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Evolutionary economics and household behaviour

Philippine Review of Economics

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Field Value
 
Title Evolutionary economics and household behaviour
 
Creator Horioka, Charles; UP School of Economics
 
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
 
Description 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 versus altruism. JEL classification: A12, B15, B25, B52, D11, D91, E21, O31, O33
 
Publisher Philippine Review of Economics
 
Contributor —
 
Date 2014-12-25
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://www.econ.upd.edu.ph/pre/index.php/pre/article/view/910
 
Source Philippine Review of Economics; Vol 51, No 2 (2014); 67-82
1655-1516
 
Language eng
 
Relation http://www.econ.upd.edu.ph/pre/index.php/pre/article/view/910/810
 
Rights Copyright (c) 2019 Philippine Review of Economics