In plausible theories of bounded rationality actors are not stimulus-response machines but human beings. As such they are guided by theories that predict the course of the world and prescribe how they should try to intervene in that course. Since boundedly rational human beings cannot only...

This paper investigates the role that discrimination plays in the educational marginalizationof foreign youth commonly observed in European countries with a long guestworkertradition. Economic theory offers two basic explanations for discrimination ofthis form: taste-based discrimination arising...

The embedding effect has frequently been observed in willingness to pay (WTP) studies.Since policy implications of valuation studies can be very sensitive to the composition of thepackage being valued, respondents’ apparent insensitivity to such fundamental characteristicssuggests that it is...

We examine the status of the maximization hypothesis in the positive economic theory ofrational choice. We argue that, contrary to a common belief, the maximization hypothesisdoes not play any role in large areas of positive rational choice theory. In contexts where itdoes, it is not logically...

Moderne Ökonomie und Sozialpsychologie beschäftigen sich beide mit der Erklärungmenschlichen Verhaltens. Dieser Artikel gibt eine Übersicht über die Interaktion zwischen denbeiden Wissenschaften...