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(Non-) Behavioral Economics - A Programmatic Assessment

Author

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  • Werner Güth

    () (Max Planck Institute of Economics, Strategic Interaction Group, Jena, Germany)

Abstract

Economic theory has evolved without paying proper attention to behavioral approaches, especially to social, economic, and cognitive psychology. This has recently changed by including behavioral economics courses in many doctoral study programs. Although this new development is most welcome, the typical topics of the behavioral economics courses are not truly behavioral. More specifically, we question whether eoclassical repairs or game fitting exercises as well as more or less mechanic adaptation processes qualify as behavioral approaches. To avoid criticizing without offering alternatives, we suggest some truly behavioral concepts, especially the satisficing approach.

Suggested Citation

  • Werner Güth, 2007. "(Non-) Behavioral Economics - A Programmatic Assessment," Jena Economic Research Papers 2007-099, Friedrich-Schiller-University Jena.
  • Handle: RePEc:jrp:jrpwrp:2007-099
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    File URL: http://zs.thulb.uni-jena.de/receive/jportal_jparticle_00083608
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    Keywords

    (Un)Bounded rationality; Satisficing; Learning; Experimental and Behavioral Economics;

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior

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