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The rational-behavioral debate in financial economics
Journal of Economic Methodology, 2004The contest between rational and behavioral finance is poorly understood as a contest over 'testability' and 'predictive success.' In fact, neither rational nor behavioral finance offer much in the way of testable predictions of improving precision. Researchers in the rational paradigm seem to have abandoned testability and prediction in favor of a ...
Alon Brav +2 more
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RATIONALITY AS THE NORM OF ECONOMIC BEHAVIOR IN THE WORLD TODAY
“Educational bulletin “Consciousness”, 2022A person as a social being is guided by his own interests, habits, customs, changes that have social significance. Institutions are also one of the most important elements of the social environment and are regulators and coordinators of behavior. Economic institutions regulate the behavior of economic subjects.
Kubasova E.D. +4 more
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Rational Economic Behavior- Interdisciplinary Approach
2014Behavioral economics and economic sociology arise and develop on the point where economics and psychology, as well as economics and sociology, overlap. Behavioral economics studies economic factors and psychological appearance that have a direct impact on economic behavior.
Hafner, Petar +3 more
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Economic Defenses for Rational Behavior in Economics
2009The various historical and disciplinary analyses of rational behavior in this book lead inextricably to an overarching conclusion: Perfect rational behavior, the type widely presumed in neoclassical economics – a decision making process in which people flawlessly (with impeccable consistency and transitivity) make choices among known alternatives with ...
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From Bounded Rationality to Behavioral Economics [PDF]
SSRN Electronic Journal, 2005 The paper examines the way traditional theory of rationality has been revised following new approaches based upon behaviourism and experimental economics. Particular attention is given to the early experimental methods of Maurice Allais with which he criticised the descriptive and predictive powers of the orthodox theory of choice and specifically ...
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Reconciling Psychology with Economics: Obesity, Behavioral Biology, and Rational Overeating [PDF]
SSRN Electronic Journal, 2006 The modern phenomenon of obesity is an archetypal example of a behavior whose explanation simultaneously falls within the purview of psychology, economics, and the biological sciences. While psychologists and advocates of public health have long viewed overeating as a weakness or disease in need of treatment, economists have pointed out that—like any ...
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An Essay on the Assumption of Rational Behavior in Economics
Review of Social Economy, 1989(1989). An Essay on the Assumption of Rational Behavior in Economics. Review of Social Economy: Vol. 47, No. 3, pp. 313-321.
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On the behavioral and rational foundations of economic dynamics
Journal of Economic Behavior & Organization, 1984Abstract Existing uncertainties about the correct explanations for economic growth and business cycles cannot be settled by aggregative analysis within the neoclassical framework. Current disputes in theory rest largely on ad hoc, casually empirical, assumptions about departures from perfect rationality under uncertainty.
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SSRN Electronic Journal, 2017
Both behavioral and neoclassical economists maintain a concept of strict rationality that is exceptionally narrow. Neoclassicists use it as a tool both to explain what agents actually do and as a prescriptive framework. Behavioralists do not believe it adequately explains actual behavior but that it is still a good prescriptive framework.
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Both behavioral and neoclassical economists maintain a concept of strict rationality that is exceptionally narrow. Neoclassicists use it as a tool both to explain what agents actually do and as a prescriptive framework. Behavioralists do not believe it adequately explains actual behavior but that it is still a good prescriptive framework.
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Bounded Rationality, Behavioral Economics, and the Law
2017Behavioural economics has become a leading force in applied economics, including in economic analysis of law. At the heart of behavioural economics is the concept of bounded rationality. Bounded rationality suggests that humans face important limitations in knowledge and decision-making capability.
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