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Looking under the hood: Exploring assumptions and finding behavioral economics

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  • Pingle, Mark

Abstract

Cognitive scarcity is a fundamental economic fact, but the standard maximization assumption abstracts from this fact. Much of behavioral economics can be framed as "exploring the maximization assumption." By applying the tools of behavioral economics to explore this important assumption, we can learn why presuming maximization works, when it works, even when we know the assumption is not accurately descriptive. We can also learn why theory fails when the assumption does not proximately hold.

Suggested Citation

  • Pingle, Mark, 2010. "Looking under the hood: Exploring assumptions and finding behavioral economics," Journal of Economic Behavior & Organization, Elsevier, vol. 73(1), pages 73-76, January.
    • Handle: RePEc:eee:jeborg:v:73:y:2010:i:1:p:73-76
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    Cited by:

    1. Brzezicka Justyna & Wisniewski Radosław, 2014. "Price Bubble In The Real Estate Market - Behavioral Aspects," Real Estate Management and Valuation, Sciendo, vol. 22(1), pages 77-90, March.
    2. Kaivanto, Kim & Kroll, Eike B., 2012. "Negative recency, randomization device choice, and reduction of compound lotteries," Economics Letters, Elsevier, vol. 115(2), pages 263-267.

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