nep-evo New Economics Papers
on Evolutionary Economics
Issue of 2007‒02‒10
seven papers chosen by
Matthew Baker
US Naval Academy, USA

  1. Evolution of Strategies in Repeated Games with Discounting By Matthijs van Veelen
  2. Preface to the Japanese Translation of An Evolutionary Theory of Economic Change By Richard R. Nelson; Sidney G. Winter
  3. On the divergence of research paths in evolutionary economics: a comprehensive bibliometric account By Sandra T. Silva; Aurora A.C. Teixeira
  4. Social Preferences and Public Economics: Are good laws a substitute for good citizens? By Samuel Bowles
  5. A micro-meso-macro perspective on the methodology of evolutionary economics: integrating history, simulation and econometrics By Prof John Foster
  6. Evolutionarily Stable Strategies of Random Games, and the Vertices of Random Polygons By Sergiu Hart; Yosef Rinott; Benjamin Weiss
  7. Behavioral Law and Economics By Christine Jolls

  1. By: Matthijs van Veelen (Universiteit van Amsterdam)
    Keywords: Repeated games; evolutionary stability; robust against indirect invasions.
    JEL: C73
    Date: 2007–01–04
  2. By: Richard R. Nelson; Sidney G. Winter
    Date: 2007–01–24
  3. By: Sandra T. Silva; Aurora A.C. Teixeira
    Abstract: In the last two decades there has been a noticeable increase in published research in evolutionary economics. The idea that formal modelling is a sine qua non condition for establishing a rigours and coherence scientific frame, has led to an over concern with formalization issues among evolutionary researchers. The general perception is that formalization lags behind the appreciative work. Notwithstanding, this general reading has not yet been supported by real data analysis. This work presents a comprehensive survey on evolutionary economics, intending at exploring the main research paths and contributions of this theorizing framework using bibliometric methods. This documentation effort is based on an extensive review of the abstracts from articles published in all economic journals gathered from the Econlit database over the past fifty years. Evolutionary contributions apparently have not converged to an integrated approach. In the present paper, we document the more important paths emergent in this field. Before 1990, the importance of published evolutionary related research is almost negligible - more than 90% of total papers were published after that date. Our results further show two rather extreme main research strands: ‘History of Economic Thought and Methodology’ and ‘Games’. Moreover, formal approaches have a reasonable and increasing share of published papers between 1969 and 2005. In contrast, purely empirical-related works are relatively scarce, involving a meagre and stagnant percentage of published works. This recalls for a need to redirect the evolutionary research agenda.
    Keywords: evolutionary, methodology, bibliometry, Econlit Length 44 pages
    JEL: B41 B52 C89
    Date: 2007–01
  4. By: Samuel Bowles (Santa Fe Institute, University of Siena and University of Massachusetts)
    Abstract: Laws and policies designed to harness self-regarding preferences to public ends may fail when they compromise the beneficial effects of pro-social preferences. Experimental evidence indicates that incentives that appeal to self interest may reduce the salience of intrinsic motivation, reciprocity, and other civic motives. Motivational crowding in also occurs. The evidence for these processes is reviewed and a model of optimal explicit incentives is presented. JEL Categories: D64, D52, H41, H21, Z13, C92
    Keywords: Social preferences, implementation theory, incentive contracts, incomplete contracts, framing, behavioral experiments, motivational crowding out, ethical norms, constitutions
    Date: 2007–01
  5. By: Prof John Foster (School of Economics, The University of Queensland)
    Abstract: Applied economics has long been dominated by multiple regression techniques. In this regard, econometrics has tended to have a narrower focus than, for example, psychometrics in psychology. Over the last two decades, the simulation and calibration approach to modeling has become more popular as an alternative to traditional econometric strategies. However, in contrast to the well-developed methodologies that now exist in econometrics, simulation/calibration remains exploratory and provisional, both as an explanatory and as a predictive modelling technique although clear progress has recently been made in this regard (see Brenner and Werker (2006)). In this paper, we suggest an approach that can usefully integrate both of these modelling strategies into a coherent evolutionary economic methodology.
    Date: 2007
  6. By: Sergiu Hart; Yosef Rinott; Benjamin Weiss
    Date: 2007–01–26
  7. By: Christine Jolls
    Abstract: Behavioral economics has been a growing force in many fields of applied economics, including public economics, labor economics, health economics, and law and economics. This paper describes and assesses the current state of behavioral law and economics. Law and economics had a critical (though underrecognized) early point of contact with behavioral economics through the foundational debate in both fields over the Coase theorem and the endowment effect. In law and economics today, both the endowment effect and other features of behavioral economics feature prominently and have been applied in many important legal domains. The paper concludes with reference to a new emphasis in behavioral law and economics on "debiasing through law" - using existing or proposed legal structures in an attempt to reduce people's departures from the traditional economic assumption of unbounded rationality.
    JEL: A12 B00 D30 D61 D63 D91 J70 K00 K12 K13 K41
    Date: 2007–01

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