Cognitive economics is a new branch of economics, inspired by the cognitive sciences, which takes into consideration both the mental dimension and changing aspects of social phenomena. It analyses the various factors that may have an impact on the economy, including the belief and value system of those who make economic decisions and the information that is available to them. It examines the reasoning that led to those decisions as well as the decisions themselves. This is a truly dynamic approach which takes into account both the means and the end results obtained. Acknowledged as one of the creators of cognitive economics, Bernard Walliser is the uncontested leader in the field in France. His book should help readers gain a greater understanding of economic reasoning and rationality. It shows how a period of study and apprenticeship can improve the otherwise limited rationality of economic decisions-makers, how to co-ordinate the various actors’ expectations in a given situation, and how speculation results from the circulation of the opinions of the economic decision-makers.

Bernard Walliser is a graduate of the Ecole Polytechnique and teaches economics at the Ecole des Ponts et Chaussées.