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on Evolutionary Economics |
| By: | Jean-Sébastien Lenfant (PRISM, Université Paris 1 Panthéon-Sorbonne) |
| Abstract: | The purpose of this article is to provide a historical account of the contributions to judgment and decision making by four cognitive psychologists at the turn of the 1970s: Sarah Lichtenstein, Paul Slovic, Amos Tversky and Daniel Kahneman. Beyond the usual focus on Kahneman and Tversky's heuristics and biases approach, we uphold that historians of behavioral economics would gain from a broader and more balanced view of the contributions of these four psychologists to the theory of decision making. Together with the heuristics and biases approach, experiments on preference reversal and choice intransitivities represent a multifaceted criticism of standard theories of choice and decision against which the genesis of behavioral economics could be evaluated. |
| Keywords: | Lichtenstein (Sarah), Slovic (Paul), Tversky (Amos), Kahneman (Daniel), heuristics and biases, preference reversal, intransitivity, preferences, behavioral economics, conjoint measurement, judgment, expected utility theory, mathematical psychology, cognitivism, experiments |
| JEL: | B21 B29 D91 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:gre:wpaper:2024-31 |
| By: | , 姚齐源 (中国四川政策研究室); , 宋晓丽 |
| Abstract: | The world is currently facing a major challenge: is there a terminal model or universal model that all countries can follow generally? Solving this difficult problem requires finding new problem-solving tools, and the Evolution Period Theory(EPT) proposed by the two authors is such an exploration. The Evolutionary Period Theory is a theory that reveals the evolution process of human economy, or two types of dissipation processes (i.e. the self dissipation and the mutual dissipation), based on improving of the theory of dissipative structure by the authors.Both of these processes need to be periodically promoted within the controliing by institutions and openness.At present, the most developed countries in the world have gone through four periods of agriculture, industry, service, and cultural, and are about to enter the network period. In this process of progress, institutions and openness themselves also undergo periodically changes. Therefore, there is no such thing as a universal model, only a universal period. As an application, this article compares and analyzes the Washington Consensus and the Beijing Consensus, reveals their common problem of attaching important that “development is the key principle“, and proposing a new approach that“ progress is the key principle” . |
| Date: | 2024–12–27 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:52mzh |
| By: | William A. Barnett (Department of Economics, University of Kansas, Lawrence, KS 66045, USA and Center for Financial Stability, New York City, NY, USA); Kangzheng Ding (Department of Economics, University of Kansas, Lawrence, KS 66045, USA) |
| Abstract: | While expected utility maximization and its foundations in the Savage Axioms play a major role in normative economics and Bayesian statistics, the axiomatic foundations of expected utility maximization have been the subject of extensive criticism over the years in terms of their descriptive ability to explain actual behavior in laboratory experiments. As a result, behavioral economists do not accept expected utility maximization as descriptive of observed consumer behavior. But the Savage Axioms have been substantially weakened and rendered more widely descriptive of observed behavior by replacing the usual Riemann integral with the Choquet [14] integral. In addition, the observed behavior under the weakened assumptions is relevant to behavior under uncertainty in the Frank Knight [47] sense, rather than the more restrictive context of behavior under risk with known probabilities. |
| Keywords: | Choquet integral; Sure-thing principle; Knightian uncertainty; Non-additive probabilities. 2020 Mathematics Subject Classification: 28A12, 28A25, 28C05, 28E10, 91B05, 91B06, 91B86. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:kan:wpaper:202418 |