The evolution of behavioural economics

Earl, Peter E. (2016). The evolution of behavioural economics. In Roger Frantz, Shu-Heng Chen, Kurt Dopfer, Floris Heukelom and Shabnam Mousavi (Ed.), Routledge handbook of behavioral economics (pp. 5-17) Abingdon, Oxon, United Kingdom: Routledge.

Author Earl, Peter E.
Title of chapter The evolution of behavioural economics
Title of book Routledge handbook of behavioral economics
Place of Publication Abingdon, Oxon, United Kingdom
Publisher Routledge
Publication Year 2016
Sub-type Research book chapter (original research)
Open Access Status Not yet assessed
ISBN 9781138821149
9781315743479
Editor Roger Frantz
Shu-Heng Chen
Kurt Dopfer
Floris Heukelom
Shabnam Mousavi
Chapter number 1
Start page 5
End page 17
Total pages 13
Total chapters 32
Collection year 2017
Language eng
Abstract/Summary This survey of how behavioural economics has evolved over the past century and a quarter adopts a reflexive approach as it examines factors that have affected the uptake of different variants of behavioural economics. It begins with the behavioural dimension in Marshall’s work in 1890 and moves, via work in a similar spirit undertaken by members of the Oxford Economists’ Research Group, to the research programme of Herbert Simon and his colleagues, who created the behavioural theory of the firm. It considers how, despite Simon’s 1978 Nobel Prize, the behavioural theory of the firm did not get carried forward into the new behavioural economics that grew out of the work of Kahnema, Thalern and Tversky that focuses largely on the behaviour of individual consumers or players in financial markets. The paper also explores other behavioural approaches to the individual decision maker, from Keynes’s and Kataon’s work on consumer sentiment and Shackle’s potential surprise approach to choice under uncertainty, to the more Simon-inspired information processing and adaptive views of decision-making at the intersection of economics and marketing.
Q-Index Code B1
Q-Index Status Provisional Code
Institutional Status UQ

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Created: Wed, 15 Mar 2017, 11:37:35 EST by Peter E. Earl on behalf of School of Economics