The paper argues that much of the theoretical work on consumer choice theory during the first third of the twentieth century actually addressed some of the same issues discussed in contemporary behavioral economics. This is not generally recognized because the discussion was tied up with the...

The model of Homo economicus has often been criticized as unrealistic. In particular, it has been found lacking for allegedly assuming that people are selfish, an assumption which is contradicted by both introspection and empirical evidence. The aim of this paper is to show that never in the...

This paper examines elements of the complex place/role/influence of psychology in the history of consumer choice theory. The paper reviews, and then challenges, the standard narrative that psychology was "in" consumer choice theory early in the neoclassical revolution, then strictly "out" during...

For non-economists, it is often difficult to understand why economists place so much emphasis on the self-interest motive. It is obvious that people act out of a variety of motives - gratitude, anger, social obligation and many, many other motives. There are several reasons why economists still...

The present crisis has revealed that around the globe we are often only able to react to crises when it is (almost) too late. This paper addresses and explains the mono-structure of thought that has led to this predicament and delineates a new model of cognition capable of creating a new...

The health care systems in the Nordic countries are facing key challenges. While the possibilities and willingness to expand health care resources are limited, the demand for health care are increasing due to continuous development of new medical technologies, changing demographics, increasing...

This article introduces and discusses from a philosophical point of view the nascent field of neuroeconomics, which is the study of neural mechanisms involved in decision-making and their economic significance. Following a survey of the ways in which decision-making is usually construed in...

Behavioral economics is the effort to increase the explanatory and predictive power of economic theory by providing it with more psychologically plausible foundations. Behavioral economics, which recently emerged as a bona fide subdiscipline of economics, raises a number of questions of a...

Both behavioral and neoclassical economists maintain a concept of strict rationality that is exceptionally narrow. Neoclassicists use it as a tool both to explain what agents actually do and as a prescriptive framework. Behavioralists do not believe it adequately explains actual behavior but...

Available data on production parameters of the newly born Arabian Gulf countries are very scarce. Truly, they are extremely rich with their oil and natural gas reserves. However, it is basic in an economy to generate other sources of income from created economic sectors. In the present study I...