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Behavioral Economics and the Atheoretical Style†

Behavioral Economics and the Atheoretical Style† AbstractBehavioral economics is widely perceived to be part of the profession’s shift away from a culture that places abstract theory at its center. I present a critical discussion of the atheoretical style with which “behavioral” themes are often disseminated: a purely anecdotal cost-benefit modeling in pieces that target a wide audience of academic economists, and the practice of capturing psychological forces by distorting familiar functional forms. I argue that the subject of “ psychology and economics” is intrinsically foundational, and that a heavier dose of abstract theorizing is essential for it to realize its transformative potential. (JEL B40, D90) http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png American Economic Journal: Microeconomics American Economic Association

Behavioral Economics and the Atheoretical Style†

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References (35)

Publisher
American Economic Association
Copyright
Copyright © 2019 © American Economic Association
ISSN
1945-7685
DOI
10.1257/mic.20170007
Publisher site
See Article on Publisher Site

Abstract

AbstractBehavioral economics is widely perceived to be part of the profession’s shift away from a culture that places abstract theory at its center. I present a critical discussion of the atheoretical style with which “behavioral” themes are often disseminated: a purely anecdotal cost-benefit modeling in pieces that target a wide audience of academic economists, and the practice of capturing psychological forces by distorting familiar functional forms. I argue that the subject of “ psychology and economics” is intrinsically foundational, and that a heavier dose of abstract theorizing is essential for it to realize its transformative potential. (JEL B40, D90)

Journal

American Economic Journal: Microeconomics – American Economic Association

Published: May 1, 2019

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