All Posts Tagged With: "behavioral economics"
Animal Spirits: How Human Psychology Drives the Economy, and Why it Matters for Global Capitalism
Neoclassical economic theory (in which I include Austrian economics, ignoring the methodological differences) doesn’t explain everything in the world, not even everything that occurs in what is considered the economic realm. In recent years this has been the theme of the growing subdiscipline “behavioral economics,” which has, often usefully, focused attention on economic anomalies—outcomes inconsistent [...]
25Aug2010 | Dwight R. Lee | 23 comments | ContinuedPredictably Irrational: The Hidden Forces that Shape Our Decisions
As the title suggests, Predictably Irrational is another offering on behavioral economics. The overriding theme is that people not only tend to behave irrationally, but they do so in systematic and predictable ways. Thus our lapses from rational behavior reinforce each other rather than cancelling out. The evidence for this comes largely from experiments which [...]
21May2009 | Dwight R. Lee | 1 comment | ContinuedLibertarian Paternalism: A Test
Behavioral economics is a growing subfield of economics based on the finding that people are not as rational as economic models have traditionally assumed. Numerous experiments have shown that people’s choices are systematically altered in response to changes in how those choices are framed, even though the framing is irrelevant to the consequences of those [...]
1Jul2007 | Dwight R. Lee | 0 comments | Continued-
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