Behavioural economics: Classical and modern

Ying-Fang Kao and K. Vela Velupillai

The European Journal of the History of Economic Thought, 2015, vol. 22, issue 2, 236-271

Abstract: In this paper, the origins and development of behavioural economics, beginning with the pioneering works of Herbert Simon and Ward Edwards, are traced and (critically) discussed. Two kinds of behavioural economics - classical and modern - are attributed, respectively, to the two pioneers. The mathematical foundations of classical behavioural economics are identified, largely, to be in the theory of computation and computational complexity; the mathematical basis for modern behavioural economics is claimed to be a notion of subjective probability. Individually rational economic theories of behaviour, with attempts to broaden - and deepen - the notion of rationality, challenging its orthodox variants, were decisively influenced by these two mathematical underpinnings.

Date: 2015
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DOI: 10.1080/09672567.2013.792366

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