This paper discusses the ways by which a certain type of behavioral deviation from expected utility theory has been … handled by psychologists and economists. With respect to the historical background of decision theory in economics, it is …

on bounded rationality; neoinstitutionalism and ethical economics preserve the concept of rationality in the theory … terms of hierarchical analysis. Behavioral economics denies the idea of economic agents rationality; evolutionism is based … developing criteria for rationality of higher orders (metarationality). Evolutionism rejects neoclassical economics and suggests …

This paper provides an introduction to the field of evolutionary economics with emphasis on the evolutionary theory of … 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 …

The paper critically discusses the issue of rationality and choices in economics in both the behavioural and … the analysis of economic choices, showing the limits of rationality. On the other hand, the work offers a reinterpretation … of the theory of Alfred Marshall in a biological-evolutionary perspective. The reinterpretation of Marshall's theory in a …

The paper critically discusses the issue of rationality and choices in economics in both the behavioural and … the analysis of economic choices, showing the limits of rationality. On the other hand, the work offers a reinterpretation … of the theory of Alfred Marshall in a biologicalevolutionary perspective. The reinterpretation of Marshall's theory in a …

subjects are time-inconsistent and most violate the axioms of expected utility theory. These inconsistencies cannot be … explained by well-known theories of behavioral inconsistency, such as hyperbolic discounting and cumulative prospect theory … inconsistency and total payoffs are reported. Time-inconsistent subjects and those who violate expected utility theory both earn …