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(DP 2014-12) Evolutionary Economics and Household Behavior

UPSE Discussion Papers

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Field Value
 
Title (DP 2014-12) Evolutionary Economics and Household Behavior
 
Creator Horioka, Charles Yuji
 
Subject Altruism; altruistic bequest motive; behavioral assumptions; behavioral economics; bequest motives; bounded rationality; consumption behavior; creative destruction; destructive technologies; dynastic bequest motive; evolution; evolutionary economics
 
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 vs. altruism.JEL Codes: A12, B15, B25, B52, D11, D91, E21, O31, O33
 
Publisher UPSE Discussion Papers
 
Contributor —
 
Date 2014-08-18
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://www.econ.upd.edu.ph/dp/index.php/dp/article/view/1466
 
Source UPSE Discussion Papers; 2014
 
Language eng
 
Relation http://www.econ.upd.edu.ph/dp/index.php/dp/article/view/1466/942