From a theoretical point of view, addressing the adoption of novelty and change in consumption is a topic of major interest since it challenges the axiomatic foundations of modern microeconomics. Starting from the “continuity hypothesis” which considers the evolution of culture to be based...

Is new market creation a search and selectionprocess within the theoretical space of all possible markets? Or is it the outcome of a process of transformation of extant realities into new possibilities? In this article we consider new market creation as a process involving a new network of...

This paper presents a relationship between evolutionary game dynamics and distributed recency-weighted Monte Carlo learning. After reviewing some existing theories of replicator dynamics and agent-based Monte Carlo learning, we provide proofs of the formulation-level equivalence between these...

In a study of European growth in the interwar period, the Swedish economist Ingvar Svennilson integrated a Keynesian theory of demand-led cumulative growth with a Schumpeterian analysis of transformation. Today, Svennilson is seen, together with the Schumpeterian economists Johan Åkerman and...

This study attempts to explore how an industry evolves over time based on a case study of the motorcycle industry in Japan from 1948 to 1964. Using individual firm data, we estimate the determinants of technology improvement and firm growth separately for different development phases, after...

Dynamic economic theory and evolutionary economics are both subject to the trade-off between explanation power and accounting for novelty. The present paper makes a contribution to filling in this gap basing on a general equilibrium model including production and taxes. Our notion of an "open...

Given the significance of technology in the course of socio-economic evolution, the driving forces behind the continuous accretion of technological knowledge deserve particular attention. This paper suggests a hypothesis about the motivational underpinnings of human technological creativity that...

The aim of this paper is to analyze the selection of routines inside an organizational structure characterized by different cognitive representations and facing hierarchical pressure leading to either truce or conflict. After a brief discussion of the role of hierarchy and the related problems...

Competitive diffusion of two incompatible technologies, such as PC vs. Macintosh, VHS vs. Betamax and so on, is studied under the framework of a spatial game in which consumers are distributed on a two-dimensional square lattice network. The consumers play coordination-like games with their...