Behavioral Economics

A History

Business & Finance, Economics, Economic History, Nonfiction, Health & Well Being, Psychology
Cover of the book Behavioral Economics by Floris Heukelom, Cambridge University Press
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Author: Floris Heukelom ISBN: 9781139862103
Publisher: Cambridge University Press Publication: February 17, 2014
Imprint: Cambridge University Press Language: English
Author: Floris Heukelom
ISBN: 9781139862103
Publisher: Cambridge University Press
Publication: February 17, 2014
Imprint: Cambridge University Press
Language: English

This book presents a history of behavioral economics. The recurring theme is that behavioral economics reflects and contributes to a fundamental reorientation of the epistemological foundations upon which economics had been based since the days of Smith, Ricardo, and Mill. With behavioral economics, the discipline has shifted from grounding its theories in generalized characterizations to building theories from behavioral assumptions directly amenable to empirical validation and refutation. The book proceeds chronologically and takes the reader from von Neumann and Morgenstern's axioms of rational behavior, through the incorporation of rational decision theory in psychology in the 1950s–70s, to the creation and rise of behavioral economics in the 1980s and 1990s at the Sloan and Russell Sage Foundations.

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This book presents a history of behavioral economics. The recurring theme is that behavioral economics reflects and contributes to a fundamental reorientation of the epistemological foundations upon which economics had been based since the days of Smith, Ricardo, and Mill. With behavioral economics, the discipline has shifted from grounding its theories in generalized characterizations to building theories from behavioral assumptions directly amenable to empirical validation and refutation. The book proceeds chronologically and takes the reader from von Neumann and Morgenstern's axioms of rational behavior, through the incorporation of rational decision theory in psychology in the 1950s–70s, to the creation and rise of behavioral economics in the 1980s and 1990s at the Sloan and Russell Sage Foundations.

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