Adaptive Rationality in the Evolutionary and Behavioral Perspectives

Middle East Journal of Scientific Research. Volume 17, Issue 10, 2013, pp. 1488-1497

10 Pages Posted: 9 Feb 2014

See all articles by Vyacheslav Volchik

Vyacheslav Volchik

Southern Federal University

Tatiana Zotova

Southern Federal University

Date Written: June 7, 2013

Abstract

The concept of adaptive rationality as a characteristic of economic behavior viewed in the framework of evolution of institutions is proposed in the paper. The analysis of the most important approaches to rationality in the economic theory has allowed identifying the special nature of adaptive rationality and its manifestations at various levels of the economic behavior. The adaptive rationality is discussed in connection with formation and identification of institutions. Such an approach is aimed at development of tools contributing to a deeper understanding of evolutionary processes within a specific economic order.

Keywords: Adaptive rationality; Bounded rationality; Economic behavior; Evolution of institutions; Institutional economics

JEL Classification: B52, D03, B50

Suggested Citation

Volchik, Vyacheslav and Zotova, Tatiana, Adaptive Rationality in the Evolutionary and Behavioral Perspectives (June 7, 2013). Middle East Journal of Scientific Research. Volume 17, Issue 10, 2013, pp. 1488-1497, Available at SSRN: https://ssrn.com/abstract=2392847

Vyacheslav Volchik (Contact Author)

Southern Federal University ( email )

105 Bolshaya Sadovaya Str.
Rostov-on-Don, 344006
Russia

Tatiana Zotova

Southern Federal University ( email )

105 Bolshaya Sadovaya Str.
Rostov-on-Don, 344006
Russia

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
90
Abstract Views
589
rank
340,458
PlumX Metrics