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Tibor Scitovsky as behavioral economist

Author

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  • Marina Bianchi

    (University of Cassino and Southern Lazio)

Abstract

The paper discusses Tibor Scitovsky's behavioral approach focusing on three issues that highlight his original contribution. These issues mark both a point of contact with what we have come to associate with the term "Behavioral Economics", notably the works of Kahneman, Tversky and Thaler, and a point of departure. Specifically, they refer to the behavioral assumptions that might explain economic choice and their connection with individual rationality, the origin and meaning of the possible contrast between choice and preferences, and the welfare implications that might follow. Scitovsky's economic approach benefitted greatly from a line of psychological research that opened up the understanding of human behavior to the motivations and goals of choice and stressed the role of those creative activities that reward exploration and curiosity. This meant for Scitovsky placing great importance to the acquisition of those life skills that enrich and expand one's own potentialities and wellbeing.

Suggested Citation

  • Marina Bianchi, 2018. "Tibor Scitovsky as behavioral economist," Journal of Behavioral Economics for Policy, Society for the Advancement of Behavioral Economics (SABE), vol. 2(1), pages 39-43, March.
    • Handle: RePEc:beh:jbepv1:v:2:y:2018:i:1:p:39-43
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    File URL: http://sabeconomics.org/journal/RePEc/beh/JBEPv1/articles/JBEP-2-1-6.pdf
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    References listed on IDEAS

    as
    1. Brennan, Geoffrey & Brooks, Michael, 2011. "On the ‘cashing out’ hypothesis and ‘soft’ and ‘hard’ policies," European Journal of Political Economy, Elsevier, vol. 27(4), pages 601-610.
    2. Marina Bianchi, 2012. "A Joyful Economist. Scitovsky?s Memoirs," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2012(2), pages 57-73.
    3. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    4. Scitovsky, Tibor, 1992. "The Joyless Economy: The Psychology of Human Satisfaction," OUP Catalogue, Oxford University Press, number 9780195073478.
    5. Bianchi, Marina, 2003. "A questioning economist: Tibor Scitovsky's attempt to bring joy into economics," Journal of Economic Psychology, Elsevier, vol. 24(3), pages 391-407, June.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Leonardo Becchetti & Chiara Lubicz, 2023. "Scitovsky Was Right…and There Is More: Comfort Goods, Stimulus Goods, Education and Subjective Wellbeing," CEIS Research Paper 565, Tor Vergata University, CEIS, revised 31 Jul 2023.

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    More about this item

    Keywords

    choice; rationality; motivations; psychology;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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