Tag Archives: Friedman-Savage

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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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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