Adam Smith, Behavioral Economist

Nava Ashraf, Colin Camerer () and George Loewenstein

Journal of Economic Perspectives, 2005, vol. 19, issue 3, 131-145

Abstract: Adam Smith's psychological perspective in The Theory of Moral Sentiments is remarkably similar to "dual-process" frameworks advanced by psychologists, neuroscientists, and more recently by behavioral economists, based on behavioral data and detailed observations of brain functioning. It also anticipates a wide range of insights regarding phenomena such as loss aversion, willpower, and fairness that have been the focus of modern behavioral economics. This essay draws attention to some of these connections.

Date: 2005
Note: DOI: 10.1257/089533005774357897
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