(Non-) Behavioral Economics - A Programmatic Assessment

22 Pages Posted: 6 Dec 2007

See all articles by Werner Güth

Werner Güth

Max Planck Institute for Research on Collective Goods; Luiss Guido Carli University

Date Written: December 4, 2007


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.

Keywords: (Un)Bounded rationality, Satisficing, Learning, Experimental and Behavioral Economics

JEL Classification: A11, B41, B52, C72, C91

Suggested Citation

Güth, 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

Werner Güth (Contact Author)

Max Planck Institute for Research on Collective Goods

Kurt-Schumacher-Str. 10
D-53113 Bonn, 53113

Luiss Guido Carli University ( email )

Via O. Tommasini 1
Rome, Roma 00100

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