How can a psychologist inform economics? The strange case of Sidney Siegel
AbstractBefore Kahneman and Tversky showed how behavioural economics could bring psychology and economics into a unified framework, in the 1950s a social psychologist, Sidney Siegel, entered the realm of economics and laid the foundation of experimental economics. This paper gives an assessment of Siegel’s overall contribution and claims that Siegel was not only a pioneer of experimental economics but also of behavioural economics. Had his view on the integration of psychology and economics been more promptly received, it might have triggered a different and more successfully path to the injection of greater realism in economics. When Siegel died, his approach to integrate psychology and economics lost its main advocate. Although his legacy was paramount in the work of the Nobel Prize Vernon Smith, Siegel endorsed a quite different approach to how make interdisciplinary research effective.
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Bibliographic InfoPaper provided by Department of Economic Policy, Finance and Development (DEPFID), University of Siena in its series Department of Economic Policy, Finance and Development (DEPFID) University of Siena with number 0808.
Date of creation: Jul 2008
Date of revision:
economics; psychology; behavioural economics; bargaining theory; utility theory.;
Find related papers by JEL classification:
- B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
- B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General
- C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-10-07 (All new papers)
- NEP-CBE-2008-10-07 (Cognitive & Behavioural Economics)
- NEP-EVO-2008-10-07 (Evolutionary Economics)
- NEP-EXP-2008-10-07 (Experimental Economics)
- NEP-HIS-2008-10-07 (Business, Economic & Financial History)
- NEP-HPE-2008-10-07 (History & Philosophy of Economics)
- NEP-PKE-2008-10-07 (Post Keynesian Economics)
- NEP-UPT-2008-10-07 (Utility Models & Prospect Theory)
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