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Social exchange theory is a sociological and psychological theory that studies the social behavior in the interaction of two parties that implement a cost-benefit analysis to determine risks and benefits. The theory also involves economic relationships—the cost-benefit analysis occurs when each party has goods that the other parties value. [ 1]
E. O. Wilson defined sociobiology as "the extension of population biology and evolutionary theory to social organization". [ 6] Sociobiology is based on the premise that some behaviors (social and individual) are at least partly inherited and can be affected by natural selection. [ 7] It begins with the idea that behaviors have evolved over ...
Behavioral economics is the study of the psychological, cognitive, emotional, cultural and social factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by classical economic theory. [ 1][ 2] Behavioral economics is primarily concerned with the bounds of rationality of economic agents.
Evolutionary economics is a school of economic thought that is inspired by evolutionary biology.Although not defined by a strict set of principles and uniting various approaches, it treats economic development as a process rather than an equilibrium and emphasizes change (qualitative, organisational, and structural), innovation, complex interdependencies, self-evolving systems, and limited ...
Trade-off. A trade-off (or tradeoff) is a situational decision that involves diminishing or losing on quality, quantity, or property of a set or design in return for gains in other aspects. In simple terms, a tradeoff is where one thing increases, and another must decrease. Tradeoffs stem from limitations of many origins, including simple ...
Nudge theory is a concept in behavioral economics, decision making, behavioral policy, social psychology, consumer behavior, and related behavioral sciences [1] [2] ...
At the time Thaler's conceptualisation of the endowment effect was in direct contrast to that of accepted economic theory, which assumed humans were completely rational when making decisions. Through his contrasting viewpoint, Thaler was able to offer a clearer understanding of how humans make economic decisions. [18]
Mate value. Mate value is derived from Charles Darwin 's theory of evolution and sexual selection, as well as the social exchange theory of relationships. [1] [2] Mate value is defined as the sum of traits that are perceived as desirable, representing genetic quality and/or fitness, an indication of a potential mate's reproductive success. [2 ...