An Evolutionary Theory of Household Consumption Behavior
AbstractEvolutionary 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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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 20197.
Date of creation: 22 Jan 2010
Date of revision:
Household Consumption Behaviour; Evolutionary Economics;
Other versions of this item:
- Richard Nelson & Davide Consoli, 2010. "An evolutionary theory of household consumption behavior," Journal of Evolutionary Economics, Springer, vol. 20(5), pages 665-687, October.
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
- O33 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-02-05 (All new papers)
- NEP-CBE-2010-02-05 (Cognitive & Behavioural Economics)
- NEP-EVO-2010-02-05 (Evolutionary Economics)
- NEP-HPE-2010-02-05 (History & Philosophy of Economics)
- NEP-MKT-2010-02-05 (Marketing)
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