Revision or Revolution? A Note on Behavioral vs. Neoclassical Economics

Ronald Schettkat ()

No sdp18005, Schumpeter Discussion Papers from Universitätsbibliothek Wuppertal, University Library

Abstract: Behavioral economics, the analysis of economic decisions, has made enormous progress over the last decades and become accepted as a major field in economics. How is behavioral economics to be compared to the neoclassical model? As a revision of the neoclassical model enhancing the set of variables for motivation such as fairness in the utility function which is then to be maximized? Or is behavioral economics a revolution, a departure from the neoclassical axioms, a new model? This paper argues that many of the findings in behavioral economics are incompatible with the neoclassical model and have paved the way for a revolution in economics.

Pages: 26
Date: 2018-06
New Economics Papers: this item is included in nep-cbe, nep-evo, nep-hme, nep-hpe and nep-upt
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Citations: View citations in EconPapers (2)

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