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Wellen wirtschaftlichen Wandels – theoretische, historische und statistische Betrachtung
(2015) Geiger, Niels; Hagemann, Harald
This dissertation provides an elaborate discussion of business cycle theory. In particular, the question of peculiarities of individual agents’ behaviour within an economy is analysed: Can macroeconomic fluctuations in various variables, such as production, unemployment etc., be traced back to deviations from Rational Choice standards which are frequently used in economic models, and instead be explained by reference to models of bounded rationality? In order to investigate this question, the dissertation contains both a summary of the history of thought in business cycle theory, as well as an overview of underlying thoughts and applications of theories of bounded rationality and behavioural economics. In particular, literature from cognitive psychology is discussed in this context. The results culminate in a synthesis of business cycle theory and behavioural economics: The influence of individual behavioural characteristics on macroeconomic fluctuations is discussed both on a general theoretical level, as well as through the particular case of a sketch of a behavioural business cycle model.