id	author	title	date	pages	extension	mime	words	sentences	flesch	summary	cache	txt
cord-018947-d4im0p9e	Helbing, Dirk	Challenges in Economics	2012-02-10		.txt	text/plain	11075	750	48	This is also relevant for the following challenges, as boundedly rational agents may react inefficently and with delays, which questions the efficient market hypothesis, the equilibrium paradigm, and other fundamental concepts, calling for the consideration of spatial, network, and time-dependencies, heterogeneity and correlations etc. While it is a well-known problem that people tend to make unfair contributions to public goods or try to get a bigger share of them, individuals cooperate much more than one would expect according to the representative agent approach. In economics, one tries to solve the problem by introducing taxes (i.e. another incentive structure) or a "shadow of the future" (i.e. a strategic optimization over infinite time horizons in accordance with the rational agent approach) [96, 97] . One of the most important drawbacks of the representative agent approach is that it cannot explain the fundamental fact of economic exchange, since it requires one to assume a heterogeneity in resources or production costs, or to consider a variation in the value of goods among individuals.	./cache/cord-018947-d4im0p9e.txt	./txt/cord-018947-d4im0p9e.txt