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Classical microeconomics is intended to explain how a price
system is able to coordinate the economic agents. But even if it
can be extended to incomplete information and externalities, it
remains grounded on very heroic assumptions. Agents are endowed
with a very strong rationality, equilibrium is stated without a
concrete process to achieve it, market is the unique institution
considered. Evolutionary microeconomics is aimed at bypassing these
limitations by considering a dynamic approach, however not
biologically oriented. Agents have local information and bounded
rationality, they are involved in explicit processes of
interactions through time, various institutions sustain the market
or substitute to it. It explains then some phenomena hardly
explained by classical microeconomics: dispersion of prices,
variety of industrial structures, financial bubbles.
Classical microeconomics is intended to explain how a price
system is able to coordinate the economic agents. But even if it
can be extended to incomplete information and externalities, it
remains grounded on very heroic assumptions. Agents are endowed
with a very strong rationality, equilibrium is stated without a
concrete process to achieve it, market is the unique institution
considered. Evolutionary microeconomics is aimed at bypassing these
limitations by considering a dynamic approach, however not
biologically oriented. Agents have local information and bounded
rationality, they are involved in explicit processes of
interactions through time, various institutions sustain the market
or substitute to it. It explains then some phenomena hardly
explained by classical microeconomics: dispersion of prices,
variety of industrial structures, financial bubbles.
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