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How mindless is standard economics really?

Author

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  • Burkhard C. Schipper

    (Department of Economics, University of California Davis)

Abstract

Contrary to claims by Gul and Pesendorfer (2008), I show that standard economics makes use of non-choice evidence in a meaningful way. This is because standard economics solely grounded in the theory of choice is ""incomplete"". That is, it has content that cannot be revealed with any general choice procedure.

Suggested Citation

  • Burkhard C. Schipper, 2009. "How mindless is standard economics really?," Working Papers 14, University of California, Davis, Department of Economics.
    • Handle: RePEc:cda:wpaper:14
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    File URL: https://repec.dss.ucdavis.edu/files/Qd5yqCUwtKFrutuyVAFbFVMd/09-17.pdf
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    References listed on IDEAS

    as
    1. Caplin, Andrew & Schotter, Andrew, 2008. "The Foundations of Positive and Normative Economics: A Handbook," OUP Catalogue, Oxford University Press, number 9780195328318, Decembrie.
    2. Faruk Gul & Wolfgang Pesendorfer, 2001. "Temptation and Self-Control," Econometrica, Econometric Society, vol. 69(6), pages 1403-1435, November.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Christopher P. Chambers & Federico Echenique & Eran Shmaya, 2014. "The Axiomatic Structure of Empirical Content," American Economic Review, American Economic Association, vol. 104(8), pages 2303-2319, August.

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    More about this item

    Keywords

    revealed preference; theory of choice; neuroeconomics; non-choice evidence; machines;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General
    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
    • D60 - Microeconomics - - Welfare Economics - - - General
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D87 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Neuroeconomics

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