computing capacity, due to which – even if all relevant information is
present- agents may make non-optimal decisions. Fourthly, given that economic
agents are heterogeneous (not only in their risk preferences, but also in the
information available), their computational power, their objective function, etc.,
agents can anticipate behavior of other agents only to a limited extent, and their
decisions may structurally alter the decision problem for other economic agents.
In the next section, we show that not only does the economic system under
study feature these sources of uncertainty, but also that the very presence of that
uncertainty triggers perpetual structural change, further exacerbating the problems
of managing (partaking in) the system.