Evolutionary Game Theory and Thorstein Veblen’s Evolutionary Economics: Is EGT Veblenian?
This essay provides an approach to the analysis of the link between Thorstein Veblen's evolutionary approach and evolutionary game theory (EGT). We shed some light on the potential contribution of Veblen's theory of socioeconomic evolution to the discussion on the application of EGT to social environments. We also investigate to what extent elements of EGT can be used to formalize some of the basic evolutionary principles proposed by Veblen. The methodological imperatives laid down by Veblen, defining an evolutionary approach, are presented. We provide an analytical framework that allows the evaluation of EGT in terms of Veblen's evolutionary approach. To better understand the main principles and rationale behind EGT and how it can be applied as a tool for analyzing issues on the diversity, interaction, and evolution of social systems, we discuss this nontraditional approach and its basic concepts. Finally, the main characteristics of EGT are contrasted with Veblen's principles.
|Date of creation:||Sep 2004|
|Publication status:||Published in Journal of Economic Issues 3.XXXVII(2004): pp. 585-610|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Selten, Reinhard, 1983. "Evolutionary stability in extensive two-person games," Mathematical Social Sciences, Elsevier, vol. 5(3), pages 269-363, September.
- Sethi, Rajiv, 1996. "Evolutionary stability and social norms," Journal of Economic Behavior & Organization, Elsevier, vol. 29(1), pages 113-140, January.
- Rutherford,Malcolm, 1994.
"Institutions in Economics,"
Cambridge University Press, number 9780521451895, December.
- Hodgson, Geoffrey M, 1992. "Thorstein Veblen and Post-Darwinian Economics," Cambridge Journal of Economics, Oxford University Press, vol. 16(3), pages 285-301, September.
- Bester, Helmut & Guth, Werner, 1998.
"Is altruism evolutionarily stable?,"
Journal of Economic Behavior & Organization,
Elsevier, vol. 34(2), pages 193-209, February.
- Argyrous, George & Sethi, Rajiv, 1996. "The Theory of Evolution and the Evolution of Theory: Veblen's Methodology in Contemporary Perspective," Cambridge Journal of Economics, Oxford University Press, vol. 20(4), pages 475-495, July.
- Guth, Werner, 1995. "An Evolutionary Approach to Explaining Cooperative Behavior by Reciprocal Incentives," International Journal of Game Theory, Springer;Game Theory Society, vol. 24(4), pages 323-344.
- Dekel, Eddie & Scotchmer, Suzanne, 1992.
"On the evolution of optimizing behavior,"
Journal of Economic Theory,
Elsevier, vol. 57(2), pages 392-406, August.
- Weibull, Jörgen W., 1997. "What have we learned from Evolutionary Game Theory so far?," Working Paper Series 487, Research Institute of Industrial Economics, revised 26 Oct 1998.
- Silverberg Gerald, 1997. "Evolutionary modeling in economics : recent history and immediate prospects," Research Memorandum 008, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
- van Damme, E.E.C., 1993.
"Evolutionary game theory,"
1993-75, Tilburg University, Center for Economic Research.
- Binmore, K. & Samuelson, L., 1993. "An Economist's Perspective on the Evolution of Norms," Working papers 9323, Wisconsin Madison - Social Systems.
- G. Silverberg & B. Verspagen, 1995. "Evolutionary Theorizing on Economic Growth," Working Papers wp95078, International Institute for Applied Systems Analysis.
- Guttman, Joel M., 2000. "On the evolutionary stability of preferences for reciprocity," European Journal of Political Economy, Elsevier, vol. 16(1), pages 31-50, March.
- Mailath, George J., 1992. "Introduction: Symposium on evolutionary game theory," Journal of Economic Theory, Elsevier, vol. 57(2), pages 259-277, August.
- Sethi, Rajiv & Somanathan, E, 1996. "The Evolution of Social Norms in Common Property Resource Use," American Economic Review, American Economic Association, vol. 86(4), pages 766-788, September.
- Matsui, Akihiko, 1996. "On Cultural Evolution: Social Norms, Rational Behavior, and Evolutionary Game Theory," Journal of the Japanese and International Economies, Elsevier, vol. 10(3), pages 262-294, September.
- Malcolm Rutherford, 2001. "Institutional Economics: Then and Now," Journal of Economic Perspectives, American Economic Association, vol. 15(3), pages 173-194, Summer.
- Rutherford, Malcolm, 1998. "Veblen's Evolutionary Programme: A Promise Unfulfilled," Cambridge Journal of Economics, Oxford University Press, vol. 22(4), pages 463-477, July.
- Swinkels, Jeroen M., 1992. "Evolution and strategic stability: From maynard smith to kohlberg and mertens," Journal of Economic Theory, Elsevier, vol. 57(2), pages 333-342, August.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:28889. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter)
If references are entirely missing, you can add them using this form.