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...

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...

That the rationality of individual people is ‘bounded’ – that is, finite in scope and representational reach, and constrained by the opportunity cost of time – cannot reasonably be controversial as an empirical matter. In this context, the paper addresses the question as to why, if...

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...

Although involved in projects of influent institutions like the Cowles Commission, the NBER, and the Michigan Survey Research Center (SRC), George Katona, the "pioneer student and chief collector of consumer anticipations data" (Tobin, 1959, p. 1) is virtually absent from accounts of the topics...

This research analyses the moderating effects of the need for relatedness in the relationship between behavioural intention (attitude towards the behaviour, subjective norm behaviour and perceived behavioural control) and self-reported healthy eating behaviour in millennials. A structural...

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,...

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,...

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...

We look at several of Elon Musk’s business ventures, forays, and interests: (1) X.com; (2) SpaceX; (3) Tesla; (4) cryptocurrency; and (5) Twitter. We discuss Musk’s decision-making and see whether behavioural economics, especially prospect theory, can help us to better understand his...