Behavioral economics: Past, present, and future

Revista de Economía Institucional

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Title Behavioral economics: Past, present, and future
Economía del comportamiento: pasado, presente y futuro
Economia do comportamento: passado, presente e futuro
Creator Thaler, Richard H.
Subject behavioral economics
human behavior
normative models
descriptive models
supposedly irrelevant factors
economía del comportamiento
comportamiento humano
modelos normativos
modelos descriptivos
factores supuestamente irrelevantes
economia do comportamento
comportamento humano
modelos normativos
modelos descritivos
fatores supostamente irrelevantes
Description “Behavioral economics” attempts to incorporate insights from other social sciences, especially psychology, in order to enrich the standard economic model. The interest in the psychology of human behavior returns economics to its earliest roots. Adam Smith talked about such key concepts as loss aversion, overconfidence, and self-control. Nevertheless, the modern version of behavioral economics introduced in the 1980s met with resistance by some economists, who preferred to retain the standard neo-classical model. They introduced several arguments for why psychology could safely be ignored. In this essay I show that these arguments have been rejected, both theoretically and empirically, so it is time to move on. The new approach should include two different kinds of theories: normative models that characterize the optimal solution to specific problems and descriptive models that capture how humans actually behave. The latter theories will incorporate some variables I call supposedly irrelevant factors, which can improve the explanatory power of economic models.
La “economía del comportamiento” intenta incorporar ideas de otras ciencias sociales, en especial de la psicología, para enriquecer el modelo estándar. El interés en la psicología del comportamiento humano es un retorno de la economía a sus orígenes. Adam Smith aludió a conceptos clave como la aversión a la pérdida, el exceso de confianza y el autocontrol. La economía del comportamiento encontró resistencia entre economistas que preferían mantener el modelo neoclásico estándar y argumentaban que la psicología se podía ignorar. Este ensayo muestra que esos argumentos han sido rechazados teórica y empíricamente, y que se deber seguir adelante. El nuevo enfoque debería incluir dos tipos de teorías: modelos normativos que caractericen la solución óptima de problemas específicos y modelos descriptivos que capten el comportamiento humano real. Estos últimos incorporarán variables llamadas factores supuestamente irrelevantes, que ayudarán a mejorar el poder explicativo de los modelos económicos.
A “economia do comportamento” tenta incorporar ideias de outras ciências sociais, especialmente da psicologia, para enriquecer o modelo padrão. O interesse pela psicologia do comportamento humano é um retorno da economia a suas origens. Adam Smith mencionou conceitos-chaves como a aversão à perda, o excesso de confiança e o autocontrole. A economia do comportamento encontrou resistência entre economistas que preferiam manter o modelo neoclássico padrão e argumentavam que a psicologia podia ser ignorada. Este artigo mostra que esses argumentos foram rejeitados teórica e empiricamente e que se deve seguir em frente. O novo enfoque deveria incluir dois tipos de teorias: modelos normativos que caracterizem a solução ideal a problemas específicos e modelos descritivos que captem o comportamento humano real. Estes últimos incorporarão variáveis chamadas fatores supostamente irrelevantes, que ajudarão a melhorar o poder explicativo dos modelos econômicos.
Publisher Universidad Externado de Colombia
Date 2018-04-04
Type info:eu-repo/semantics/article
Format application/pdf
Source Revista de Economía Institucional; Vol. 20 Núm. 38 (2018): Enero-Junio; 9-43
Revista de Economía Institucional; Vol 20 No 38 (2018): January-June; 9-43
Revista de Economía Institucional; v. 20 n. 38 (2018): Enero-Junio; 9-43
Language spa
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