Behavioral economics and the Virginia school of political economy: overlaps and complementarities

Roger Congleton

Public Choice, 2022, vol. 191, issue 3, No 6, 387-404

Abstract: Abstract A variety of complementarities and overlaps exist between the psychological strand of behavioral economics and the subjectivist strand of Virginia Political Economy. This paper provides an overview of those commonalities and places them in a common information processing framework. The framework can account for systematic mistakes, framing effects, subjectivity, individual variety, and several issues in constitutional political economy. It also reveals many commonalities between these two quite different approaches to human behavior.

Keywords: Behavioral economics; Public choice; Virginia School; Natural ignorance; Rule-bound choice; Framing effects; Human variety; Information collection and processing (search for similar items in EconPapers)
JEL-codes: B1 B4 D6 D60 D7 D8 D9 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://link.springer.com/10.1007/s11127-019-00679-3 Abstract (text/html)
Access to full text is restricted to subscribers.

Related works:
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:kap:pubcho:v:191:y:2022:i:3:d:10.1007_s11127-019-00679-3

Ordering information: This journal article can be ordered from
http://www.springer. ... ce/journal/11127/PS2

DOI: 10.1007/s11127-019-00679-3

Access Statistics for this article

Public Choice is currently edited by WIlliam F. Shughart II

More articles in Public Choice from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().