title: Evolutionary thinking in microeconomic models: prestige bias and market bubbles.
abstract: Evolutionary models broadly support a number of social learning strategies likely important in economic behavior. Using a simple model of price dynamics, I show how prestige bias, or copying of famed (and likely successful) individuals, influences price equilibria and investor disposition in a way that exacerbates or creates market bubbles. I discuss how integrating the social learning and demographic forces important in cultural evolution with economic models provides a fruitful line of inquiry into real-world behavior.
authors.affiliation: Department of Anthropology, University of Utah, Salt Lake City, Utah, United States of America. adrian.bell@anthro.utah.edu
authors.forename: Adrian Viliami
authors.initials: AV
authors.lastname: Bell
mesh_terms: D015982:Bias; D005075:Biological Evolution; D003468:Cultural Evolution; D003657:Decision Making; D007858:Learning; D040541:Marketing / Q000191:economics*; D018803:Models, Economic; D013850:Thinking
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