Decision, Contract, and Emotion: Some Economics for a Complex and Confusing World

W. Bentley Macleod ()

Canadian Journal of Economics, 1996, vol. 29, issue 4, 788-810

Abstract: This essay illustrates that is if Leonard J. Savage's (1972) small world assumption is relaxed, one can construct a theory of bounded rationality that incorporates some of the insights from recent work in cognitive psychology. The theory can be used to explain why contracts are incomplete and the existence of endowment effects in exchange.

Date: 1996
References: Add references at CitEc
Citations: View citations in EconPapers (17)

Downloads: (external link)
http://links.jstor.org/sici?sici=0008-4085%2819961 ... CAESE%3E2.0.CO%3B2-9 (text/html)
only available to JSTOR subscribers

Related works:
Working Paper: Decision, Contract and Emotion: Some Economics for a Complex and Confusing World (1996)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cje:issued:v:29:y:1996:i:4:p:788-810

Ordering information: This journal article can be ordered from
https://www.economic ... ionen/membership.php

Access Statistics for this article

Canadian Journal of Economics is currently edited by Zhiqi Chen

More articles in Canadian Journal of Economics from Canadian Economics Association Canadian Economics Association Prof. Werrner Antweiler, Treasurer UBC Sauder School of Business 2053 Main Mall Vancouver, BC, V6T 1Z2. Contact information at EDIRC.
Bibliographic data for series maintained by Prof. Werner Antweiler ().