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

1
Department of Economics, Prague University of Economics and Business, 130 67 Prague, Czech Republic
2
Faculty of Mathematics and Physics, Charles University, 110 00 Prague, Czech Republic
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Author to whom correspondence should be addressed.
Academic Editors: Zdeněk Caha, Marek Vochozka and Francisco Guijarro
Data 2021, 6(11), 109; https://doi.org/10.3390/data6110109
Received: 30 August 2021 / Revised: 11 October 2021 / Accepted: 18 October 2021 / Published: 20 October 2021
(This article belongs to the Special Issue Big Data Analytics in Bankruptcy Prediction)
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. View Full-Text
Keywords: economic fluctuations; strategic behavior; growth theories; decision making; game theory economic fluctuations; strategic behavior; growth theories; decision making; game theory
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MDPI and ACS Style

Čermáková, K.; Bejček, M.; Vorlíček, J.; Mitwallyová, H. Neglected Theories of Business Cycle—Alternative Ways of Explaining Economic Fluctuations. Data 2021, 6, 109. https://doi.org/10.3390/data6110109

AMA Style

Čermáková K, Bejček M, Vorlíček J, Mitwallyová H. Neglected Theories of Business Cycle—Alternative Ways of Explaining Economic Fluctuations. Data. 2021; 6(11):109. https://doi.org/10.3390/data6110109

Chicago/Turabian Style

Čermáková, Klára, Michal Bejček, Jan Vorlíček, and Helena Mitwallyová. 2021. "Neglected Theories of Business Cycle—Alternative Ways of Explaining Economic Fluctuations" Data 6, no. 11: 109. https://doi.org/10.3390/data6110109

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