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Decision Making under Ecological Regime Shift: An Experimental Economic Approach

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  • Kawata, Yukichika

Abstract

Environmental economics postulates the assumption of homo economicus and presumes that externality occurs as a result of the rational economic activities of economic agents. This paper examines this assumption using an experimental economic approach in the context of regime shift, which has been receiving increasing attention. We observe that when externality does not exist, economic agents (subjects of experimemt) act economically rationally, but when externality exists, economic agents avoid the risk of a regime shift that would have negative consequences for others. Our results suggest that environmental economics may have to reconsider the assumption of homo economicus.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 30016.

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Date of creation: 01 Apr 2011
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Handle: RePEc:pra:mprapa:30016

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Keywords: homo economicus; unboundedly rational economic agents; regime shift; experimental economics;

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  1. Robert H. Frank & Thomas Gilovich & Dennis T. Regan, 1993. "Does Studying Economics Inhibit Cooperation?," Journal of Economic Perspectives, American Economic Association, vol. 7(2), pages 159-171, Spring.
  2. Robert H. Frank & Thomas D. Gilovich & Dennis T. Regan, 1996. "Do Economists Make Bad Citizens?," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 187-192, Winter.
  3. Venkatachalam, L., 2008. "Behavioral economics for environmental policy," Ecological Economics, Elsevier, vol. 67(4), pages 640-645, November.
  4. Bastien, Carlos & Cardoso, Jose Luis, 2007. "From homo economicus to homo corporativus: A neglected critique of neoclassical economics," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 36(1), pages 118-127, February.
  5. Becker, Christian, 2006. "The human actor in ecological economics: Philosophical approach and research perspectives," Ecological Economics, Elsevier, vol. 60(1), pages 17-23, November.
  6. Daniel Kahneman, 2003. "Maps of Bounded Rationality: Psychology for Behavioral Economics," American Economic Review, American Economic Association, vol. 93(5), pages 1449-1475, December.
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