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Behavioral economics and the Virginia school of political economy: overlaps and complementarities

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  • Roger D. Congleton

    (West Virginia University)

Abstract

A variety of complementarities and overlaps exist between the psychological strand of behavioral economics and the subjectivist strand of Virginia Political Economy. This paper provides an overview of those commonalities and places them in a common information processing framework. The framework can account for systematic mistakes, framing effects, subjectivity, individual variety, and several issues in constitutional political economy. It also reveals many commonalities between these two quite different approaches to human behavior.

Suggested Citation

  • Roger D. Congleton, 2022. "Behavioral economics and the Virginia school of political economy: overlaps and complementarities," Public Choice, Springer, vol. 191(3), pages 387-404, June.
    • Handle: RePEc:kap:pubcho:v:191:y:2022:i:3:d:10.1007_s11127-019-00679-3
    DOI: 10.1007/s11127-019-00679-3
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    References listed on IDEAS

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    More about this item

    Keywords

    Behavioral economics; Public choice; Virginia School; Natural ignorance; Rule-bound choice; Framing effects; Human variety; Information collection and processing;
    All these keywords.

    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • D60 - Microeconomics - - Welfare Economics - - - General
    • D6 - Microeconomics - - Welfare Economics
    • D7 - Microeconomics - - Analysis of Collective Decision-Making
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • D9 - Microeconomics - - Micro-Based Behavioral Economics

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