IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/5667.html
   My bibliography  Save this paper

What is Behavioural Economics Like?

Author

Listed:
  • Lanteri, Alessandro
  • Carabelli, Anna

Abstract

Behavioural Economics’ milestones, Endowment Effect and Loss Aversion, have been recognized as ‘well documented,’ ‘robust,’ and ‘important’ even by the critics. But well documented, robust, and important what? Are these stylized facts, theoretical constructs, or psychological truths? Do they express genuine preferences or are they judgement mistakes? We discuss the problems with the nature of these claims in the lights of the goals of Behavioural Economics: to improve economics’ realisticness and to be considered mainstream. We argue that, under sensible interpretations of Loss Aversion and Endowment Effect, Behavioural Economics is neither more realistic than, nor part of the mainstream.

Suggested Citation

  • Lanteri, Alessandro & Carabelli, Anna, 2007. "What is Behavioural Economics Like?," MPRA Paper 5667, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:5667
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/5667/1/MPRA_paper_5667.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Behavioural Economics; Decision-Making; Endowment Effect; Loss Aversion; Uncertainty;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:5667. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.