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Four Methodenstreits between behavioral and mainstream economics

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  • Vladimir Avtonomov
  • Yuri Avtonomov

Abstract

The concept of Methodenstreits is used to analyse the relationship between behavioral and mainstream economics. A Methodenstreit is understood by the authors as a dispute between the more abstract and the less abstract canons of the economic science. It undergoes several necessary stages: discovery of a new research instrument, an exaggerated debate between the canons, and mutual enrichement after the debate. The article reviews the following Methodenstreits: empirical investigations of Hall, Hitch, and Lester vs neoclassical theory of the firm (the ‘full cost controversy’ and the ‘marginalist controversy’); Katona’s consumer research vs Keynesian macroeconomics; Simon’s bounded rationality approach vs neoclassical maximization; and experiments of Allais and others vs expected utility theory.

Suggested Citation

  • Vladimir Avtonomov & Yuri Avtonomov, 2019. "Four Methodenstreits between behavioral and mainstream economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 26(3), pages 179-194, July.
    • Handle: RePEc:taf:jecmet:v:26:y:2019:i:3:p:179-194
    DOI: 10.1080/1350178X.2019.1625206
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    Cited by:

    1. Bakeev, M., 2022. "A compromise between formalism and realism as a way to influence economic policy," Journal of the New Economic Association, New Economic Association, vol. 57(5), pages 113-125.

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