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Cognitive Economics Takes Off

In: An Introduction to Cognitive Economics

Author

Listed:
  • Andrew Caplin

    (New York University)

Abstract

This chapter presents a history of cognitive economics framed in terms of Walt Rostow’s stages of economic growth. It highlights the important early contribution of Paul Samuelson, who introduced revealed preference theory, as well as that of Henry Block and Jacob Marschak, who were the first to propose measure¬ment of new basic observations to separate preferences from beliefs. It outlines ongoing research on rational inattention, bounded rationality, efficient coding, salience-based attention, imperfect memory, resource rationality, and cognitive hierarchies. It discusses important new forms of measurement that are advancing the research frontier in cognitive economics, including economic surveys, process measures, and state dependent stochastic choice data. It outlines the broader convergence of interest between psychologists and economists on the importance of cognitive constraints.

Suggested Citation

  • Andrew Caplin, 2025. "Cognitive Economics Takes Off," Springer Books, in: An Introduction to Cognitive Economics, chapter 0, pages 101-120, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-73042-9_8
    DOI: 10.1007/978-3-031-73042-9_8
    as

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