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Face to Face to Human Being: Achievements and Challenges of Behavioral Economics

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  • Belianin, A.

    (International College of Economics and Finance, National Research University Higher School of Economics, Moscow, Russia
    Institute for World Economy and International Relations, Russian Academy of Sciences, Moscow, Russia)

Abstract

In the paper we survey the recent developments in a quickly growing area of behavioral economics, which combines methodological principles of economics with insights from cognitive and social psychology to offer new perspective and shed new light into the patterns and origins of human decisions, many of which appear puzzling from traditional economics viewpoints. We survey theories of individual decision, behavioral game-theories and their applications to economic problems. Separate attention is drawn to experimetrics - a new instrumental discipline which combines behavioural economic theories and econometric estimations of structural utility functions of individual participants of experimental studies. We conclude by indicating several directions for future research, as well as some insights from interdisciplinary and cross-cultural studies.

Suggested Citation

  • Belianin, A., 2017. "Face to Face to Human Being: Achievements and Challenges of Behavioral Economics," Journal of the New Economic Association, New Economic Association, vol. 34(2), pages 166-175.
  • Handle: RePEc:nea:journl:y:2017:i:34:p:166-175
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    More about this item

    Keywords

    behavioral economics; bounded rationality; experiments;
    All these keywords.

    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • C9 - Mathematical and Quantitative Methods - - Design of Experiments

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