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Behavorial Economics

rarugged
Posts: 172
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9/20/2011 1:15:36 AM
Posted: 5 years ago
Maybe the human being isn't perfectly rational?

And what are your thoughts of this hybrid disciple of economics and psychology?
If Jesus came back tomorrow, a cross would be the last thing he would want to see.
FREEDO
Posts: 21,057
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9/20/2011 1:33:37 AM
Posted: 5 years ago
One of my favorite fields of science. I highly recommend Predictably Irrational if you haven't already read it.
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fnord
jimtimmy
Posts: 3,953
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9/20/2011 1:40:41 AM
Posted: 5 years ago
At 9/20/2011 1:15:36 AM, rarugged wrote:
Maybe the human being isn't perfectly rational?

And what are your thoughts of this hybrid disciple of economics and psychology?

Very interesting... Just because Humans are perfectly rational does not mean that classical economics is wrong...
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Ragnar_Rahl
Posts: 19,297
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9/20/2011 1:44:49 AM
Posted: 5 years ago
science

economics, a realm where controlled experiments are utterly foreign.

wat
It came to be at its height. It was commanded to command. It was a capital before its first stone was laid. It was a monument to the spirit of man.
FREEDO
Posts: 21,057
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9/20/2011 1:49:44 AM
Posted: 5 years ago
At 9/20/2011 1:44:49 AM, Ragnar_Rahl wrote:
science

economics, a realm where controlled experiments are utterly foreign.

wat

That's why Behavioral Economics is really the only scientific form of Economics. It uses psychology to understand it. And psychology is testable.
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fnord
Ragnar_Rahl
Posts: 19,297
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9/20/2011 1:52:34 AM
Posted: 5 years ago
Psychology is pseudotestable-- it lives on the edge of science. That's just part of dealing with human beings. From what I've seen of B.E. it adds a whole lot more of the pseudo, and the extrapolation is a whole lot less reasonable.
It came to be at its height. It was commanded to command. It was a capital before its first stone was laid. It was a monument to the spirit of man.
Ragnar_Rahl
Posts: 19,297
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9/20/2011 1:53:22 AM
Posted: 5 years ago
Also, most B.E.'s seem to be under the impression there's something "irrational" about the time value of money.
It came to be at its height. It was commanded to command. It was a capital before its first stone was laid. It was a monument to the spirit of man.