Aug 30, 2012

Behavioral Econ. and "Conventional econ:" Substitutes or Complements

First, . . . behavioural economics is not a new approach to doing economics, but instead is best seen as a way of enriching ‘conventional economics’ (using Gittins’ terminology). Second, that behavioural economics is not a panacea. Not all aspects of economic activity need psychology to be understood and behavioural economics has limitations. Third, that the failings of conventional economics are not as severe as Gittins suggests.
Source: Borland (2012).  

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