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Behavioral economics: A methodological note

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  • Etzioni, Amitai
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    Abstract

    When a theory faces a set of facts that are not compatible with its key assumptions, there are several ways it might respond. In response to the challenge posed by behavioral economics, neoclassical economics has attempted numerous different approaches. After briefly reviewing these responses, this paper turns to argue in favor of one of them.

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    File URL: http://www.sciencedirect.com/science/article/B6V8H-4XCYJ8R-1/2/34e56aa7cdefb65b93d946fd997da64e
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Economic Psychology.

    Volume (Year): 31 (2010)
    Issue (Month): 1 (February)
    Pages: 51-54

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    Handle: RePEc:eee:joepsy:v:31:y:2010:i:1:p:51-54

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    Web page: http://www.elsevier.com/locate/joep

    Related research

    Keywords: Behavioral economics Neoclassical economics Economic theory Rational behavior Economic methodology;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65, pages 135.
    2. Cipriani Marco & Guarino Antonio, 2008. "Herd Behavior and Contagion in Financial Markets," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 8(1), pages 1-56, October.
    3. Gary S. Becker, 1974. "Crime and Punishment: An Economic Approach," NBER Chapters, in: Essays in the Economics of Crime and Punishment, pages 1-54 National Bureau of Economic Research, Inc.
    4. Rabin, Matthew, 1993. "Incorporating Fairness into Game Theory and Economics," American Economic Review, American Economic Association, vol. 83(5), pages 1281-1302, December.
    5. Marco Cipriani & Antonio Guarino, 2005. "Herd Behavior in a Laboratory Financial Market," American Economic Review, American Economic Association, vol. 95(5), pages 1427-1443, December.
    6. George J. Stigler, 1961. "The Economics of Information," Journal of Political Economy, University of Chicago Press, vol. 69, pages 213.
    7. Daniel Kahneman, 2003. "Maps of Bounded Rationality: Psychology for Behavioral Economics," American Economic Review, American Economic Association, vol. 93(5), pages 1449-1475, December.
    8. Stigler, George J & Becker, Gary S, 1977. "De Gustibus Non Est Disputandum," American Economic Review, American Economic Association, vol. 67(2), pages 76-90, March.
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Behavioral economics: A methodological note
      by Alessandro Cerboni in Knowledge Team on 2013-12-31 19:16:09
    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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    Cited by:
    1. Charles G. Leathers & J. Patrick Raines, 2012. "Intuitive psychology, natural experiments, and the Greenspan-Bernanke conceptual framework for responding to financial crises," International Journal of Social Economics, Emerald Group Publishing, vol. 39(4), pages 281-295, March.

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