The Behavioral Foundations of New Economic Thinking

41 Pages Posted: 25 Sep 2019

See all articles by Sanjit Dhami

Sanjit Dhami

University of Leicester

Eric Beinhocker

University of Oxford - Blavatnik School of Government

Date Written: August 9, 2019


This paper produces an edited version of an interview conducted by Professor Eric Beinhocker, Executive Director, INET Oxford, with Professor Sanjit Dhami of the University of Leicester, author of the Foundations of Behavioral Economic Analysis (Dhami 2016), on 9th May 2019 at the University of Oxford. The questions posed by Professor Beinhocker covered a wide interdisciplinary terrain that ranged from important contributions in behavioral economics and the way forward; inertia in the economics profession to accept the new interdisciplinary research; the scientific method; the interplay of culture, behavior and institutions; the role of norms; and a critique of complexity and agent based models. We are publishing this interview as a working paper to foster debate and reflection among economists and other social scientists regarding some of the “big-picture” questions in the behavioral sciences, and to highlight the powerful role that behavioral economics can play in illuminating a deeper understanding of the economy and other social systems.

Keywords: Behavioral economics, scientific method, culture, preferences, and institutions, rationality, heuristics and biases, other-regarding preferences, complexity and agent based models.

JEL Classification: A12 (Relation of Economics to Other Disciplines); B41 (Economic Methodology); D01 (Microeconomic Beh

Suggested Citation

Dhami, Sanjit and Beinhocker, Eric, The Behavioral Foundations of New Economic Thinking (August 9, 2019). Available at SSRN: or

Sanjit Dhami (Contact Author)

University of Leicester ( email )

Department of Economics
Leicester LE1 7RH, Leicestershire LE1 7RH
United Kingdom


Eric Beinhocker

University of Oxford - Blavatnik School of Government ( email )

10 Merton St
Oxford, Oxfordshire OX1 4JJ
United Kingdom

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