Evolutionary economics and household behavior

Charles Horioka

Philippine Review of Economics, 2014, vol. 51, issue 2, 67-82

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 versus altruism.

Keywords: 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 (search for similar items in EconPapers)
JEL-codes: A12 B15 B25 B52 D11 D91 E21 O31 O33 (search for similar items in EconPapers)
Date: 2014
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http://pre.econ.upd.edu.ph/index.php/pre/article/view/910/810 (application/pdf)

Related works:
Working Paper: 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:phs:prejrn:v:51:y:2014:i:2:p:67-82

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