Jump to ContentJump to Main Navigation
Applied Evolutionary Psychology$
Users without a subscription are not able to see the full content.

S. Craig Roberts

Print publication date: 2011

Print ISBN-13: 9780199586073

Published to Oxford Scholarship Online: January 2012

DOI: 10.1093/acprof:oso/9780199586073.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 09 December 2019

The evolutionary psychology of economics

The evolutionary psychology of economics

Chapter:
Chapter 2 The evolutionary psychology of economics
Source:
Applied Evolutionary Psychology
Author(s):

Paul H Rubin

C. Monica Capra

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199586073.003.0002

In this chapter, we argue that applying evolutionary psychology to economics can explain observed ‘anomalies’ in decision-making. We provide an analysis of the relationships between economics and the evolutionary and biological origin of economic choice, focusing on some selected topics that are of special interest to us. These are: (1) rationality and biases, especially as related to the endowment effect, (2) the extent to which individuals are selfish or pro-social, (3) individuality versus heterogeneity, and (4) perceptions of economics. We discuss examples of how evolutionary psychology can explain anomalous behaviour including violations to rational choice, such as the status quo bias. Evolved mechanisms can also explain the curious persistence of pro-social behaviour in one-shot anonymous interactions, and the observed heterogeneity of agent types. Finally, we argue that the perception of economics is also affected by evolved mechanisms from pre-modern times. We believe that more explicit attention to the evolutionary bases of economic behaviour would lead to real advances in economic theory.

Keywords:   evolutionary economics, optimality theory, bounded rationality, endowment effect, reciprocal altruism

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .