Adapting, Learning, Economizing and Economic Evolution

28 Pages Posted: 4 Dec 2001

See all articles by Richard H. Day

Richard H. Day

University of Southern California - Department of Economics

Date Written: 2001

Abstract

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

Day, Richard H., Adapting, Learning, Economizing and Economic Evolution (2001). Available at SSRN: https://ssrn.com/abstract=290807 or http://dx.doi.org/10.2139/ssrn.290807

Richard H. Day (Contact Author)

University of Southern California - Department of Economics ( email )

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