(Non-) Behavioral Economics - A Programmatic Assessment

22 Pages Posted: 6 Dec 2007  

Werner Guth

Max Planck Institute of Economics; CESifo (Center for Economic Studies and Ifo Institute)

Date Written: December 4, 2007

Abstract

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

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

Werner Güth (Contact Author)

Max Planck Institute of Economics ( email )

Kahlaische Strasse 10
D-07745 Jena, 07745
Germany

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

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