How Behavioural Economics Relates to Psychology - Some Bibliographic Evidence

Abstract

Whether behavioural economics has a fundamental influence on economics is debated by behavioural and heterodox economists as well as by methodologists and historians of economics. At the core of this debate is the question whether behavioural economics is shaped by large-scale content imports from psychology, or whether these transfers have been too selective to challenge dominant approaches in economics. This study contributes to the debate in analysing a variety of bibliographic data from the disciplinary boundary between economics and psychology. Two datasets from the boundary of behavioural economics and psychology are compared to sets of economic and psychology publications in quantifying the use of mathematics, the share of empirical contributions, the authors’ academic background, and their cross-citations via network analysis. In contrast to proposals made by some methodologists and behavioural economists, the statistical results confirm content transfers from psychology via behavioural economics only to a limited extend. The observed level of interaction provides evidence for a selective import of specific psychological findings by a small number of established investigators in behavioural economics. These findings were then intensively debated as divergences from rationality within the growing, but econ-centered community of behavioural economists.

Keywords: Economic methodology, Citation analysis, Behavioral economics, Social network analysis, Bibliographic data mining

JEL Classification: A12, B4, C8