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G. L. S. Shackle's introspective behavioral economics

Author

Listed:
  • Peter E. Earl

    (University of Queensland)

Abstract

Shackle’s introspection-based theory of choice under uncertainty prefigured elements of both Simon's satisficing analysis and Prospect Theory but did so in a way aimed at providing an alternative to probabilistic thinking. His theory focuses on creative, critical use of the imagination in assessing possibilities and potential for surprise, and on the process of focusing en route to choice. This paper covers the genesis and elements of Shackle's framework and considers its implications for policymakers.

Suggested Citation

  • Peter E. Earl, 2018. "G. L. S. Shackle's introspective behavioral economics," Journal of Behavioral Economics for Policy, Society for the Advancement of Behavioral Economics (SABE), vol. 2(1), pages 19-23, March.
    • Handle: RePEc:beh:jbepv1:v:2:y:2018:i:1:p:19-23
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    File URL: http://sabeconomics.org/journal/RePEc/beh/JBEPv1/articles/JBEP-2-1-3.pdf
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    References listed on IDEAS

    as
    1. Peter E. Earl & Bruce Littleboy, 2014. "G.L.S. Shackle," Great Thinkers in Economics, Palgrave Macmillan, number 978-1-137-28186-9, September.
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    More about this item

    Keywords

    decision-making under uncertainty; surprise; imagination; probability;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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