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Neoclassical roots of behavioral economics

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  • Upravitelev, A.

    (St. Petersburg State University, St. Petersburg, Russia
    European University Institute, Italy)

Abstract

Despite the fact that the names of a number of Nobel laureates are associated with behavioral economics, researchers regard this branch of science as an unorthodox, avant-garde research program. This article aims to fill this theoretical gap and link behavioral economics to mainstream of economic thought, as well as to divide behavioral economics into several directions - relative to the initial approaches or theories of neoclassics. In the first row of cases, we collected those approaches of neoclassical economics about economic behavior, in relation to which alternative concepts were proposed by behavioral economics. These neoclassical approaches are rationality, awareness, egoism of behavior. Another series is neoclassical theories, in dialogue with which theories of behavioral economics arose. These are theories of expected utility, game theory, exponential discounted utility, revealed preferences, rational expectations, efficient market. The sequence of development of behavioral economics we presented connects it, a once heterodox branch of science with the mainstream economic thought. The article can serve as a guide to the most important areas of research in behavioral economics. This study systematizes scientific knowledge and establishes methodological links within it.

Suggested Citation

  • Upravitelev, A., 2023. "Neoclassical roots of behavioral economics," Journal of the New Economic Association, New Economic Association, vol. 58(1), pages 110-140.
    • Handle: RePEc:nea:journl:y:2023:i:58:p:110-140
    DOI: 10.31737/22212264_2023_1_110
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    Keywords

    behavioral economics; economic methodology; research program; bounded rationality; prospect theory; neuroeconomics;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles

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