This paper outlines an approach for writing biological economic articles. There is a schism within economics between neoclassical and behavioral schools. Biology holds the promise of modern synthesis these apparently competing theories. Natural selection favors maximization analogous to sort assumed by economics. Behavior, however, produced specific physiologic machinery that sometimes produces...

This paper pits neoclassical theory against prospect theory by investigating several clean tests of the competing hypotheses. Consistent with previous work, the field experimental data suggest that prospect theory adequately organizes behavior among inexperienced consumers, whereas consumers with intense market experience behave largely in accordance with neoclassical predictions. The data indi...

How do people form expectations about the future? We use amateur and expert investors' financial asset prices to study this question. Three experiments contrast rational assumption from neoclassical economics (investors forecast according theory) against two psychological theories of expectation formation—behaviorally informed understand empirical market anomalies expect these occur) narrative ...

The “cashew conundrum” is a seminal event in the history of economics. Professor Richard Thaler observed that his guests were happier not having option to consume pre-dinner cashews. fact people can be with fewer options directly contradicts core assumptions neoclassical economics, and labeled an “anomaly” by behavioral Far from being surprising, cashew phenomenon predicted biological methods f...

Within the last 25 years large progress has been made in Neo-Schumpeterian Economics, this branch of economic literature which deals with dynamic processes causing qualitative transformation of economies basically driven by the introduction of novelties in their various and multifaceted forms. By its very nature, innovation and in particular technological innovation is the most exponent and mos...

Most non-economists would question whether economists know anything about culture. Indeed, given some faculty meetings I’ve been through, I imagine they might go so far as to say economists are uncultured. Although the second sentiment probably does go too far, there is certainly merit to the first. In particular, with a few exceptions (notably Kreps, 1990; Crémer, 1993; Lazear, 1995; Hodgson, ...

Accessible online at: www.karger.com/journals/res A large and growing share of the American total is spent, not on doctors and nurses, but on accountants, management consultants, and public relations specialists. Their contribution to the health of the American public is difficult to discern (unless one is trained in neoclassical economics and is able to see with the eye of faith). R.G. Evans, ...

The purpose of the paper is to discuss ten things potential users should know about the limits of the Dynamic Conditional Correlation (DCC) representation for estimating and forecasting time-varying conditional correlations. The reasons given for caution about the use of DCC include the following: DCC represents the dynamic conditional covariances of the standardized residuals, and hence does n...

The major thesis of this article is that combining the resource-based theory of the firm with Austrian economics and heterogeneous demand theory provides the foundations for a new theory ofcompetition, the resource-ativantage theory. This new theory has macro and public policy implications. Specifically, when compared with neoclassical perfect competition theory. the resource-advantage theory b...