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The Nobel Prize in behavioral and experimental economics: a contextual and critical appraisal of the contributions of Daniel Kahneman and Cernon Smith

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  • Morris Altman

Abstract

Daniel Kahneman and Vernon Smith were the joint recipients of the 2002 Nobel Prize in Economics. Kahneman's work challenges the assumption that individuals behave in a manner consistent with conventional economic wisdom. He maintains that individuals tend to be systematically error prone and possibly irrational. Smith, on the other hand, developed experiments and experimental environments to test hypotheses emanating from the conventional economic wisdom. Smith finds that, in spite of Kahneman's work, economic agents are rational and that economies are efficient. These differing views are discussed and placed in the context of the methodological and public policy debates in economics.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Review of Political Economy.

Volume (Year): 16 (2004)
Issue (Month): 1 ()
Pages: 3-41

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Handle: RePEc:taf:revpoe:v:16:y:2004:i:1:p:3-41

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Cited by:
  1. James, Simon, 2010. "Combining the contributions of behavioral economics and other social sciences in understanding taxation and tax reform," MPRA Paper 26289, University Library of Munich, Germany.
  2. Giocoli, Nicola, 2005. "Mathematics as the role model for neoclassical economics (Blanqui Lecture)," MPRA Paper 33806, University Library of Munich, Germany.

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