The Lichtenstein-Slovic-Tversky-Kahneman Nexus. A Prehistory of Behavioral Economics (1969-1974)

Jean-Sébastien Lenfant
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Jean-Sébastien Lenfant: PRISM, Université Paris 1 Panthéon-Sorbonne

No 2024-31, GREDEG Working Papers from Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France

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 (search for similar items in EconPapers)
JEL-codes: B21 B29 D91 (search for similar items in EconPapers)
Pages: 95 pages
Date: 2024-12
New Economics Papers: this item is included in nep-cbe, nep-dcm, nep-evo, nep-exp, nep-his, nep-hme, nep-hpe, nep-neu and nep-upt
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