ECO200Y1 Lecture Notes - Lecture 26: Behavioral Economics, Daniel Kahneman
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Argue that the attempt to unify every psychological idea in a single model is useless. Thaler also says that there are few theories so far that have proven their worth. A successful example would be professor david laibson of. Hyperbolic discount who proposes a mathematical model to represent in a particular way an empirically observed pattern in decision making at different times in time. Camerer (1999) argues that one of the aims of behavioral. Mathematical alternatives with firm psychological foundations for assumptions based on rationality. Another view that has been increasingly explored and discussed in academia is the recognition that behavioral economics is not at all innovative, as many of its key issues have been discussed since the first generation of neoclassics. Argue that even adam smith, who in his book the wealth of nations (1776) stated that the human being is selfish and motivated only by self-interest,
