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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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    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. George J. Stigler, 1961. "The Economics of Information," Journal of Political Economy, University of Chicago Press, vol. 69, pages 213.
    2. Gary S. Becker, 1968. "Crime and Punishment: An Economic Approach," Journal of Political Economy, University of Chicago Press, vol. 76, pages 169.
    3. repec:feb:natura:0056 is not listed on IDEAS
    4. Marco Cipriani & Antonio Guarino, . "Herd Behavior and Contagion in Financial Markets," Working Papers 2010-01, The George Washington University, Institute for International Economic Policy.
    5. Matthew Rabin., 1992. "Incorporating Fairness into Game Theory and Economics," Economics Working Papers 92-199, University of California at Berkeley.
    6. Marco Cipriani & Antonio Guarino, 2005. "Herd Behavior in a Laboratory Financial Market," Experimental 0502002, EconWPA.
    7. Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65, pages 135.
    8. Daniel Kahneman, 2003. "Maps of Bounded Rationality: Psychology for Behavioral Economics," American Economic Review, American Economic Association, vol. 93(5), pages 1449-1475, December.
    9. 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
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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.
    2. Ottaviani, Cristina & Vandone, Daniela, 2011. "Impulsivity and household indebtedness: Evidence from real life," Journal of Economic Psychology, Elsevier, vol. 32(5), pages 754-761.

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