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Evolutionary Microeconomics

Author

Listed:
  • Jacques Lesourne

    (Conservatoire National des Arts et Métiers)

  • André Orléan

    (Paris-Jourdan Sciences Economiques (PSE))

  • Bernard Walliser

    (Ecole Nationale des Ponts et Chaussées)

Abstract

Classical microeconomics is intended to explain how a price system is able to coordinate the economic agents. But even if it can be extended to incomplete information and externalities, it remains grounded on very heroic assumptions. Agents are endowed with a very strong rationality, equilibrium is stated without a concrete process to achieve it, market is the unique institution considered. Evolutionary microeconomics is aimed at bypassing these limitations by considering a dynamic approach, however not biologically oriented. Agents have local information and bounded rationality, they are involved in explicit processes of interactions through time, various institutions sustain the market or substitute to it. It explains then some phenomena hardly explained by classical microeconomics: dispersion of prices, variety of industrial structures, financial bubbles.
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Suggested Citation

  • Jacques Lesourne & André Orléan & Bernard Walliser, 2006. "Evolutionary Microeconomics," Springer Books, Springer, number 978-3-540-28537-3, September.
    • Handle: RePEc:spr:sprbok:978-3-540-28537-3
    DOI: 10.1007/3-540-28537-7
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    Cited by:

    1. Mandel, Antoine & Gintis, Herbert, 2016. "Decentralized Pricing and the equivalence between Nash and Walrasian equilibrium," Journal of Mathematical Economics, Elsevier, vol. 63(C), pages 84-92.
    2. Ingela Alger & Jean-François Laslier, 2022. "Homo moralis goes to the voting booth: Coordination and information aggregation," Journal of Theoretical Politics, , vol. 34(2), pages 280-312, April.
    3. Loet Leydesdorff, 2000. "Is the European Union Becoming a Single Publication System?," Scientometrics, Springer;Akadémiai Kiadó, vol. 47(2), pages 265-280, February.
    4. Marco Guerzoni & Rene Soellner, 2013. "Uniqueness Seeking and Demand Estimation in the German Automobile Industry," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 3(2), pages 179-199, December.
    5. Timon Scheuer, 2018. "Computational Agents, Design and Innovative Behaviour: Hetero Economicus," Economic Thought, World Economics Association, vol. 7(2), pages 82-96, November.
    6. Karolina Safarzyńska & Jeroen Bergh, 2010. "Evolutionary models in economics: a survey of methods and building blocks," Journal of Evolutionary Economics, Springer, vol. 20(3), pages 329-373, June.
    7. Hommes, Cars H., 2006. "Heterogeneous Agent Models in Economics and Finance," Handbook of Computational Economics, in: Leigh Tesfatsion & Kenneth L. Judd (ed.), Handbook of Computational Economics, edition 1, volume 2, chapter 23, pages 1109-1186, Elsevier.
    8. Dai, Shuanping, 2012. "The Emergence of Efficient Institutions and Social Interactions," MPRA Paper 47011, University Library of Munich, Germany.
    9. Pangallo, Marco & Nadal, Jean-Pierre & Vignes, Annick, 2019. "Residential income segregation: A behavioral model of the housing market," Journal of Economic Behavior & Organization, Elsevier, vol. 159(C), pages 15-35.
    10. Marta Riba Vilanova & Loet Leydesdorff, 2001. "Why Catalonia cannot be considered as a regional innovation system," Scientometrics, Springer;Akadémiai Kiadó, vol. 50(2), pages 215-240, February.
    11. Follmer, Hans & Horst, Ulrich & Kirman, Alan, 2005. "Equilibria in financial markets with heterogeneous agents: a probabilistic perspective," Journal of Mathematical Economics, Elsevier, vol. 41(1-2), pages 123-155, February.
    12. Hommes, C.H., 2005. "Heterogeneous Agent Models in Economics and Finance, In: Handbook of Computational Economics II: Agent-Based Computational Economics, edited by Leigh Tesfatsion and Ken Judd , Elsevier, Amsterdam 2006," CeNDEF Working Papers 05-03, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance.
    13. Carolina Castaldi & Alessandro Nuvolari, 2004. "Technological Revolutions and Economic Growth: The “Age of Steam” Reconsidered," LEM Papers Series 2004/11, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    14. Bernard Paulré, 2001. "Enjeux et dilemmes de l'économie cognitive," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00135486, HAL.
    15. Alan Kirman, 2006. "Heterogeneity in Economics," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 1(1), pages 89-117, May.
    16. Frenken, Koen & Leydesdorff, Loet, 2000. "Scaling trajectories in civil aircraft (1913-1997)," Research Policy, Elsevier, vol. 29(3), pages 331-348, March.
    17. Uwe Cantner & Horst Hanusch, 2000. "Heterogeneity and Evolutionary Change - Empirical Conception, Findings and Unresolved Issues," Discussion Paper Series 190, Universitaet Augsburg, Institute for Economics.
    18. Castaldi, C. & Nuvolari, A., 2003. "Technological Revolutions and Economic Growth:The �Age of Steam� Reconsidered," Working Papers 03.25, Eindhoven Center for Innovation Studies.
    19. Ahmad K. Naimzada & Serena Sordi, 2016. "On controlling chaos in a discrete tâtonnement process," Department of Economics University of Siena 729, Department of Economics, University of Siena.
    20. Bernard Paulré, 2001. "Enjeux et dilemmes de l'économie cognitive," Working Papers halshs-00135486, HAL.

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