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Is ‘new’ behavioral economics ‘mainstream’?

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  • Alexandre Truc

Abstract

When comparing ‘new’ and ‘old’ behavioral economics (BE), many argue that ‘new’ BE has close ties with what is often called ‘mainstream’ economics. The aim of this paper is to reframe the ‘old’ vs. ‘new’ BE debate and investigate the nature of the relationship between psychologists, behavioral economists, and ‘mainstream’ economists. This will lead us to develop the concept of ‘space of interaction’, building on Galison’s metaphor of ‘trading zones’, to emphasize the role of outsiders, strategic thinking, and negotiation in ‘new’ BE. By discussing some often implicit arguments in an otherwise disconnected literature, we seek to bring new arguments to the discussions through a careful study of those relationships in the history of ‘new’ BE and its more recent developments. Leaving aside the orthodox/heterodox contrast and comparative approaches, we hope to provide a different account of the changes in ‘new’ BE and its relationship with the ‘mainstream’.

Suggested Citation

  • Alexandre Truc, 2018. "Is ‘new’ behavioral economics ‘mainstream’?," Journal of Economic Methodology, Taylor & Francis Journals, vol. 25(1), pages 83-104, January.
    • Handle: RePEc:taf:jecmet:v:25:y:2018:i:1:p:83-104
    DOI: 10.1080/1350178X.2017.1407436
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