Behavioral Economics and Its Applications Edited by Peter Diamond & Hannu Vartiainen

See on Scoop.itBounded Rationality and Beyond

Over the last decade or so, behavioral economics has fundamentally changed the way economists conceptualize the world. Behavioral economics is an umbrella of approaches that seek to extend the standard economics framework to account for relevant features of human behavior that are absent in the standard economics framework.2 Typically, this calls for borrowing from the neighboring social sciences, particularly from psychology and sociology. The emphasis is on well-documented empirical findings: at the core of behavioral economics is the conviction that making our model of an economic man more accurate will improve our understanding of economics, thereby making the discipline more useful.

It is natural for such an endeavor to begin as a subdiscipline—one that catalogs anomalies and explores alternative ways to model choice, with applications illustrating the workings of such models. A more ambitious role for behaviorally based insights is to effect how researchers in applied fields make both positive and normative analyses. By and large, this is the arena in which the usefulness of new ideas is eventually evaluated. In the long run, one expects the arguments, if useful, to be integrated into the mainstream literature.

See on press.princeton.edu

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