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Ordinaries 10

Author

Listed:
  • Terence C. Burnham

    (Chapman University)

  • Jay Phelan

    (UCLA)

Abstract

Neoclassical and behavioral economics disagree over the manner in which people make risky decisions. Neoclassical economics assumes that people make good, consistent risky decisions. Behavioral economics argues that people are inconsistent in decisions involving risks. Biology suggests that, in ancestral settings, people were under selection to behave “as if” they were maximizing, in a manner consistent with the neoclassical economic model – but maximizing a different feature. In evolutionarily novel settings such as cities, however, people will make risky decisions that are inconsistent and sometimes self-destructive.

Suggested Citation

  • Terence C. Burnham & Jay Phelan, 2022. "Ordinaries 10," Journal of Bioeconomics, Springer, vol. 24(3), pages 181-202, October.
    • Handle: RePEc:kap:jbioec:v:24:y:2022:i:3:d:10.1007_s10818-022-09330-6
    DOI: 10.1007/s10818-022-09330-6
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    References listed on IDEAS

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