Introduction

Abstract

During the last half-century, economic science has collided with two major criticisms leveled against the two pillars on which it is founded, namely individual rationality and collective equilibrium. On the one hand, individual behavior appears to be too idealized, since it attributes perfectly rational behavior to an actor without making explicit the process of mental deliberation on which it is grounded. On the other hand, collective equilibrium appears to be much too virtual, since it assumes that the actors coordinate on some equilibrium state without exhibiting the process of dynamic adjustment through which that state is attained. Responding to those criticisms, two research programs have been jointly developed, introducing the mental and temporal dimensions of individual and collective entities more deliberately into economic models.