(Non-) Behavioral Economics - A Programmatic Assessment
Max Planck Institute of Economics; CESifo (Center for Economic Studies and Ifo Institute)
December 4, 2007
Jena Economic Research Paper No. 2007-099
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 neoclassical 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.
Number of Pages in PDF File: 22
Keywords: (Un)Bounded rationality, Satisficing, Learning, Experimental and Behavioral Economics
JEL Classification: A11, B41, B52, C72, C91
Date posted: December 6, 2007
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