Adapting, Learning, Economizing and Economic Evolution
28 Pages Posted: 4 Dec 2001
Date Written: 2001
This paper outlines the basic concepts of adaptation, learning, and evolution and their relationship to equilibrium and disequilibrium in economic processes. Work using these concepts in the behavioral tradition of Cyert, March and Simon is summarized. A more detailed description of economic experimentation or trial and error search is presented. This is followed by brief comments on recent developments and reflections on the implications of learning for micro and macroeconomic theory. The paper concludes with a personal tribute to Richard Cyert.
Keywords: Adaptive Economics, Learning, Economic Behavior, Economic Theory
JEL Classification: D0
Suggested Citation: Suggested Citation