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Behavioural Economics

In: The Economics of Transaction Costs

Author

Listed:
  • P. K. Rao

    (Global Development Institute)

Abstract

Behavioural economics constitutes the foundation of transaction cost economics (TCE). One of the main elements of this approach has been to recognize the role of bounded rationality, as well as opportunistic behaviour (discussed in Chapter 1). Much attention was focused on the behavioural theory of the firm in literature, but the emphasis was largely on managerial behaviour and relatively less on the role of bounded rationality or other behavioural traits of firms (see Chapter 2). The totality of TC was not usually reflected; for a classic treatment, see Cyert and March (1963). Despite these developments, there are a few aspects of economic behaviour that have not been fully integrated with TCE. In order to explain and predict economic behaviour, TCE must recognize other relevant features of decision-making as well.

Suggested Citation

  • P. K. Rao, 2003. "Behavioural Economics," Palgrave Macmillan Books, in: The Economics of Transaction Costs, chapter 7, pages 128-140, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59768-6_7
    DOI: 10.1057/9780230597686_7
    as

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