Do the insights into human behavior generated by laboratory experiments hold outside the lab? This is the crucial question of external validity that naturally troubles both experimentalists and their critics. We address this question by adopting Popper's injunction that hypotheses should be...

This article examines the insights into how people actually behave from behavioural economics and how this affects economic explanation and prescription. It argues that implications for explanation are likely always to be contestable (because, as a new source of empirical evidence, behavioural...

Review of: Equilibrium Versus Understanding: Towards the Restoration of Economics as Social Theory. By Mark Addleson. 1995. Routledge: London and New York

This paper examines experimentally two common conjectures in the popular literature on financial markets: that they are swayed by emotion and that they behave like a 'crowd'. We find consistent evidence that deviations of prices from fundamental value depend on the emotion of excitement and on...

The Elgar Companion to Economics and Philosophy aims to demonstrate exactly how these two important areas have always been linked, and to illustrate the key areas of overlap. The contributors are well-known and distinguished authors from a variety of disciplines, who have been invited both to...

As this comprehensive Companion demonstrates, social economics is a dynamic and growing field that emphasizes the key role that values play in the economy and in economic life. Social economics treats the economy and economics as being embedded in the larger web of social and ethical...

The Handbook of Economics and Ethics portrays an understanding of economic methodology in which facts and values, though distinct, are closely interconnected in a variety of ways. From theory building to data collection, and from modelling to policy evaluation, this encyclopaedic Handbook is at...

The recent era of economic turbulence has generated a growing enthusiasm for an increase in new and original economic insights based around the concepts of reciprocity and social enterprise. This stimulating and thought-provoking Handbook not only encourages and supports this growth, but also...

This paper addresses a particular issue of institutional choice. It is concerned with one aspect of the argument for participatory decision-making structures: how to make sense of the claim that participation can raise productivity because it produces a change in motivation. The argument of the...