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Economics and Psychology: A Survey

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  • Earl, Peter E

Abstract

This paper reviews recent literature that integrates economics and psychology, contrasting economists' views of rationality with psychologists' research on how expectations and actions are affected by problems of cognition. A subjectivist critique of "stimulus-response" approaches to psychology is presented. A discussion of the relevance of theories of motivation follows a review of literature on decision procedures used for evaluating alternatives in situations of complexity. The use of psychology in research on entrepreneurship, productivity, macroeconomic policy, and welfare and public sector economics is explored. The conclusion notes barriers to the general acceptance of a psychologically oriented approach to economics. Copyright 1990 by Royal Economic Society.

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  • Earl, Peter E, 1990. "Economics and Psychology: A Survey," Economic Journal, Royal Economic Society, vol. 100(402), pages 718-755, September.
  • Handle: RePEc:ecj:econjl:v:100:y:1990:i:402:p:718-55
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    1. Starrett, David A., 1974. "Principles of optimal location in a large homogeneous area," Journal of Economic Theory, Elsevier, vol. 9(4), pages 418-448, December.
    2. Deardorff, Alan V., 1979. "Weak links in the chain of comparative advantage," Journal of International Economics, Elsevier, vol. 9(2), pages 197-209, May.
    3. Patricia E. Beeson & Randall W. Eberts, 1987. "Identifying amenity and productivity cities using wage and rent differentials," Economic Review, Federal Reserve Bank of Cleveland, issue Q III, pages 16-25.
    4. Dornbusch, Rudiger & Fischer, Stanley & Samuelson, Paul A, 1977. "Comparative Advantage, Trade, and Payments in a Ricardian Model with a Continuum of Goods," American Economic Review, American Economic Association, vol. 67(5), pages 823-839, December.
    5. Bowen, Harry P & Leamer, Edward E & Sveikauskas, Leo, 1987. "Multicountry, Multifactor Tests of the Factor Abundance Theory," American Economic Review, American Economic Association, vol. 77(5), pages 791-809, December.
    6. Rauch, James E., 1989. "Increasing returns to scale and the pattern of trade," Journal of International Economics, Elsevier, vol. 26(3-4), pages 359-369, May.
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