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Towards a living theoretical spine for (behavioural) economics

Author

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  • Gigi Foster

    () (School of Economics, University of New South Wales)

Abstract

behavioral, decision-making, microeconomic theory

Suggested Citation

  • Gigi Foster, 2018. "Towards a living theoretical spine for (behavioural) economics," Journal of Behavioral Economics for Policy, Society for the Advancement of Behavioral Economics (SABE), vol. 2(1), pages 75-81, March.
  • Handle: RePEc:beh:jbepv1:v:2:y:2018:i:1:p:75-81
    as

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    References listed on IDEAS

    as
    1. Benjamin Scheibehenne & Rainer Greifeneder & Peter M. Todd, 2010. "Can There Ever Be Too Many Options? A Meta-Analytic Review of Choice Overload," Journal of Consumer Research, Oxford University Press, vol. 37(3), pages 409-425, October.
    2. Raj Chetty, 2015. "Behavioral Economics and Public Policy: A Pragmatic Perspective," American Economic Review, American Economic Association, vol. 105(5), pages 1-33, May.
    3. Frijters,Paul, 2013. "An Economic Theory of Greed, Love, Groups, and Networks," Cambridge Books, Cambridge University Press, number 9781107026278, July - De.
    4. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
    5. Herbert Simon, 2000. "Bounded rationality in social science: Today and tomorrow," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 1(1), pages 25-39, March.
    6. Paul A. Samuelson & Harold W. McGraw & William D. Nordhaus & Orley Ashenfelter & Robert M. Solow & Stanley Fischer, 1999. "Samuelson's Economics at Fifty: Remarks on the Occasion of the Anniversary of Publication," The Journal of Economic Education, Taylor & Francis Journals, vol. 30(4), pages 352-363, December.
    7. George A. Akerlof & Rachel E. Kranton, 2000. "Economics and Identity," The Quarterly Journal of Economics, Oxford University Press, vol. 115(3), pages 715-753.
    8. Gabriel D. Carroll & James J. Choi & David Laibson & Brigitte C. Madrian & Andrew Metrick, 2009. "Optimal Defaults and Active Decisions," The Quarterly Journal of Economics, Oxford University Press, vol. 124(4), pages 1639-1674.
    9. repec:hrv:faseco:34330194 is not listed on IDEAS
    10. repec:spr:inrvec:v:64:y:2017:i:2:d:10.1007_s12232-016-0264-1 is not listed on IDEAS
    11. Bernheim, B Douglas, 1994. "A Theory of Conformity," Journal of Political Economy, University of Chicago Press, vol. 102(5), pages 841-877, October.
    12. Michael Woodford, 2012. "Prospect Theory as Efficient Perceptual Distortion," American Economic Review, American Economic Association, vol. 102(3), pages 41-46, May.
    13. Zweig, Michael, 1972. "Teaching Radical Political Economics in the Introductory Course," American Economic Review, American Economic Association, vol. 62(2), pages 434-438, May.
    14. James Andreoni & John Miller, 2002. "Giving According to GARP: An Experimental Test of the Consistency of Preferences for Altruism," Econometrica, Econometric Society, vol. 70(2), pages 737-753, March.
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    Keywords

    The past decade has witnessed an explosion in lay applications of empirical insights credited to the field of behavioural economics. Organizations in the public and private sectors have increasingly spawned sub-units with names clearly signalling behavioural economics; e.g.; behavioural insights team; ostensibly to harness the new knowledge of behavioural economics and apply it to problems of particular import to the organization or its stakeholders. In stark contrast to this impressive take-up of what behavioural economics is seen to offer by those outside the academy; the basic theory of human decision-making promulgated by academic economists for decades has not fundamentally shifted as a result of the efforts of behavioural economics researchers. This paper presents an argument for devoting effort toward the development of true theoretical advance in the core economic model of decision-making; motivated but not confined to the extensions suggested by the empirical results delivered to date by behavioural economists studying choice.;

    JEL classification:

    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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