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The Historical Development of Hierarchical Behavior in Economic Thought

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  • Drakopoulos, S. A.
  • Karayiannis, A. D.

Abstract

One of the basic ideas underlying the established conception of rational behavior is the unlimited substitutability of preferences. Economic agents are assumed to compare and reduce everything to a common denominator: utility. The most obvious example of such preferences can be found in standard consumer theory where complete substitutability of every good is assumed in the sense that a loss of some units of one bundle can always be compensated by gain of some units of another commodity (such preferences are sometimes called Archimedian—see Borch 1968). This conception of preferences has a long history in economic thought and forms the basis of the standard rational choice theory (Hicks and Allen 1934, Samuelson 1938, Hicks 1946, Houthakker 1950).

Suggested Citation

  • Drakopoulos, S. A. & Karayiannis, A. D., 2004. "The Historical Development of Hierarchical Behavior in Economic Thought," Journal of the History of Economic Thought, Cambridge University Press, vol. 26(3), pages 363-378, September.
    • Handle: RePEc:cup:jhisec:v:26:y:2004:i:03:p:363-378_00
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    Cited by:

    1. Drakopoulos, Stavros A. & Karayiannis, Anastassios, 2007. "The Paradox of Happiness: Evidence from the Late Pre-Classical and Classical Economic Thought," MPRA Paper 71657, University Library of Munich, Germany.
    2. Christophe Faugère, 2021. "Connectalism: A new paradigm for human choice," Systems Research and Behavioral Science, Wiley Blackwell, vol. 38(6), pages 866-889, November.
    3. Kemp-Benedict, Eric, 2013. "Material needs and aggregate demand," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 44(C), pages 16-26.
    4. Nachiketa Chattopadhyay & Amita Majumder & Dipankor Coondoo, 2009. "Demand Threshold, Zero Expenditure And Hierarchical Model Of Consumer Demand," Metroeconomica, Wiley Blackwell, vol. 60(1), pages 91-118, February.
    5. Drakopoulos, Stavros A. & Karayiannis, Anastassios, 2006. "The Conceptual Roots of Work Effort in Pre-classical and Classical Economic Thought," MPRA Paper 14050, University Library of Munich, Germany.
    6. Brendan Markey-Towler, 2017. "How to win customers and influence people: Ameliorating the barriers to inducing behavioural change," Journal of Behavioral Economics for Policy, Society for the Advancement of Behavioral Economics (SABE), vol. 1(S), pages 27-32, November.
    7. Brendan Markey‐Towler, 2019. "The New Microeconomics: A Psychological, Institutional, and Evolutionary Paradigm with Neoclassical Economics as a Special Case," American Journal of Economics and Sociology, Wiley Blackwell, vol. 78(1), pages 95-135, January.
    8. Earl, Peter E. & Wakeley, Tim, 2010. "Economic perspectives on the development of complex products for increasingly demanding customers," Research Policy, Elsevier, vol. 39(8), pages 1122-1132, October.
    9. Drakopoulos, Stavros, 2011. "Hierarchical Needs, Income Comparisons and Happiness Levels," MPRA Paper 48343, University Library of Munich, Germany.
    10. Stavros Drakopoulos, 2008. "The paradox of happiness: towards an alternative explanation," Journal of Happiness Studies, Springer, vol. 9(2), pages 303-315, June.
    11. Drakopoulos, Stavros A. & Grimani, Katerina, 2013. "Maslow’s Needs Hierarchy and the Effect of Income on Happiness Levels," MPRA Paper 50987, University Library of Munich, Germany.

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