The second wave of evolutionary economics in biology

Abstract

Several core issues in economics and biology overlap substantially. At the theoretical level, these include analogies and differences among rational choice, learning, genetic evolution and cultural evolution. At the empirical level, they include the structure of decision making, its neural basis and, more generally, human nature. We illustrate here the increasingly important collaboration between economics and biology with several characteristic examples, including signaling, markets, statistical reasoning, cooperation, punishment, reputation and social norms. In contrast to the mutual borrowing of ideas during the 1970s and 1980s, we now see the joint exploration of empirical and theoretical issues by biologists and economists that constitutes a second wave of interactions between the two disciplines. © 2005 Elsevier Ltd. All rights reserved.