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
Date Written: June 7, 2013
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: Suggested Citation