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Why ā€˜behavioral economicsā€™ is neither ā€˜behavioral,ā€™ nor ā€˜economicsā€™

Published: 18 December 2015

Written by Reuven Brenner

Over the years, some economists carried out laboratory experiments and argued that people are inconsistent in ways they assess risks and probabilities. They concluded that it is misleading to rely on other economistsā€™ view of risk, and that economics cannot be separated from psychology. This field of study is known today as ā€œbehavioral economicsā€ (Kahneman and Tversky its founders), which, as briefly shown here, is neither ā€œbehavioral,ā€ nor ā€œeconomics,ā€ nor makes sense.

Read full article: , December 13, 2015

Read part 1:ĢżWhat if economists applied their own theories ā€” to themselves?

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