Why ābehavioral economicsā is neither ābehavioral,ā nor āeconomicsā
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 ābehavioral economicsā (Kahneman and Tversky its founders), which, as briefly shown here, is neither ābehavioral,ā nor āeconomics,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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