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Adaptive economic behavior in the context of institutional changes

Adaptive economic behavior in the context of institutional changes

Journal of Economic Regulation, , Vol. 3 (no. 3),
p. 73-79

In an evolutionary perspective the actors behavior associated with adaptation to the existing institutional conditions that shape the space of possible actions and influence the formation and training of behavioral patterns. In the paper the dichotomy of institutions and economic behavior of causal relationships are examined with the premise of adaptive rationality as the most suitable for the analysis of behavior in terms of qualitative institutional dynamics in the context of the evolutionary approach.

Keywords: economic behavior; adaptive rationality; institutional changes; institutional controls; evolutionary economics; behavioral economics

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