Evolutionary Economics and Household Behavior

Charles Horioka ()

ISER Discussion Paper from Institute of Social and Economic Research, Osaka University

Abstract: 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.

Date: 2014-08
New Economics Papers: this item is included in nep-evo, nep-hme, nep-hpe and nep-upt
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https://www.iser.osaka-u.ac.jp/library/dp/2014/DP0912.pdf

Related works:
Journal Article: Evolutionary economics and household behavior (2014)
Working Paper: Evolutionary Economics and Household Behavior (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:dpr:wpaper:0912

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