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Ordinaries

Author

Listed:
  • Terence C. Burnham

    (Chapman University)

  • Jay Phelan

    (UCLA)

Abstract

This feature will report on the “anomalies” of behavioral economics. Using the framework of Thomas Kuhn, behavioral economists label a result as anomalous if it is inconsistent with neoclassical economic theory. We argue that the anomalies of behavioral economics are intellectual artifacts, generated by viewing behavior through the distorting lens of current economic theory. The Ordinaries column will interpret economic behavior from the perspective of evolutionary biology. From this view of life, the anomalies of behavioral economics will disappear into a coherent biological framework that incorporates elements of neoclassical economic maximization.

Suggested Citation

  • Terence C. Burnham & Jay Phelan, 2019. "Ordinaries," Journal of Bioeconomics, Springer, vol. 21(3), pages 145-155, October.
    • Handle: RePEc:kap:jbioec:v:21:y:2019:i:3:d:10.1007_s10818-019-09287-z
    DOI: 10.1007/s10818-019-09287-z
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    References listed on IDEAS

    as
    1. Terence C. Burnham, 2016. "Economics and evolutionary mismatch: humans in novel settings do not maximize," Journal of Bioeconomics, Springer, vol. 18(3), pages 195-209, October.
    2. Becker, Gary S & Murphy, Kevin M, 1988. "A Theory of Rational Addiction," Journal of Political Economy, University of Chicago Press, vol. 96(4), pages 675-700, August.
    3. Thaler, Richard H, 1987. "The January Effect," Journal of Economic Perspectives, American Economic Association, vol. 1(1), pages 197-201, Summer.
    Full references (including those not matched with items on IDEAS)

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