Category Archives: New Paradigm

Letter to a Well-known Economist

As someone who, obviously, is deeply interested in the relationship between human behavior and economics, I bring to your attention a recently published paper by myself and a colleague, Dr. Anthony Putman, which appeared in The Journal of Behavioral Finance, … Continue reading

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“The Irrationality Illusion” published by Journal of Behavioral Finance!

Joe and I are proud to announce that our paper “The Irrationality Illusion: A New Paradigm for Economics and Behavioral Economics” has (finally!) been published by the Journal Of Behavioral Finance. Here’s a link to the Journal’s online edition (first … Continue reading

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The next in our “new paradigm for economics and behavioral economics” series

Joe Jeffrey and I worked for over a year on a follow-up to our paper “The Irrationality Illusion” (which was published just yesterday in the Journal of Behavioral finance!) The working title was “The Problem With Probabilities”; in a fit … Continue reading

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Where does money fit?

Our purpose here is to formulate a new paradigm for economics, not discuss behavior in general, and we therefore must identify where money fits in the conceptual framework. Money appears in Intentional Action in several places:

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What is Behavior in Behavioral Economics?

Our Principle 1 says that “Choice is choice of behavior.” What exactly do we mean by “behavior”? We would ordinarily expect to look to the field of psychology, the study of what people do and why they do it, to … Continue reading

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Deletion Produces Incompleteness

If, as we assert, choice is always choice of behavior, why then do we so often hear: “I had to choose between the blouse and the shoes,” “We had to choose between a home addition and college tuition,” “I bought … Continue reading

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Choice is Choice of Behavior

The framework of the new paradigm consists of seven principles: Choice is choice of behavior. By “behavior,” we mean intentional action. The paradigm case of human behavior is deliberate action. Behavior choices are made in light of the individual’s reasons … Continue reading

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