The behavioural finance literature attributes the persistent market misvaluation observed in real data to the presence of deviations from rational thinking of the actors involved. Cognitive biases and the use of simple heuristics can be described using expected utility maximising agents that...

This article discusses the three concepts of `learning', `entrepreneurship' and `dynamics of the firm' in order to bridge some of the gap between micro and macro levels of analysis in evolutionary economics. This article addresses the following four issues: 1) Localized learning dependent on the...