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Ordinaries

Author

Listed:
  • Terence C. Burnham

    (Chapman University)

  • Jay Phelan

    (UCLA)

Abstract

People who live in industrialized economies suffer from a mismatch between evolved human nature and the environment. This mismatch is the primary cause of many deleterious human behaviors. Neither of the two major schools of economic thought incorporate mismatch. Natural selection does not support the neoclassical economic assumption that people will solve novel problems easily and intuitively. Conversely, behavioral economics sets a low bar for itself in documenting failures to maximize.

Suggested Citation

  • Terence C. Burnham & Jay Phelan, 2020. "Ordinaries," Journal of Bioeconomics, Springer, vol. 22(1), pages 1-14, April.
    • Handle: RePEc:kap:jbioec:v:22:y:2020:i:1:d:10.1007_s10818-020-09294-5
    DOI: 10.1007/s10818-020-09294-5
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    References listed on IDEAS

    as
    1. Terence C. Burnham & John P. Phelan, 2018. "Fair is foul, and foul is fair: experimental evolutionary studies of mismatch," Journal of Bioeconomics, Springer, vol. 20(1), pages 153-157, April.
    2. Terence C. Burnham & Aimee Dunlap & David W. Stephens, 2015. "Experimental Evolution and Economics," SAGE Open, , vol. 5(4), pages 21582440156, November.
    3. Terence C. Burnham, 2016. "Economics and evolutionary mismatch: humans in novel settings do not maximize," Journal of Bioeconomics, Springer, vol. 18(3), pages 195-209, October.
    4. Shane Frederick, 2005. "Cognitive Reflection and Decision Making," Journal of Economic Perspectives, American Economic Association, vol. 19(4), pages 25-42, Fall.
    5. Milton Friedman & L. J. Savage, 1948. "The Utility Analysis of Choices Involving Risk," Journal of Political Economy, University of Chicago Press, vol. 56, pages 279-279.
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