Related Experiment Video
Updated: Nov 2, 2025
08:24
The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies
Published on: August 25, 2023
887
Economics and Epicycles.
1Department of Management, London School of Economics and Political Science.
Summary
Standard economics, like geocentrism, is a flawed model of human behavior. Evolutionary biology offers a more accurate, unifying framework for understanding cognitive biases across species.
Area of Science:
- Behavioral Economics
- Evolutionary Biology
- Cognitive Science
Background:
- Standard economic models assume rational actors ('Econs'), which empirical studies increasingly contradict.
- Behavioral economics highlights cognitive biases and anomalies, but these are treated as mere adjustments to a flawed core model.
- Existing behavioral economics lacks a unifying theory to explain these widespread human and non-human cognitive patterns.
Purpose of the Study:
- To critique the fundamental inaccuracies of standard economic models of human behavior.
- To propose evolutionary biology as a superior, unifying framework for understanding cognitive biases.
- To demonstrate that cognitive biases are not unique to humans but are shared across species.
Main Methods:
- Comparative analysis of standard economics, behavioral economics, and evolutionary biology.
- Examination of cognitive biases identified in behavioral economics literature.
- Cross-species comparison of cognitive traits and biases.
Main Results:
- Standard economics, even with behavioral adjustments, remains fundamentally flawed in modeling human behavior.
- Cognitive biases observed in humans are also present in phylogenetically distant species, such as ants and locusts.
- Evolutionary biology provides a robust explanation for these shared cognitive biases.
Conclusions:
- The 'Econ' model is an inadequate representation of human decision-making.
- A unified model of behavior, grounded in evolutionary principles, is necessary and achievable.
- Understanding behavior requires an evolutionary perspective that transcends traditional economic frameworks.
Related Concept Videos
01:30Ellipses
37
An ellipse is formed when a right circular cone is intersected by an inclined plane that does not cut through its base. This intersection yields a closed, symmetric curve characterized by distinctive geometric properties. Most notably, an ellipse is defined as the collection of all points in a plane for which the combined distances to two fixed points—called the foci—remain constant.The ellipse features two principal axes: the major and the minor axes. The major axis is the longest...
37
01:27Eccentricity of an Ellipse
45
An ellipse is a fundamental conic section defined by the constant sum of distances from any point on its curve to two fixed points, known as the foci. This geometric property can be physically demonstrated using a pencil, string, and two pins. By anchoring the string at both ends and maintaining it taut with a pencil, one can trace the outline of an ellipse.The shape and extent of the ellipse are determined by its eccentricity, e, defined as the ratio of the distance between the center and a...
45
01:10Kepler's First Law of Planetary Motion
4.6K
In the early 17th century, German astronomer and mathematician Johannes Kepler postulated three laws for the motion of planets in the solar system. He formulated his first two laws based on the observations of his forebears, Nikolaus Copernicus and Tycho Brahe.
Polish astronomer Nikolaus Copernicus put forth a theory that stated a heliocentric model for the solar system. According to this heliocentric theory, all the planets, including Earth, orbit the Sun in circular orbits.
On the other hand,...
Polish astronomer Nikolaus Copernicus put forth a theory that stated a heliocentric model for the solar system. According to this heliocentric theory, all the planets, including Earth, orbit the Sun in circular orbits.
On the other hand,...
4.6K
01:29Kepler's Second Law of Planetary Motion
4.6K
In the early 17th century, German astronomer and mathematician Johannes Kepler postulated three laws for the motion of planets in the solar system. His first law states that all planets orbit the Sun in an elliptical orbit, with the Sun at one of the ellipse's foci. Therefore, the distance of a planet from the Sun varies throughout its revolution around the Sun.
While in an elliptical orbit, the total energy of the planet is conserved. Therefore, the planet slows down when it is at apogee and...
While in an elliptical orbit, the total energy of the planet is conserved. Therefore, the planet slows down when it is at apogee and...
4.6K
01:18Kepler's Third Law of Planetary Motion
3.7K
In the early 17th century, German astronomer and mathematician Johannes Kepler postulated three laws for the motion of planets in the solar system. In 1909, he formulated his first two laws based on the observations of his forebears, Nikolaus Copernicus and Tycho Brahe. However, in 1918, he published his third law of planetary motion, which gives a precise mathematical relationship between a planet's average distance from the Sun and the amount of time it takes to revolve around the Sun. It...
3.7K
01:16Circular Orbits and Critical Velocity for Satellites
3.1K
The Moon orbits around the Earth. In turn, the Earth (and other planets) orbit the Sun. The space directly above our atmosphere is filled with artificial satellites in orbit. One can examine the circular orbit, the simplest kind of orbit, to understand the relationship between the speed and the period of planets and satellites with respect to their positions and the bodies that they orbit.
Nicolaus Copernicus (1473-1543) first suggested that the Earth and all other planets orbit the Sun in...
Nicolaus Copernicus (1473-1543) first suggested that the Earth and all other planets orbit the Sun in...
3.1K