ECONOMICS, ECONOMISTS, AND BEHAVIOURAL ECONOMICS: SOME ISSUES OF CHOICE

Jack Knetsch

The Singapore Economic Review (SER), 2004, vol. 49, issue 01, 19-35

Abstract: Economic behaviour observed in experiments and in people's everyday dealings is often at variance with predictions and explanations based on standard theory. The findings of systematic patterns of such economic behaviour provide significant opportunities to extend the usefulness of economics. However, like the hesitation of participants in economic experiments to give up their coffee mugs, economists appear reluctant to take advantage of these opportunities.

Keywords: Endowment effect; Behavioural economics; Policy (search for similar items in EconPapers)
Date: 2004
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DOI: 10.1142/S0217590804000779

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