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Book part

Roger Koppl

The modern revival of “Austrian economics” dates to the South Royalton conference of 1974 (Vaughn, 1994, pp. 103–111). At that time, neoclassical orthodoxy excluded…

Abstract

The modern revival of “Austrian economics” dates to the South Royalton conference of 1974 (Vaughn, 1994, pp. 103–111). At that time, neoclassical orthodoxy excluded evolutionary concepts. It was, in Ludwig Lachmann’s memorable phrase, “late classical formalism” (1977, p. 35). Opposition to neoclassical orthodoxy was part of the definition of Austrian economics. It formed part of our identity. Today it is no longer clear what “orthodoxy” is or whether current mainstream economics is “neoclassical” at all (Colander et al., 2004). One of the more salient changes in mainstream economics over the last 30 years is the introduction of evolutionary ideas. Mainstream economics is rich with evolutionary concepts. Evolutionary game theory, for example, is certainly a part of today’s standard toolbox. Thirty years ago, it did not even exist.1 Some of the evolutionary ideas entering mainstream economics are similar or identical to ideas from the Austrian tradition. In this situation, it is no longer clear what the Austrian differentiae are. I hope this volume will help to sort out some of the issues relating to Austrian economics and one group of evolutionary ideas, namely, those of evolutionary psychology.

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Evolutionary Psychology and Economic Theory
Type: Book
ISBN: 978-0-76231-138-5

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Book part

Viktor J. Vanberg

The methodological individualism and subjectivism of the Austrian tradition in economics is often associated with a methodological dualism, i.e. the claim that the nature…

Abstract

The methodological individualism and subjectivism of the Austrian tradition in economics is often associated with a methodological dualism, i.e. the claim that the nature of its subject matter, namely purposeful and intentional human action, requires economics to adopt a methodology that is fundamentally different from the causal explanatory approach of the natural sciences. This paper critically examines this claim and advocates an alternative, explicitly naturalistic and empiricist outlook at human action, exemplified, in particular, by the research program of evolutionary psychology. It is argued that, within the Austrian tradition, a decidedly naturalistic approach to subjectivism can be found in F. A. Hayek’s work.

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Evolutionary Psychology and Economic Theory
Type: Book
ISBN: 978-0-76231-138-5

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Book part

David Friedman

Evolutionary psychology2 starts from two simple assumptions:The human mind is best understood not as a general purpose computer but as a set of specialized software…

Abstract

Evolutionary psychology2 starts from two simple assumptions: The human mind is best understood not as a general purpose computer but as a set of specialized software modules, each designed to deal with a particular subset of problems. Those programs have been designed by Darwinian evolution to produce reproductive success in our environment of evolutionary adaptiveness – the hunter-gatherer environment in which our species spent most of its species history.Researchers in evolutionary psychology, starting with these assumptions, have generated and tested predictions ranging from differences in male and female special abilities to the timing of morning sickness.

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Evolutionary Psychology and Economic Theory
Type: Book
ISBN: 978-0-76231-138-5

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Article

Bo Xu, Huaqing Min and Fangxiong Xiao

This article aims to provide a brief overview of the field now known as “evolutionary developmental robotics (evo-devo-robo)”, which is based on the concept and principles…

Abstract

Purpose

This article aims to provide a brief overview of the field now known as “evolutionary developmental robotics (evo-devo-robo)”, which is based on the concept and principles of evolutionary and development principles such as evolutionary developmental psychology, evolutionary developmental biology (evo-devo) and evolutionary cognitive neuroscience.

Design/methodology/approach

Evo-devo-robo is a new field bringing together developmental robotics and evolutionary robotics to form a new research area. Basic concepts and the origins of the field are described, and then some basic principles of evo-devo-robo that have been developed so far are discussed.

Findings

Finally, some misunderstand concepts and the most promising future research developments in this area are discussed.

Originality/value

Basic concepts and the origins of the field are described, and then some basic principles of evo-devo-robo that have been developed so far are discussed. Finally, some misunderstood concepts and the most promising future research developments in this area are discussed.

Details

Industrial Robot: An International Journal, vol. 41 no. 6
Type: Research Article
ISSN: 0143-991X

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Politics and the Life Sciences: The State of the Discipline
Type: Book
ISBN: 978-1-78441-108-4

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Article

Richa Pandey and V. Mary Jessica

The purpose of this study is to explain the relationship between behavioural biases, investment satisfaction and reinvestment intention considering the effect of…

Abstract

Purpose

The purpose of this study is to explain the relationship between behavioural biases, investment satisfaction and reinvestment intention considering the effect of evolutionary psychology. The study believes that biases are not at all times bad; sometimes, biases can assist the individual investor to select the top course of action and allow them to go for the less costly mistakes, thereby helping in achieving satisficing behaviour.

Design/methodology/approach

Data were collected using structured and a close-ended questionnaire from a sample of 560 respondents by using multi-stage stratified sampling method. PLS-SEM was used for preliminary validation of the questionnaire. Mediation model using the structural equation model (SEM) with the help of AMOS 20 was used for the analyses. Pre-requisite assumptions for SEM were checked by using sample characteristics. The study has three constructs with multiple items; hence, the instrument validation was done by measuring the construct validity and reliability using Cronbach’s alpha, exploratory factor analysis and confirmatory factor analysis with the help of SPSS 20 and AMOS 20.

Findings

The study confirms that behavioural biases influence investment decisions in the real estate market. Further, investment satisfaction is found to have a significant and complementary partial mediating effect. The positive mediating effect of investment satisfaction between behavioural biases and reinvestment intention shows that biases are natural tendencies in response to limit to learning which can be explained by evolutionary psychology.

Research limitations/implications

There are chances that the result obtained here is because of myopic decision-making behaviour in which the long-time horizon is not considered and behavioural biases, as well as evolutionary psychology, are adaptive, so the result may change in the long-time horizon, which seeks further investigations. The study talked about the relationship between behavioural biases, investment satisfaction and reinvestment intention; it will be interesting to bring some more constructs in this model, for example, investment intention and reinvestment behaviour; this can deliver a more precise picture in this regard.

Practical implications

Understanding such relationships will help in better clarity about the way investment is made. The study confirms that market behaviour in the real estate market is sub-optimal, which shows that there is an opportunity for attentive investors by trading and gathering on information. Real estate practitioners can get clues from market anomalies and investor phenomena; understanding these may suggest ways to use them in the market.

Social implications

Reforms in the housing sector do not only satisfy one of the basic needs but also leads to holistic economic development. Besides direct contribution, it contributes to social capital.

Originality/value

The study extends the current knowledge base about the relationship between behavioural biases, investment satisfaction and reinvestment intention. This study investigates the behavioural biases influencing the real estate market investment decisions of non-professional investors considering the effect of evolutionary psychology.

Details

International Journal of Housing Markets and Analysis, vol. 12 no. 2
Type: Research Article
ISSN: 1753-8270

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Article

Gerard Prendergast and Choi Ching Lam

The purpose of this study is to describe the shopping experiences of males and females. The central research question is: what does shopping mean for males and females…

Abstract

Purpose

The purpose of this study is to describe the shopping experiences of males and females. The central research question is: what does shopping mean for males and females? The sub‐question related to this central research question is: what are the differences in male and female experiences of shopping?

Design/methodology/approach

Using a phenomenological method, a study was conducted of the shopping experiences of males and females. This involved in‐depth interviews, an analysis of significant statements, and generation of core themes.

Findings

The analysis revealed six core themes that highlight the differences in how males and females experience shopping. Categorizing these six themes into textural and structural descriptions of the phenomenon culminates in an essence that depicts shopping as being a pleasurable experience for females but not so pleasurable for males. Through an inductive process, the authors argue that these findings are most suitably explained within an evolutionary psychology framework.

Research limitations/implications

First, the sample consists solely of Hong Kong shoppers. Second, although every effort was made to validate the findings, with an interpretivist study of this nature, the interpretations can be challenged.

Practical implications

Based on the evolutionary instincts of consumers, retailing tactics can be developed to cater for the needs of males, females, and couples.

Originality/value

While many quantitative studies have been conducted of the shopping behavior of males and females, none have deeply probed the shopping experiences using a qualitative line of inquiry. By seeking to discover the essence of the experience of male and female shoppers, this phenomenological research fills the gap in the existing literature.

Details

Journal of Consumer Marketing, vol. 30 no. 4
Type: Research Article
ISSN: 0736-3761

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Article

Anne Laakkonen and Juha Kansikas

This qualitative study attempts to understand what kinds of evolutionary selection and variation occur in family businesses during the preparation of a managerial and…

Abstract

Purpose

This qualitative study attempts to understand what kinds of evolutionary selection and variation occur in family businesses during the preparation of a managerial and ownership succession.

Design/methodology/approach

The study was conducted by interviewing members of one family business in Louisiana, USA and one in Finland in order to contribute to the understanding of succession preparation in small family businesses with two generations. Evolutionary economics was adapted for this interdisciplinary study to explain evolutionary changes in a family business succession.

Findings

The findings indicate that both selection and variation can take place through different routes during the preparatory phase of a family business succession. Selection is influenced both by the founder and next generations. However, it does not occur in company A due to the reluctance of the younger generation. In company B selection is processed through joint thinking and visioning. This will lead to variation which is shaped by both generations.

Research limitations/implications

This study is based on qualitative interpretation. Limitations of the study are the small number of informants and the lack of generalization of the results.

Practical implications

This study shows that selection and variation are intertwined. If selection does not occur in a family business, it leads to no variation between the generations. However, exits are possible; death and birth of companies are part of the life cycle of family businesses.

Originality/value

Evolutionary thinking has not been studied recently among family firms except in the field of evolutionary psychology. Evolutionary thinking offers a variety of topics to study in the future.

Details

Management Research Review, vol. 34 no. 9
Type: Research Article
ISSN: 2040-8269

Keywords

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Article

J. Ian Norris, Mario P. Casa de Calvo and Robert D. Mather

The paper introduces a new model, the evolutionary-existential model of organizational decision-making. The purpose of the model is to provide an empirical framework for…

Abstract

Purpose

The paper introduces a new model, the evolutionary-existential model of organizational decision-making. The purpose of the model is to provide an empirical framework for understanding the context for decision-making under conditions of existential threat to organizations, such as the global COVID-19 pandemic during the year 2020.

Design/methodology/approach

The model is built on an extensive interdisciplinary literature review, drawing from research in social psychology, management, behavioral economics, evolutionary psychology and consumer behavior. In general, the authors follow Bargal's (2006) call for action research in the spirit of Lewin (1951).

Findings

According to the model, organizational decision-making during the pandemic threat is influenced by (1) existential threat and (2) an unprecedented macroenvironmental context for decision-making. The authors argue that these psychological and macroenvironmental forces may lead to suboptimal decision-making, based on (1) their basic cognitive architecture and (2) specific evolutionary triggers activated by the pandemic. The authors highlight how the interaction between these inputs and the decision context manifest in various social psychological phenomena that are known to impact judgments and decisions.

Practical implications

Simply put, the magnitude and the urgency of the global pandemic call for new and integrative ways of understanding organizational decision-making.

Originality/value

The model is new. Although the authors draw on prior research and theory, the model is uniquely interdisciplinary; further, the authors are able to make specific and unique predictions about the inputs, decision context and their social–psychological consequences for decision-making.

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Article

Sigal Tifferet, Niv Rosenblit and Maya Shalev

People engage in green consumption for many reasons, both conscious and unconscious. This paper aims to draw on evolutionary psychology to propose that hard-wired mating…

Abstract

Purpose

People engage in green consumption for many reasons, both conscious and unconscious. This paper aims to draw on evolutionary psychology to propose that hard-wired mating strategies encourage both men and women to increase their green consumption in the presence of members of the opposite sex.

Design/methodology/approach

Observations were conducted on 324 students who purchased cold drinks in disposable cups from a college café. The students were offered the choice of adding 20 cents to their purchase for a bio-degradable cup.

Findings

Overall, 160 students agreed to pay the premium for a bio-degradable cup, with green purchases 46 per cent higher among women and 61 per cent higher among men when facing a cashier of the opposite sex.

Originality/value

The findings suggest that the activation of mating cues prompts students to display prosocial, altruistic behavior and/or to engage in conspicuous consumption (i.e. agreeing to pay more for the sustainable product). The study was conducted in the field using naïve participants and demonstrates the application of evolutionary psychology to green marketing. It also adds to what is a surprisingly small literature on the effect of employee–customer gender mismatch.

Details

International Journal of Sustainability in Higher Education, vol. 18 no. 7
Type: Research Article
ISSN: 1467-6370

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