative Ways of Explaining Economic Fluctuations
title_fullStr	Neglected Theories of Business Cycle—Alternative Ways of Explaining Economic Fluctuations
title_full_unstemmed	Neglected Theories of Business Cycle—Alternative Ways of Explaining Economic Fluctuations
title_sort	neglected theories of business cycle—alternative ways of explaining economic fluctuations
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/e2a83ed2e87a456f88140e8c19af4004
work_keys_str_mv	AT klaracermakova neglectedtheoriesofbusinesscyclealternativewaysofexplainingeconomicfluctuations AT michalbejcek neglectedtheoriesofbusinesscyclealternativewaysofexplainingeconomicfluctuations AT janvorlicek neglectedtheoriesofbusinesscyclealternativewaysofexplainingeconomicfluctuations AT helenamitwallyova neglectedtheoriesofbusinesscyclealternativewaysofexplainingeconomicfluctuations
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Neglected Theories of Business Cycle—Alternative Ways of Explaining Economic Fluctuations

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