Evolutionary economics and household behavior

Arbeitspapier

This paper provides an introduction to the field of evolutionary economics with emphasis on the evolutionary theory of household behavior. It shows that the goal of evolutionary economics is to improve upon neoclassical economics by incorporating more realistic and empirically grounded behavioral assumptions and technological innovation and that the goal of the evolutionary theory of household behavior is to improve upon the neoclassical theory of household behavior by replacing the neoclassical assumption of selfish utility maximization with bounded rationality and satisficing and by incorporating the reaction of households to the introduction of new goods and services. The paper concludes with a brief discussion of loss aversion and self-interest vs. altruism.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: ISER Discussion Paper ; No. 912

Classification and Topics

• Classification: Wirtschaft ; History of Economic Thought through 1925: Historical; Institutional; Evolutionary ; History of Economic Thought since 1925: Historical; Institutional; Evolutionary; Austrian; Stockholm School ; Current Heterodox Approaches: Historical; Institutional; Evolutionary ; Consumer Economics: Theory ; Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡ ; Macroeconomics: Consumption; Saving; Wealth ; Innovation and Invention: Processes and Incentives ; Technological Change: Choices and Consequences; Diffusion Processes
• Subject: altruism ; altruistic bequest motive ; behavioral assumptions ; behavioral economics ; bequest motives ; bounded rationality ; consumption behavior ; creative destruction ; destructive technologies ; dynastic bequest motive ; evolution ; evolutionary biology ; evolutionary economics ; group selection ; household behavior ; kin selection ; loss aversion ; natural selection ; neoclassical economics ; observational implications ; profit maximization ; pure altruism ; rationality ; reciprocal altruism ; satisficing ; selfishness ; self-interest ; strategic bequest motive ; survival of the fittest ; technology ; technological innovation ; technological progress ; utility maximization

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Horioka, Charles Yuji
• Event: Veröffentlichung
• (who): Osaka University, Institute of Social and Economic Research (ISER)
• (where): Osaka
• (when): 2014

Further information

• Handle: http://hdl.handle.net/10419/127059
• Last update: 10.03.2025, 11:41 AM CET