Face to Face to Human Being: Achievements and Challenges of Behavioral Economics

Journal of the New Economic Association, 2017, vol. 34, issue 2, 166-175

Abstract: In the paper we survey the recent developments in a quickly growing area of behavioral economics, which combines methodological principles of economics with insights from cognitive and social psychology to offer new perspective and shed new light into the patterns and origins of human decisions, many of which appear puzzling from traditional economics viewpoints. We survey theories of individual decision, behavioral game-theories and their applications to economic problems. Separate attention is drawn to experimetrics - a new instrumental discipline which combines behavioural economic theories and econometric estimations of structural utility functions of individual participants of experimental studies. We conclude by indicating several directions for future research, as well as some insights from interdisciplinary and cross-cultural studies.

Keywords: behavioral economics; bounded rationality; experiments (search for similar items in EconPapers)
JEL-codes: C9 D03 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:nea:journl:y:2017:i:34:p:166-175

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