Tag Archives: Kahneman and Tversky

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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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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