Scitovsky, behavioural economics, and beyond

Maurizio Pugno

Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), 2014, vol. 8, No 2014-24, 29 pages

Abstract: Scitovsky is known as a forerunner of behavioural economics simply because he drew heavily on psychology and claimed that people's choices may be "joyless" (Scitovsky, The joyless economy, 1976). However, a careful reformulation of his analysis shows that he anticipated a number of insights (also with respect to Kahneman's "two-systems of thought" which suggest new lines of inquiry from an original and different perspective. These insights of Scitovsky regard the following aspects: Uncertainty as a condition where the outcomes of choosing a particular option (novelty) is partially unknown; the case of individual "consumption skill" (inclusive of emotions) that finds this uncertainty desirable when it is challenging; the case of increasing such skill so as to change preferences and make choices more efficient; the case of failing to increase such skill so as to make addictive harmful products an alternative and more tempting option.

Keywords: Scitovsky; behavioural economics; novelty; consumption skill; strong uncertainty; harmful addiction (search for similar items in EconPapers)
JEL-codes: B31 D03 D11 (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Working Paper: Scitovsky, behavioural economics, and beyond (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifweej:201424

DOI: 10.5018/economics-ejournal.ja.2014-24

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