This paper examines how attribute substitution (AS), central to the psychology of choice and behavioral economic reasoning, can be understood when combined with counterfactual thinking (CFT), often called ‘what if’ or ‘if only’ thinking, and how their combination creates important...

The present paper examines attribute substitution in terms of both heuristics and attribution theory in social psychology. Alternative “old” approaches in psychology were special because they considered choice in terms that were similar to attributional inference in social psychology and...

This paper discusses how counterfactual thinking can be incorporated into behavioral economics by relating it to a type of attribution substitution involved in choices people make in conditions of Knightian uncertainty. It draws on Byrne’s ‘rational imagination’ account of counterfactual...

"In this timely books, Theodore Koutsobinas explores the system of status markets and their social effects including inequality. He explains how media fascination with superstars and luxury consumption goods amplify positional concerns for all, distort aspirations of the middle class and cause...

'This volume is innovative in terms of its subject matter, approach, theoretical development and policy prescription. It should be read by economists and policymakers who want to understand and address significant contemporary changes in society: the growing importance of status markets for...

Abstract The utilization of a real-interest rate rule in Romer’s new-Keynesian IS-MP approach, which is consistent with new synthesis intertemporal baseline macroeconomic models, provides a contemporary alternative to the standard old-Keynesian IS-LM model and moves back the emphasis on...