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Ordinaries 8

Author

Listed:
  • Terence C. Burnham

    (Chapman University)

  • Jay Phelan

    (UCLA)

Abstract

The “cashew conundrum” is a seminal event in the history of economics. Professor Richard Thaler observed that his guests were happier not having the option to consume pre-dinner cashews. The fact that people can be happier with fewer options directly contradicts core assumptions in neoclassical economics, and is labeled an “anomaly” by behavioral economics. Far from being surprising, the cashew phenomenon is predicted by biological methods for understanding behavior. The cashew conundrum is not an anomaly, but rather an ordinary.

Suggested Citation

  • Terence C. Burnham & Jay Phelan, 2022. "Ordinaries 8," Journal of Bioeconomics, Springer, vol. 24(1), pages 1-35, April.
    • Handle: RePEc:kap:jbioec:v:24:y:2022:i:1:d:10.1007_s10818-022-09324-4
    DOI: 10.1007/s10818-022-09324-4
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    References listed on IDEAS

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    1. Thaler, Richard H, 1987. "The January Effect," Journal of Economic Perspectives, American Economic Association, vol. 1(1), pages 197-201, Summer.
    2. Terence C. Burnham, 2016. "Economics and evolutionary mismatch: humans in novel settings do not maximize," Journal of Bioeconomics, Springer, vol. 18(3), pages 195-209, October.
    3. Milton Friedman & L. J. Savage, 1948. "The Utility Analysis of Choices Involving Risk," Journal of Political Economy, University of Chicago Press, vol. 56, pages 279-279.
    4. Septianto, Felix & Kemper, Joya & Paramita, Widya, 2019. "The role of imagery in promoting organic food," Journal of Business Research, Elsevier, vol. 101(C), pages 104-115.
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