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Economics, psychology and the history of consumer choice theory

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  • D. Wade Hands

Abstract

This paper examines elements of the complex place/role/influence of psychology in the history of consumer choice theory. The paper reviews, and then challenges, the standard narrative that psychology was 'in' consumer choice theory early in the neoclassical revolution, then strictly 'out' during the ordinal and revealed preference revolutions, now (possibly) back in with recent developments in experimental, behavioural and neuroeconomics. The paper uses the work of three particular economic theorists to challenge this standard narrative and then provides an alternative interpretation of the history of the relationship between psychology and consumer choice theory. Copyright The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

Suggested Citation

  • D. Wade Hands, 2010. "Economics, psychology and the history of consumer choice theory," Cambridge Journal of Economics, Oxford University Press, vol. 34(4), pages 633-648.
  • Handle: RePEc:oup:cambje:v:34:y:2010:i:4:p:633-648
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    File URL: http://hdl.handle.net/10.1093/cje/bep045
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    Cited by:

    1. Ivan Moscati, 2012. "How cardinal utility entered economic analysis during the Ordinal RevolutionLength: 31 pages," Economics and Quantitative Methods qf1205, Department of Economics, University of Insubria.
    2. D. Wade Hands, 2012. "The Rise and Fall of Walrasian Microeconomics: The Keynesian Effect," Chapters,in: Microfoundations Reconsidered, chapter 3 Edward Elgar Publishing.
    3. Fellner, Wolfgang & Goehmann, Benedikt, 2017. "Human Needs and the Measurement of Welfare," SRE-Discussion Papers 5671, WU Vienna University of Economics and Business.
    4. Wolfgang Fellner & Benedikt Goehmann, 2017. "Human Needs and the Measurement of Welfare," SRE-Disc sre-disc-2017_07, Institute for Multilevel Governance and Development, Department of Socioeconomics, Vienna University of Economics and Business.
    5. Beaudreau, Bernard C., 2012. "A humanistic theory of economic behavior," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(2), pages 222-234.
    6. Norbert Hirschauer & Mira Lehberger & Oliver Musshoff, 2015. "Happiness and Utility in Economic Thought—Or: What Can We Learn from Happiness Research for Public Policy Analysis and Public Policy Making?," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 121(3), pages 647-674, April.
    7. Pessali, Huascar & Berger, Bruno, 2010. "A teoria da perspectiva e as mudanças de preferência no mainstream: um prospecto lakatoseano
      [Prospect theory and preference change in the mainstream of economics: a Lakatosian prospect]
      ," MPRA Paper 26104, University Library of Munich, Germany.
    8. Odermatt, Reto & Stutzer, Alois, 2017. "Subjective Well-Being and Public Policy," IZA Discussion Papers 11102, Institute for the Study of Labor (IZA).
    9. D. Wade Hands, 2009. "Effective Tension in Robbins' Economic Methodology," Economica, London School of Economics and Political Science, vol. 76(s1), pages 831-844, October.
    10. Drakopoulos, Stavros A. & Katselidis, Ioannis, 2017. "The Relationship between Psychology and Economics: Insights from the History of Economic Thought," MPRA Paper 77485, University Library of Munich, Germany.
    11. Dorian Jullien, 2013. "Asian Disease-type of Framing of Outcomes as an Historical Curiosity," GREDEG Working Papers 2013-47, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis.

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