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How can a psychologist inform economics? The strange case of Sidney Siegel

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Author Info
Alessandro Innocenti ()

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Abstract

Before 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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Paper 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.

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Date of creation: Jul 2008
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Handle: RePEc:usi:depfid:0808

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Related research
Keywords: 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 Thought: Individuals - - - General
C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General

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    Other versions:
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  12. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April. [Downloadable!] (restricted)
  13. Frederick Mosteller & Philip Nogee, 1951. "An Experimental Measurement of Utility," Journal of Political Economy, University of Chicago Press, vol. 59, pages 371. [Downloadable!] (restricted)
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