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Keynes as the first behavioral economist: the case of the attribute-substitution heuristic

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  • Thodoris T. Koutsobinas

Abstract

The present article demonstrates that Keynes’s analysis of inferential judgment and assimilation that was inherent in his theory of fundamental uncertainty is consistent with and historically a predecessor of attribute-substitution accounts of models of heuristic judgment, which are used in modern behavioral economics. This conclusion is important because it associates Keynes’s theory of fundamental uncertainty with contemporary psychology, it explains key ideas of the former in terms of cognitive psychology, and it strengthens the importance of Keynesian psychological concerns for the development of contemporary behavioral economics.

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  • Thodoris T. Koutsobinas, 2014. "Keynes as the first behavioral economist: the case of the attribute-substitution heuristic," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 37(2), pages 337-355, December.
    • Handle: RePEc:mes:postke:v:37:y:2014:i:2:p:337-355
    DOI: 10.2753/PKE0160-3477370207
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    Cited by:

    1. John Davis & Theodore Koutsobinas, 2021. "Attribute substitution, counterfactual thinking, and heterodox economics," Journal of Behavioral Economics for Policy, Society for the Advancement of Behavioral Economics (SABE), vol. 5(S3), pages 45-54, October.
    2. Stephan Schulmeister, 2019. "Keynes und die Finanzmärkte. Auf halbem Weg vom "homo oeconomicus" zum "homo humanus"," WIFO Working Papers 588, WIFO.
    3. Ronald Schettkat, 2018. "The Behavioral Economics of John Maynard Keynes," Schumpeter Discussion Papers sdp18007, Universitätsbibliothek Wuppertal, University Library.

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