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(Non-) Behavioral Economics - A Programmatic Assessment

Werner Guth

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

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Date posted: December 6, 2007  

Suggested Citation

Guth, Werner, (Non-) Behavioral Economics - A Programmatic Assessment (December 4, 2007). Jena Economic Research Paper No. 2007-099. Available at SSRN: https://ssrn.com/abstract=1053941 or http://dx.doi.org/10.2139/ssrn.1053941

Contact Information

Werner Güth (Contact Author)
Max Planck Institute of Economics ( email )
Kahlaische Strasse 10
D-07745 Jena, 07745
CESifo (Center for Economic Studies and Ifo Institute)
Poschinger Str. 5
Munich, DE-81679

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