Evolutionary Approaches in Economics

Jack Vromen
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Jack Vromen: Erasmus Universiteit Rotterdam

No 1992011, Discussion Papers (REL - Recherches Economiques de Louvain) from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)

Abstract: The paper argues that it is not clear where P. Van Parijs sets the borderline between the economic modelable of explaining many seemingly disparate, but not all, social phenomena - and evolutionary models. Sometimes it seems that evolutionary models are required in situations when people behave without a trace of deliberation. But at other times it looks as if evolutionary models are supposed to be capable of explaining the « data » of the economic model: preferences and beliefs. The evolutionary mechanism of reinforcement is analyzed thoroughly in the paper in order to find out which interpretation is the right one. It turns out that the second interpretation comes nearest. The mechanism of reinforcement is shown to underly explanations of the convergence of beliefs of individuals, provided they have certain preferences. Reinforcement does not presuppose but might explain non-deliberative rule-following. It is pointed out that the very same mechanism of reinforcement, thus understood, is tacitly assumed to be at work in several attempts by economists to develop evolutionary models.

Pages: 18
Date: 1992-03-01
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Persistent link: https://EconPapers.repec.org/RePEc:ctl:louvre:1992011

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