Tag Archives: behavioral economics

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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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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A New Paradigm for Economics

Behavioral economics, as the field stands today, consists of standard neoclassical economics with several “psychological” factors grafted on to account for some, though by no means all, of the failures of the neoclassical model. The result is an ad-hoc collection … Continue reading

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