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Adam Smith, Behavioral Economist

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Author Info

  • Nava Ashraf
  • Colin F. Camerer
  • George Loewenstein

Abstract

Adam Smith's psychological perspective in The Theory of Moral Sentiments is remarkably similar to "dual-process" frameworks advanced by psychologists, neuroscientists, and more recently by behavioral economists, based on behavioral data and detailed observations of brain functioning. It also anticipates a wide range of insights regarding phenomena such as loss aversion, willpower, and fairness that have been the focus of modern behavioral economics. This essay draws attention to some of these connections.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/089533005774357897
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Bibliographic Info

Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 19 (2005)
Issue (Month): 3 (Summer)
Pages: 131-145

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Handle: RePEc:aea:jecper:v:19:y:2005:i:3:p:131-145

Note: DOI: 10.1257/089533005774357897
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References

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Citations

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Cited by:
  1. Alberto Chong & Hugo Nopo & Vanessa Rios, 2009. "Do Welfare Programs Damage Interpersonal Trust? Experimental Evidence from Representative Samples for Four Latin American Cities," Research Department Publications 4609, Inter-American Development Bank, Research Department.
  2. Konow, James, 2008. "The Moral High Ground: An Experimental Study of Spectator Impartiality," MPRA Paper 18558, University Library of Munich, Germany.
  3. Kakarot-Handtke, Egmont, 2011. "The propensity function as formal passkey to economic action," MPRA Paper 34051, University Library of Munich, Germany.
  4. Zarri, Luca, 2010. "Behavioral economics has two 'souls': Do they both depart from economic rationality?," The Journal of Socio-Economics, Elsevier, vol. 39(5), pages 562-567, October.
  5. Weber, Elke U. & Johnson, Eric J., 2012. "Psychology and behavioral economics lessons for the design of a green growth strategy," Policy Research Working Paper Series 6240, The World Bank.
  6. Laibson, David, 1997. "Golden Eggs and Hyperbolic Discounting," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 443-77, May.
  7. Duclos, Jean-Yves, 2006. "Equity and Equality," IZA Discussion Papers 2284, Institute for the Study of Labor (IZA).
  8. Berg, Nathan & Gigerenzer, Gerd, 2010. "As-if behavioral economics: Neoclassical economics in disguise?," MPRA Paper 26586, University Library of Munich, Germany.
  9. Konow, James, 2009. "Adam Smith and Moral Knowledge," MPRA Paper 18557, University Library of Munich, Germany.
  10. Pech, Wesley & Milan, Marcelo, 2009. "Behavioral economics and the economics of Keynes," The Journal of Socio-Economics, Elsevier, vol. 38(6), pages 891-902, December.
  11. Minniti, Maria & Lévesque, Moren, 2008. "Recent developments in the economics of entrepreneurship," Journal of Business Venturing, Elsevier, vol. 23(6), pages 603-612, November.
  12. Stanton, Angela A., 2006. "Evolving Economics: Synthesis," MPRA Paper 767, University Library of Munich, Germany, revised 09 Nov 2006.
  13. Biel, Anders & Johansson-Stenman, Olof & Nilsson, Andreas, 2011. "The willingness to pay–willingness to accept gap revisited: The role of emotions and moral satisfaction," Journal of Economic Psychology, Elsevier, vol. 32(6), pages 908-917.
  14. Juan Camilo C�rdenas, 2009. "Experiments in Environment and Development," Annual Review of Resource Economics, Annual Reviews, vol. 1(1), pages 157-182, 09.
  15. Christian Wolff & Thorsten Lehnert & Cokki Versluis, 2009. "A Cumulative Prospect Theory Approach to Option Pricing," LSF Research Working Paper Series 09-03, Luxembourg School of Finance, University of Luxembourg.

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