G. L. S. Shackle's introspective behavioral economics

Peter Earl

Journal of Behavioral Economics for Policy, 2018, vol. 2, issue 1, 19-23

Abstract: Shackle’s introspection-based theory of choice under uncertainty prefigured elements of both Simon's satisficing analysis and Prospect Theory but did so in a way aimed at providing an alternative to probabilistic thinking. His theory focuses on creative, critical use of the imagination in assessing possibilities and potential for surprise, and on the process of focusing en route to choice. This paper covers the genesis and elements of Shackle's framework and considers its implications for policymakers.

Keywords: decision-making under uncertainty; surprise; imagination; probability (search for similar items in EconPapers)
JEL-codes: B22 D8 D91 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:beh:jbepv1:v:2:y:2018:i:1:p:19-23

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