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An Evolutionary Theory of Household Consumption Behavior

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  • Nelson, Richard
  • Consoli, Davide

Abstract

Evolutionary economics badly needs a behavioral theory of household consumption behavior, but to date only limited progress has been made on that front. Partly because Schumpeter's own writings were focused there, and partly because this has been the focus of most of the more recent empirical work on technological change, modern evolutionary economists have focused on the "supply side". However, because a significant portion of the innovation going on in capitalist countries has been in the form of new consumer goods and services, it should be obvious that dealing coherently with the Schumpeterian agenda requires a theory which treats in a realistic way how consumers respond to new goods and services. The purpose of this essay is to map out a broad alternative to the neoclassical theory of consumer behavior.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 20197.

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Date of creation: 22 Jan 2010
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Handle: RePEc:pra:mprapa:20197

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Keywords: Household Consumption Behaviour; Evolutionary Economics;

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References

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  1. Rabin, Matthew, 1997. "Psychology and Economics," Department of Economics, Working Paper Series, Department of Economics, Institute for Business and Economic Research, UC Berkeley qt8jd5z5j2, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  2. Chris Freeman & Luc Soete, 1997. "The Economics of Industrial Innovation, 3rd Edition," MIT Press Books, The MIT Press, The MIT Press, edition 3, volume 1, number 0262061953, December.
  3. Ulrich Witt, 2006. "Evolutionary Economics," Papers on Economics and Evolution 2006-05, Philipps University Marburg, Department of Geography.
  4. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 74, pages 132.
  5. R. Aversi & G. Dosi & G. Fagiolo & M. Meacci & C. Olivetti, 1997. "Demand Dynamics With Socially Evolving Preferences," Working Papers, International Institute for Applied Systems Analysis ir97081, International Institute for Applied Systems Analysis.
  6. Cowan, R. & Cowan, W. & Swann, P., 1996. "A Model of Demand with Interactions Among Consumers," UWO Department of Economics Working Papers, University of Western Ontario, Department of Economics 9609, University of Western Ontario, Department of Economics.
  7. Stefano DellaVigna, 2007. "Psychology and Economics: Evidence from the Field," NBER Working Papers 13420, National Bureau of Economic Research, Inc.
  8. Giovanni Dosi & Christopher Freeman & Richard Nelson & Gerarld Silverberg & Luc Soete (ed.), 1988. "Technical Change and Economic Theory," LEM Book Series, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, number dosietal-1988, June.
  9. Consoli, Davide, 2008. "Co-evolution of capabilities and preferences in the adoption of new technologies," MPRA Paper 7175, University Library of Munich, Germany.
  10. Herbert Simon & Lindsay McSweeney, 2010. "A Behavioral Model of Rational Choice," CPI Journal, Competition Policy International, Competition Policy International, vol. 6.
  11. Richard N. Langlois & Metin M. Cosgel, 1996. "The Organization of Consumption," Working papers, University of Connecticut, Department of Economics 1996-07, University of Connecticut, Department of Economics.
  12. U. Witt, 2005. "From Sensory to Positivist Utilitarianism and Back -- The Rehabilitation of Naturalistic Conjectures in the Theory of Demand," Papers on Economics and Evolution 2005-07, Philipps University Marburg, Department of Geography.
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Cited by:
  1. Andreas Chai & Alessio Moneta, 2011. "Back to Engel? Some evidence for the hierarchy of needs," Papers on Economics and Evolution 2011-13, Philipps University Marburg, Department of Geography.
  2. Richard Nelson, 2013. "Demand, supply, and their interaction on markets, as seen from the perspective of evolutionary economic theory," Journal of Evolutionary Economics, Springer, Springer, vol. 23(1), pages 17-38, January.
  3. João Bernardino & Tanya Araújo, 2013. "On positional consumption and technological innovation: an agent-based model," Journal of Evolutionary Economics, Springer, Springer, vol. 23(5), pages 1047-1071, November.
  4. Fabrizio Patriarca & Francesco Vona, 2009. "Structural Change and the Income Distribution: a Post-Keynesian disequilibrium model," Working Papers - Dipartimento di Economia, Dipartimento di Economia, Sapienza University of Rome 5, Dipartimento di Economia, Sapienza University of Rome, revised 2009.
  5. Kemp-Benedict, Eric, 2013. "Material needs and aggregate demand," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, Elsevier, vol. 44(C), pages 16-26.
  6. Richard Nelson, 2012. "Why Schumpeter has had so little influence on today’s main line economics, and why this may be changing," Journal of Evolutionary Economics, Springer, Springer, vol. 22(5), pages 901-916, November.
  7. Christian Schubert & Andreas Chai, 2012. "Sustainable Consumption and Consumer Sovereignty," Papers on Economics and Evolution 2012-14, Philipps University Marburg, Department of Geography.
  8. Safarzyńska, Karolina, 2013. "Evolutionary-economic policies for sustainable consumption," Ecological Economics, Elsevier, Elsevier, vol. 90(C), pages 187-195.
  9. Charles Yuji Horioka, 2014. "Evolutionary Economics and Household Behavior," ISER Discussion Paper, Institute of Social and Economic Research, Osaka University 0912, Institute of Social and Economic Research, Osaka University.
  10. Leonhard Lades, 2013. "Explaining shapes of Engel curves: the impact of differential satiation dynamics on consumer behavior," Journal of Evolutionary Economics, Springer, Springer, vol. 23(5), pages 1023-1045, November.
  11. Jakob Kapeller & Bernhard Schütz & Stefan Steinerberger, 2013. "The impossibility of rational consumer choice," Journal of Evolutionary Economics, Springer, Springer, vol. 23(1), pages 39-60, January.
  12. Leonhard K. Lades, 2012. "The impact of differential satiation dynamics on changing consumer behavior, wellbeing, and innovative activity," Papers on Economics and Evolution 2012-16, Philipps University Marburg, Department of Geography.
  13. Marco Valente, 2012. "Evolutionary demand: a model for boundedly rational consumers," Journal of Evolutionary Economics, Springer, Springer, vol. 22(5), pages 1029-1080, November.
  14. Kurt Dopfer, 2013. "Evolutionary Economics," Papers on Economics and Evolution 2013-08, Philipps University Marburg, Department of Geography.

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