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  • Cited by 148
Publisher:
Cambridge University Press
Online publication date:
February 2014
Print publication year:
2014
Online ISBN:
9781139600224

Book description

This book presents a history of behavioral economics. The recurring theme is that behavioral economics reflects and contributes to a fundamental reorientation of the epistemological foundations upon which economics had been based since the days of Smith, Ricardo, and Mill. With behavioral economics, the discipline has shifted from grounding its theories in generalized characterizations to building theories from behavioral assumptions directly amenable to empirical validation and refutation. The book proceeds chronologically and takes the reader from von Neumann and Morgenstern's axioms of rational behavior, through the incorporation of rational decision theory in psychology in the 1950s–70s, to the creation and rise of behavioral economics in the 1980s and 1990s at the Sloan and Russell Sage Foundations.

Reviews

'This superb book gives the reader a unique and fascinating window into the historical and intellectual origins of behavioral economics, a movement that is rebuilding economics on a new, more realistic foundation.'

George Loewenstein - Herbert A. Simon Professor of Economics and Psychology, Carnegie Mellon University

'The author provides a balanced treatment of diverging views with a light hand on interpretation … Summing up: highly recommended.'

M. H. Lesser Source: Choice

‘Together, the two narratives make for a richer fabric that can undergird future debates and serve as a basis for much-needed further work on the history, philosophy, and methodology of behavioral economics.’

Erik Angner Source: Journal of the History of Economic Thought

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Contents

References

Non-Published Sources

Alfred P. Sloan Foundation annual reports 1980–2000, Alfred P. Sloan Foundation, New York City.
William Baumol Papers, Duke University Rare Book, Manuscript, and Special Collections Library, Duke University.
William Baumol, e-mail to author, October 18, 2011.
Clyde Coombs Papers, Bentley Historical Library, University of Michigan.
Robyn Dawes, interview with the author, Carnegie Mellon University, Pittsburgh, June 23, 2008.
Gerd Gigerenzer, e-mail to author, July 12, 2008.
Lyle V. Jones, e-mail to author, January 31, 2011.
Daniel Kahneman, interview with the author, Princeton University, Princeton, New Jersey, April 16, 2009.
David Krantz, e-mail to author, August 11, 2008.
David Krantz, interview with the author, Columbia University, New York City, June 20, 2008.
David Krantz, personal archive, Columbia University – not generally accessible.
George Loewenstein, e-mail to author, June 16, 2008.
R. Duncan Luce Papers, Harvard University Archives.
James March, e-mail to the author, 4 April, 2010.
Robert Pachella, interview with the author, University of Michigan, Ann Arbor, April 8, 2009.
Psychology Department archives, Bentley Historical Library, University of Michigan.
Albert Rees Papers, Duke University Rare Book, Manuscript, and Special Collections Library, Duke University.
Stephen Richards, e-mail to author, December 4, 2008.
Russell Sage Archives, Rockefeller Foundation Archives, Rockefeller Archive Center, Sleepy Hollow, New York.
Jimmie Savage Papers, Yale University Library.
Timothy Taylor, e-mail to the author, April 6, 2010.
Richard Thaler, e-mail to author, January 14, 2009.
Eric Wanner, interview with the author, Russell Sage Foundation, New York City, April 14, 2009.
Eric Wanner, interview with the author, Russell Sage Foundation, New York City, April 7, 2010.

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