The Development of Behavioral Economic Science at Stanford, at the Center for Advanced Study in the Behavioral Sciences and Elsewhere in the United States

Roberto Marchionatti ()
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Roberto Marchionatti: University of Turin, Campus “Luigi Einaudi”, Department of Economics and Statistics

Chapter Chapter 4 in Economic Theory in the Twentieth Century, An Intellectual History—Volume IV, 2025, pp 131-165 from Springer

Abstract: Abstract The chapter deals with the resurgence of behavioral economics beginning in the late 1970s, rooted in the work of psychologists Daniel Kahneman and Amos Tversky, and later advanced by economist Richard Thaler. Firstly, the chapter analyzes the collaboration between Kahneman and Tversky, with particular focus on their time at Stanford University and the Center for Advanced Study in the Behavioral Sciences (CASBS)—where the foundations of the New Behavioral Economics were laid. It was where that they developed their Prospect Theory, which integrated insights from psychology into economics to explain people’s behavioral patterns that appear anomalous from the standpoint of traditional economic theory. Then the chapter analyzes Thaler’s contribution, particularly his work on consumer choice and his collaboration with Kahneman.

Keywords: D. Kahneman; A. Tversky; Prospect Theory; Framing Effect; Value Function; R. Thaler; Endowment effect; Behavioral Finance; R. Shiller; W. De Bondt (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-032-06201-7_4

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DOI: 10.1007/978-3-032-06201-7_4

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