The standard socio-economic science model (SSSM) assumes very considerable cognitive powers on behalf of its individual agents. Agents are able both to gather a large amount of information and to process this efficiently so that they can carry out maximising behaviour. Criticisms of this approach are widespread, even within the discipline of economics itself. We set up agent based models in whi...

The purpose of our contribution is to analyse the notion of routine as it is developed in recent economic literature in the light of two past economists, Joseph Schumpeter and Ludwig von Mises. We will focus on one peculiar feature put forward by the two Austrian economists, namely, on the distinction between adaptive / routine-minded behaviour on one side, and active / creative behaviour on th...

Ethology, the evolutionary science of behaviour, assumes that natural selection shapes behaviour and its neural substrates in humans and other animals. In this view, the nervous system of any animal comprises a suite of morphological and behavioural adaptations for solving specific information processing problems posed by the physical or social environment. Since the allocation of behaviour oft...

This paper investigates the impacts of the liberalisation of the European electricity market. We apply a game theoretic modelling framework in order to assess the economic consequences of different market behaviour. It turns out that, because of different developments of European countries, some countries benefit substantially by strategic market behaviour whereas others could also profit from ...

Against the background of diverse food scandals this article investigates the role of trust as a determinant of consumer behaviour in Germany. As empirical analyses indicate the impact of trust on consumer behaviour in a quotidian and presumably safe setting is to be neglected. In the environment of a food scandal, however, trust proves to be a crucial element with regard to a more in-depth und...

This paper examines retirement behaviour and household income for older persons in Chile. It pays close attention to the sources of household income, income inequalities, and the economic vulnerability of older persons. This is important in order to evaluate whether labour market and social security reform in Latin America will improve the welfare of older groups, and especially their vulnerabi...