Toward a Behavioral Approach to Modelling Dynamic Production Choice Structures

Abstract

Given the stable position in applied literature now held by static, duality models of choice, the focus of innovation has shifted to development of models of dynamic economic behavior. However, before jumping into this stream it is important to assess 1) the objectives and empirical relevance of study of such behavior, and 2) the characteristics of observed behavior which might help us resolve the specification of such models. The objective of empirical study of dynamic behavior seems clear. An accurate descriptive model is desired which could provide the basis for prediction and comparative analysis of behavior. The relevance of any such study is limited, as usual, by the accuracy and consistency with which the theory of behavior upon which the model is based simulates observed behavior. A prerequisite of relevance is an understanding of the elemental characteristics of observed dynamic behavior which might suggest the primitive elements of a theory of behavior and motivate model specification.

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