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Terence C. Burnham () and Jay Phelan
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Terence C. Burnham: Chapman University
Jay Phelan: UCLA

Journal of Bioeconomics, 2021, vol. 23, issue 1, No 1, 14 pages

Abstract: Abstract Neoclassical and behavioral economics disagree over the manner in which people discount the future. Neoclassical economics assumes that people make good, consistent decisions about savings and other intertemporal choices. In contrast, behavioral economics argues people are impatient and inconsistent in discounting decisions. Evolutionary biology suggests that, in natural settings, people will behave ‘as if’ they are following the neoclassical economic model. In novel settings, however, people will sometimes act as described by behavioral economic views, but at other times people will exhibit behaviors that are precisely the opposite of the predictions of the behavioral economic model.

Date: 2021
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DOI: 10.1007/s10818-021-09313-z

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