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rationality or if they constitute rational responses to the scarcity of information, time and energy. In our discussion we will … important related policy question: when rationality seems to fail, does this necessarily imply that agents should be …
Persistent link: https://www.econbiz.de/10014190167
notions of rationality versus irrationality in a more subjective form—as “or-rationality”—which better reflects the set of … behavioral science, and “re-embody rationality” in the interest of addressing the field’s mind-body problem …
Persistent link: https://www.econbiz.de/10014078990
neoclassical assumption of selfish utility maximization with bounded rationality and satisficing and by incorporating the reaction …
Persistent link: https://www.econbiz.de/10010390070
This paper examines the research area identified by Frey and Gallus (Aggregate Effects of Behavioral Anomalies: A New Research Area, 2014) and the relationship between it and the choices that economists make. It supports the Frey and Gallus view that, as a consequence of individuals employing...
Persistent link: https://www.econbiz.de/10010407517
This paper examines the research area identified by Frey and Gallus (Aggregate Effects of Behavioral Anomalies: A New Research Area, 2014) and the relationship between it and the choices that economists make. It supports the Frey and Gallus view that, as a consequence of individuals employing...
Persistent link: https://www.econbiz.de/10011296321
If we reassess the rationality question under the assumption that the uncertainty of the natural world is largely … theory of ecological rationality. The main casualty of this rebuilding process is optimality. Once we view optimality as a … formal implication of quantified uncertainty rather than an ecologically meaningful objective, the rationality question …
Persistent link: https://www.econbiz.de/10011990913
Recent years have witnessed a growing interest in behavioral trends in both economic theory and practical applications. As a science with vast potential for explaining complex market behaviors, behavioral economics is drifting away from the classical model of homo oeconomicus deployed by...
Persistent link: https://www.econbiz.de/10010520903
Public choice theory has originally been motivated by the need to correct the asymmetry, widespread in traditional welfare economics, between the motivational assumptions of market participants and policymakers: Those who played the game of politics should also be considered rational and...
Persistent link: https://www.econbiz.de/10010238281
Explaining individual behavior in politics should rely on the same motivational assumptions as explaining behavior in the market: That’s what Political Economy, understood as the application of economics to the study of political processes, is all about. In its standard variant, those who...
Persistent link: https://www.econbiz.de/10010412852
English Abstract: Behavioral economics and economic sociology arise and develop on the point where economics and psychology, as well as economics and sociology, overlap. Behavioral economics studies economic factors and psychological appearance that have a direct impact on economic behavior. On...
Persistent link: https://www.econbiz.de/10013028712