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Journal of Evolutionary Economics

Adrien Querbes
The emergence of profit-based online platforms related to the Sharing Economy, such as BlaBlaCar and Airbnb, provides new means for end users to create an income from their possessions. With this opportunity, participants have to make strategic economic decisions despite limited formal expertise and information. Decentralization (using digital technologies) and reputation (using user reviews) are the core mechanisms chosen by these platforms to mitigate these limitations and to work efficiently as online matchmakers...
2018: Journal of Evolutionary Economics
Ilkka Leppänen
We study the evolutionary selection of conjectures in duopoly games when players have other regarding preferences, i.e. preferences over payoff distributions. In both the Cournot and Bertrand duopoly games, the consistent conjectures are independent of other regarding preferences. Both duopoly games have evolutionarily stable conjectures that depend on other regarding preferences but that do not coincide with the consistent conjectures. For increasingly spiteful preferences, the evolutionarily stable conjectures implicate low quantities in the Cournot game and high prices in the Bertrand game, whereas the inverse relationships hold for the consistent conjectures...
2018: Journal of Evolutionary Economics
Sierdjan Koster, Martin Andersson
The literature on employee spinoffs has, for a long time, stressed the importance of industry-specific skills and experiences in explaining the success of new firms. We argue that employees also develop skills that are associated with their occupation within an industry, and that success as an entrepreneur, therefore, is also contingent on the relation between the entrepreneurs' previous occupation and the industry in which they operate as self-employed. Using matched employer-employee data, we develop a measure, occupational spin-offs, that accounts for this relation...
2018: Journal of Evolutionary Economics
Michael Anyadike-Danes, Mark Hart
The theory of firm growth is in a rather unsatisfactory state. However, the analysis of large firm-level datasets which have become available in recent years allows us to begin building an evidence base which can, in turn, be used to underpin the development of more satisfactory theory. Here we study the 239 thousand UK private sector firms born in 1998 over their first 15 years of life. A first, and quite striking, finding is the extraordinary force of mortality. By age 15, 90% of the UK firms born in 1998 are dead, and, for those surviving to age 15, the hazard of death is still about 10% a year...
2018: Journal of Evolutionary Economics
Cars Hommes, Tomasz Makarewicz, Domenico Massaro, Tom Smits
In order to understand heterogeneous behavior amongst agents, empirical data from Learning-to-Forecast (LtF) experiments can be used to construct learning models. This paper follows up on Assenza et al. (2013) by using a Genetic Algorithms (GA) model to replicate the results from their LtF experiment. In this GA model, individuals optimize an adaptive, a trend following and an anchor coefficient in a population of general prediction heuristics. We replicate experimental treatments in a New-Keynesian environment with increasing complexity and use Monte Carlo simulations to investigate how well the model explains the experimental data...
2017: Journal of Evolutionary Economics
Josef Taalbi
The notion of development blocks (Dahmén, 1950, 1991) suggests the co-evolution of technologies and industries through complementarities and the overcoming of imbalances. This study proposes and applies a methodology to analyse development blocks empirically. To assess the extent and character of innovational interdependencies between industries the study combines analysis of innovation biographies and statistical network analysis. This is made possible by using data from a newly constructed innovation output database for Sweden...
2017: Journal of Evolutionary Economics
Isabel Maria Bodas Freitas, Bart Verspagen
This study builds on the economics and organization literatures to explore whether and how institutions and organizational structure complement or substitute each other to create specific spaces of alignment where specific individual actors' motivations co-exist. Focusing on university-industry collaborations, the study examines whether and how different axes of alignment of university and industry motivations are integrated in projects with specific technological objectives and organizational structures, benefitting from the presence of specific institutions designed to facilitate collaboration...
2017: Journal of Evolutionary Economics
Ulrich Witt
In this paper the evolution of consumption is explained on the basis of a theory that connects preferences over actions to the motivational forces driving actions. More specifically, the hypotheses about what motivates consumption activities draw on insights from biology, behavioral science, and psychology. With secularly rising income, the growing consumption opportunities and the expanding consumption alter the underlying motivational forces and induce a change of preferences. As a consequence, the structure of consumption expenditures is systematically transformed...
2017: Journal of Evolutionary Economics
Massimo Egidi
Schumpeter's theory of democracy can be read through the lens of the cognitive approach to rationality. Schumpeter himself constructed his theory on the basis of his (neglected) conception of conscious rationality, which considers the process of thinking as composed of conscious/deliberate and unconscious/automatic components. The prevalence of the deliberate over the automatic component can occur in different degrees; as a consequence, individuals exhibit different levels of conscious rationality. Schumpeter makes clear that an essential attribute of democracy is its being a system of government capable of working notwithstanding a low degree of conscious rationality among its citizens...
2017: Journal of Evolutionary Economics
Heinz D Kurz
Schumpeter chastised Ricardo for his alleged "vice" - the so-called "Ricardian Vice" - of drawing far reaching policy conclusions from utterly simplistic models, which, moreover, were underdetermined. The paper first argues that Schumpeter saw Ricardo's approach to the theory of value and distribution through a marginalist lens and therefore arrived at a distorted picture of the latter. Several of the criticisms he levelled at Ricardo cannot be sustained. The paper then has a closer look at Schumpeter's pronouncements on economic policy issues and shows that in a number of respects his views did not differ that much from Ricardo's and in some respects were remarkably similar...
2017: Journal of Evolutionary Economics
David Haas
This paper explores the process of adaptation to new methods in a simple model where the growth rate of labour supply is exogenously given and constant. It shows that competition for a primary input in short supply changes the mechanism of adaptation and its consequences: If surplus labour exists, differential capacity accumulation effectuates adaptation and leads to a logistic replacement pattern; but if labour is in short supply, 'growth predation' undermines the former mechanism and leads to an exponential replacement pattern...
2016: Journal of Evolutionary Economics
Maureen McKelvey
The main contribution of this paper is a theory-based conceptual framework of innovation spaces, and how firms must navigate through them to innovate. The concept of innovation systems - at the regional, sectoral and national levels - have been highly influential. Previous literature developing the concept of innovation systems has stressed the importance of institutions, networks and knowledge bases at the regional, sectoral and national levels. This paper primarily draws upon an evolutionary and Schumpeterian economics perspective, in the following three senses...
2016: Journal of Evolutionary Economics
Michele Berardi
Stylized facts about statistical properties for short horizon returns in financial markets have been identified in the literature, but a satisfactory understanding for their manifestation is yet to be achieved. In this work, we show that a simple asset pricing model with representative agent is able to generate time series of returns that replicate such stylized facts if the risk aversion coefficient is allowed to change endogenously over time in response to unexpected excess returns under evolutionary forces...
2016: Journal of Evolutionary Economics
Brigitte Hoogendoorn, Cornelius A Rietveld, André van Stel
This cross-country study adopts a competing theories approach in which both a value perspective and a social capital perspective are used to understand the relation between religion and a country's business ownership rate. We distinguish among four dimensions of religion: belonging to a religious denomination, believing certain religious propositions, bonding to religious practices, and behaving in a religious manner. An empirical analysis of data from 30 OECD countries with multiple data points per country covering the period 1984-2010 suggests a positive relationship between religion and business ownership based on those dimensions that reflect the internal aspects of religiosity (i...
2016: Journal of Evolutionary Economics
Michał Ramsza
The present paper tries to answer analytically how much the reference group influence can affect an actual market share of a particular brand or product. It is found that the increase of the size of a reference group and the probability of following the majority within the reference group may lead to the temporary modest prevalence of one brand. This result requires a relatively large size of a reference group and a high probability of following the majority within the reference group. If these conditions are not satisfied the effect on the market share is negligible...
2015: Journal of Evolutionary Economics
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