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(Non-) Behavioral Economics - A Programmatic Assessment

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  • Werner Güth

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    (Max Planck Institute of Economics, Strategic Interaction Group, Jena, Germany)

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    Abstract

    Economic theory has evolved without paying proper attention to behavioral approaches, especially to social, economic, and cognitive psychology. This has recently changed by including behavioral economics courses in many doctoral study programs. Although this new development is most welcome, the typical topics of the behavioral economics courses are not truly behavioral. More specifically, we question whether eoclassical repairs or game fitting exercises as well as more or less mechanic adaptation processes qualify as behavioral approaches. To avoid criticizing without offering alternatives, we suggest some truly behavioral concepts, especially the satisficing approach.

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    File URL: http://zs.thulb.uni-jena.de/receive/jportal_jparticle_00083608
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    Bibliographic Info

    Paper provided by Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics in its series Jena Economic Research Papers with number 2007-099.

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    Date of creation: 04 Dec 2007
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    Handle: RePEc:jrp:jrpwrp:2007-099

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    Related research

    Keywords: (Un)Bounded rationality; Satisficing; Learning; Experimental and Behavioral Economics;

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