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of evolutionary theory to the development of concrete middle-range theories of specific economic phenomena. The purpose … can further the development of an evolutionary theory of economic growth. I will demonstrate the value of generalized … integrate the strengths of these three theories. The result of this exercise is a theory of the firm as a Darwin machine that …
Persistent link: https://www.econbiz.de/10010286744
Epistemic arguments play a significant role in Hayek's defense of market liberalism. His claim that market competition is a discovery procedure that serves the common good is a case in point. The hypothesis of the markets' efficient use of existing knowledge is supplemented by the idea that...
Persistent link: https://www.econbiz.de/10010286745
taken into account in basic economic theory, explanatory or normative. It is shown here how a certain type of advertising is …
Persistent link: https://www.econbiz.de/10010286746
substantially improves upon existing economic theory. In contrast to existing theory, a number of recent health science writers have … highest rates of obesity. The essence of the theory is that obesity is the expected result when vulnerable people with low …
Persistent link: https://www.econbiz.de/10010286750
In infant industries, a great share of new market opportunities is depleted by firms that spinoff from incumbents. A model emphasizing the relation between incumbents' evolving corporate cultures and the generation of spinoffs explains this regularity in industry evolution. Organizations reach a...
Persistent link: https://www.econbiz.de/10010286751
process consumer behavior has been changing. To explain the driving forces of this development, the paper introduces a theory … of evolving consumer preferences that is molded in an evolutionary paradigm. The theory allows to better assess how …
Persistent link: https://www.econbiz.de/10010286752
subbudget decision making at all levels. The consequences of these introductions are enormous for traditional theory. Most …, nor exclusively determined by market prices. In addition to the above, this paper argues for expansion of demand theory …, and for expansion of the theory of general equilibrium. The paper argues against the existence of a hard budget constraint …
Persistent link: https://www.econbiz.de/10010286753
We present attractiveness, a refinement criterion for evolutionary equilibria. Equilibria surviving this criterion are robust to small perturbations of the underlying payoff system or the dynamics at hand. Furthermore, certain attractive equilibria are equivalent to others for certain...
Persistent link: https://www.econbiz.de/10010286754
-dimensional decision outcomes, economic theory assumes a uni-dimensional utility measure. This paper reviews evidence from behavioral and …
Persistent link: https://www.econbiz.de/10010286755
Behavioral (e.g. consumption) patterns of boundedly rational agents can lead these agents into learning dynamics that appear to be wasteful in terms of well-being or welfare. Within settings displaying preference endogeneity, it is however still unclear how to conceptualize well-being. This...
Persistent link: https://www.econbiz.de/10010286756