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This paper discusses the ways by which a certain type of behavioral deviation from expected utility theory has been handled by psychologists and economists. With respect to the historical background of decision theory in economics, it is argued that there are good reasons for more theoretical...
Persistent link: https://www.econbiz.de/10010860430
This paper tests whether changes in “incidental emotions” lead to changes in economic choices. Incidental emotions are experienced at the time of an economic decision but are not part of the payoff from a particular choice. As such, the standard economic model predicts that incidental...
Persistent link: https://www.econbiz.de/10011210544
This paper tests whether changes in “incidental emotions” lead to changes in economic choices. Incidental emotions are experienced at the time of an economic decision but are not part of the payoff from a particular choice. As such, the standard economic model predicts that incidental...
Persistent link: https://www.econbiz.de/10011213706
terms of hierarchical analysis. Behavioral economics denies the idea of economic agents rationality; evolutionism is based … on bounded rationality; neoinstitutionalism and ethical economics preserve the concept of rationality in the theory … developing criteria for rationality of higher orders (metarationality). Evolutionism rejects neoclassical economics and suggests …
Persistent link: https://www.econbiz.de/10011270686
neoclassical assumption of selfish utility maximization with bounded rationality and satisficing and by incorporating the reaction …
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