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Economic Decisions by Approved Principles: Rules of Thumb as Behavioral Guidelines

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  • Walter Buhr

    ()

  • Thomas Christiaans

    ()

Abstract

We discuss the relevance of the concept of rational behavior in economic theory and suggest, on the basis of modern brain research results, to abstain from this notion and instead to apply behavioral rules of thumb in decision-making, especially if these rules can be derived from rational problem solutions determined by individual economic agents. We give an example for our point of view which refers to a contribution by Baumol and Quandt on the pricing behavior of a monopolistic firm and which also emphasizes the general importance of dynamic analysis in economics.

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Bibliographic Info

Paper provided by Universität Siegen, Fakultät Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht in its series Volkswirtschaftliche Diskussionsbeiträge with number 89-00.

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Date of creation: Aug 2000
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Handle: RePEc:sie:siegen:89-00

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Cited by:
  1. Thomas Christiaans, 2001. "Economic Growth, the Mathematical Pendulum, and a Golden Rule of Thumb," Volkswirtschaftliche Diskussionsbeiträge 94-01, Universität Siegen, Fakultät Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht.
  2. Thomas Christiaans, 2001. "Economic Growth, a Golden Rule of Thumb, and Learning by Doing," Volkswirtschaftliche Diskussionsbeiträge 95-01, Universität Siegen, Fakultät Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht.

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