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Social sciences start by looking at the social-psychological attributes of humans to model and explain their observed behavior. However, we suggest starting the study of observed human behavior with the universal laws of physics, e.g., the principle of minimum action. In our proposed three-tier...
Persistent link: https://www.econbiz.de/10014352348
Many experimental studies report that economics students tend to act more selfishly than students of other disciplines, a finding that received widespread public and professional attention. Two main explanations that the existing literature offers for the differences found in the behavior...
Persistent link: https://www.econbiz.de/10014531967
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...
Persistent link: https://www.econbiz.de/10012961724
The Austrian school of economics has recently made inroads into and appears may become an important perspective in the study of strategic management and entrepreneurship. Yet we see little of the prediction two decades ago that a specifically "Austrian school of strategy" would emerge (Jacobson,...
Persistent link: https://www.econbiz.de/10013062558
Are behavioral nudges consonant with the free society? Rizzo and Whitman argue that, with few exceptions, behavioral interventions aimed at addressing self-harms are unjustified and deleterious to freedom. At the core of their critique is a rejection of a narrow neoclassical account of...
Persistent link: https://www.econbiz.de/10013247102
Rizzo and Whitman’s Escaping Paternalism (2019) is, at once, a scholarly treatise on the nature of rationality and a powerful critique of the use of behavioral insights to support a new paternalism in public policy. Since its recent publication, it has informed research, among other things,...
Persistent link: https://www.econbiz.de/10013214179
The Great Recession seems to be creating a change in the trend of macroeconomic thinking. Prior to the financial crisis of 2008, dynamic stochastic general equilibrium (DSGE) models dominated the macroeconomics literature without any apparent challengers on the horizon. Since then, however, we...
Persistent link: https://www.econbiz.de/10014196581
Contrary to some of the leading critiques of neoclassical theory, I argue that this theoretical framework can … market forces. Neoclassical theory, broadly defined, simply stresses the potential trade-off that exists between altruistic … neoclassical theory are too narrow to deal with the potential ramifications of introducing the moral dimension into the objective …
Persistent link: https://www.econbiz.de/10014199020
After discussing various approaches about heroic behaviour in the literature, we first give a definition and classification of moral behaviour, in distinction to intrinsically motivated and 'prudent' behaviour. Then, we present some arguments on the function of moral behaviour according to...
Persistent link: https://www.econbiz.de/10014120897
practices of decision theory. The antirealism on offer emphasizes the role that mechanistic explanations play in decision …
Persistent link: https://www.econbiz.de/10013243487