Review of Behavioral Economics > Vol 9 > Issue 2

The Adaptive Economist: Richard H. Day, 1933-2021

K. Vela Velupillai, Department of Economics and CIFREM1, University of Trento, Italy,
Suggested Citation
K. Vela Velupillai (2022), "The Adaptive Economist: Richard H. Day, 1933-2021", Review of Behavioral Economics: Vol. 9: No. 2, pp 119-154.

Publication Date: 07 Jun 2022
© 2022 K. V. Velupillai
Behavioral Economics,  Evolution,  Bounded Rationality,  Computational,  Complexity,  Economic Theory: Mathematical Economics
JEL Codes: A31, B31, B52, C02
Recursive programmingdisequilibriaendogeneitychaotic economic dynamics


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In this article:
1. Introduction 
2. Recursive Decision Systems (RDS) with Decision and Feedback Operators 
3. Multiphase Dynamics and Switching Regimes in Adaptive Economies 
4. Waves, Cycles, Dynamical Systems and Stability 
5. Chaotic Discrete-time Economic Dynamics 
6. Concluding Notes 


Richard H. Day’s profile is outlined and somewhat elaborated. In particular, three issues are emphasised: recursive programming, multiple-phase economic dynamics, and chaotic economics. A concluding section ties all these together.



Review of Behavioral Economics, Volume 9, Issue 2 Special Issue Honoring Richard H. Day: Articles Overiew
See the other articles that are part of this special issue.