Buturović, Željka and Tasić, Slaviša (2015) Kahneman's Failed Revolution Against Economic Orthodoxy. Critical Review, 27 (2). pp. 127-145. ISSN 0891-3811 eISSN 1933-8007
Full text not available from this repository.Abstract
The work of Daniel Kahneman and his colleagues has established that people do not always think and act “rationally.” However, this amounts to saying that Kahneman and his collaborators interpret people's behavior in experimental settings to be inconsistent with the narrow understanding of rationality deployed by orthodox neoclassical economists. Whether this means that people make poor decisions in the real world, however, has not been demonstrated, a fact that calls into doubt the significance of the list of heuristics and biases generated by behavioral economists. Dual-process (System 1/System 2) theory was meant to give theoretical coherence to this list, but its empirical foundation, too, retains the premises of “rational” choice as an ideal.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | base rate fallacy, behavioral economics, biases, conjunction fallacy, decision making, dual process theory, ignorance, Kahneman, neoclassical economics, rational choice theory, representativeness heuristic, rationality, two systems. |
| Institutional centre: | Centre for political research and public opinion |
| Depositing User: | Vesna Jovanović |
| Date Deposited: | 26 May 2022 18:16 |
| Last Modified: | 26 May 2022 18:16 |
| URI: | http://iriss.idn.org.rs/id/eprint/909 |
Actions (login required)
 |
View Item |
