Economic Decisions by Approved Principles: Rules of Thumb as Behavioral Guidelines
We discuss the relevance of the concept of rational behavior in economic theory and suggest, on the basis of modern brain research results, to abstain from this notion and instead to apply behavioral rules of thumb in decision-making, especially if these rules can be derived from rational problem solutions determined by individual economic agents. We give an example for our point of view which refers to a contribution by Baumol and Quandt on the pricing behavior of a monopolistic firm and which also emphasizes the general importance of dynamic analysis in economics.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
|Date of creation:||Aug 2000|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: ++49 (0)271 740-3139
Fax: ++49 (0)271 740-2590
Web page: http://www.uni-siegen.de/fb5/vwl/research/diskussionsbeitraege/Email:
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:sie:siegen:89-00. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael Gail)
If references are entirely missing, you can add them using this form.