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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
Contemporary mainstream normative economists assess policies in terms of their capacities to satisfy preferences, though most would concede that other factors such as freedom, rights, and justice are also relevant. Why should policy be responsive to preferences? This essay argues that the best...
Persistent link: https://www.econbiz.de/10010286758
excluded from mainstream economic theory. In contrast, we report that evolutionary economists have acknowledged the importance … economic analysis be fully embedded in complex economic system theory and that associated understandings as to how humans react …
Persistent link: https://www.econbiz.de/10010286760
theory of consumption is suggested and discussed with respect to its implications for making a transition to more sustainable …
Persistent link: https://www.econbiz.de/10010286761
Is Friedrich von Hayek in some specific, perhaps paradoxical, way a classical liberal paternalist? My answer will be an unsatisfying yes and no depending not only on my interpretation of Hayek, but also on the manifold interpretations one can give to the concepts of paternalism and classical...
Persistent link: https://www.econbiz.de/10010286764
The paper deals with impulsive consumption and highlights the roles that cognitive and motivational aspects of reflexive thought (namely self-control and self-image motives, respectively) play in intertemporal decisions. While self-control inhibits individuals from consuming impulsively,...
Persistent link: https://www.econbiz.de/10010286765