Under Risk, Over Time, Regarding Other People: Language and Rationality within Three Dimensions

The Center for the History of Political Economy Working Paper Series, Duke University

52 Pages Posted: 13 Feb 2018

See all articles by Dorian Jullien

Dorian Jullien

Université Côte d'Azur

Nicolas Vallois

University of Picardy Jules Verne - CRIISEA

Date Written: January 25, 2018

Abstract

This paper conducts a systematic comparison of behavioral economics’s challenges to the standard accounts of economic behaviors within three dimensions: under risk, over time and regarding other people. A new perspective on two underlying methodological issues, i.e., interdisciplinarity and the positive/normative distinction, is proposed by following the entanglement thesis of Hilary Putnam, Vivian Walsh and Amartya Sen. This thesis holds that facts, values and conventions have interdependent meanings in science which can be understood by scrutinizing formal and ordinary language uses. The goal is to provide a broad and self-contained picture of how behavioral economics is changing the mainstream of economics.

Keywords: behavioral economics, economic rationality, expected utility, prospect theory, exponential discounting, hyperbolic discounting, self-interest, other-regarding behaviors, economic methodology, history of economics, philosophy of economics, economics and language

JEL Classification: A12, B21, B41, D01, D03, D81, D90, D64

Suggested Citation

Jullien, Dorian and Vallois, Nicolas, Under Risk, Over Time, Regarding Other People: Language and Rationality within Three Dimensions (January 25, 2018). The Center for the History of Political Economy Working Paper Series, Duke University. Available at SSRN: https://ssrn.com/abstract=3116227 or http://dx.doi.org/10.2139/ssrn.3116227

Dorian Jullien (Contact Author)

Université Côte d'Azur ( email )

France

Nicolas Vallois

University of Picardy Jules Verne - CRIISEA ( email )

Pôle Universitaire Cathédrale
10 placette Lafleur BP 2716
Amiens, 80027
France

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