caa a22 4500 467921024 CHVBK 20180406152917.0 cr unu---uuuuu 170328e20060401xx s 000 0 eng 10.1007/s10818-006-7213-0 doi (NATIONALLICENCE)springer-10.1007/s10818-006-7213-0 Gowdy John Department of Economics, Rensselaer Polytechnic Institute, 110 8th Street, 12180, Troy, New York, USA aut Evolutionary Theory and Economic Policy with Reference to Sustainability [Elektronische Daten] [John Gowdy] Synopsis: The policy recommendations of most economists are driven by a view of economic reality embodied in Walrasian general equilibrium theory. Ironically, the Walrasian system has been all but abandoned by leading economic theorists. It has been demonstrated to be theoretically untenable, its basic assumptions about human decision making have been empirically falsified, and it consistently makes poor predictions of economic behavior. The current revolution in welfare economics offers opportunities on two related fronts for an evolutionary perspective on human behavior to reshape economic theory and policy. The first opportunity is to incorporate empirically-based information about human behavior to the study of human wants and their formation. This includes information about the evolution of the genetic component of decision making as well as the cultural dimensions of behavior. Expanding the role of economic analysis beyond stylized market behavior to focus on well-being (real utility) has far-reaching consequences for microeconomic policy. Secondly, abandoning the Walrasian model also means rethinking the microfoundations approach to the economic analysis of sustainability. This opens the door for economists to engage with the growing body of research on the evolution of whole societies. One link between the evolution of human behavior and the evolution of human societies is the psychological phenomenon of considering sunk costs. Understanding and overcoming the sunk cost fallacy may be the key to creating a sustainable society. Springer, 2006 behavioral economics nationallicence sunk costs nationallicence welfare economics nationallicence N0 nationallicence O5 nationallicence P0 nationallicence Q2 nationallicence Journal of Bioeconomics Kluwer Academic Publishers 8/1(2006-04-01), 1-19 1387-6996 8:1<1 2006 8 10818 https://doi.org/10.1007/s10818-006-7213-0 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s10818-006-7213-0 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Gowdy John Department of Economics, Rensselaer Polytechnic Institute, 110 8th Street, 12180, Troy, New York, USA aut NATIONALLICENCE 773 0- Journal of Bioeconomics Kluwer Academic Publishers 8/1(2006-04-01), 1-19 1387-6996 8:1<1 2006 8 10818 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer