Attribute substitution, earlier-generation economic approaches and behavioural economics

Theodore Koutsobinas

Review of Social Economy, 2023, vol. 81, issue 2, 274-303

Abstract: The present paper examines attribute substitution in terms of both heuristics and attribution theory in social psychology. Alternative ‘old’ approaches in psychology were special because they considered choice in terms that were similar to attributional inference in social psychology and anticipated limitations of the static heuristics and biases approach. Attribute substitution plays an important role in reflective reasoning as an independent entity relative to rationality and produces good decisions, even those are sub-optimal and may be influenced by primitive processes such as intuition and habits. The attribute-substitution research enhances our understanding of intense shifts in economic expectations. It makes possible the conceptual incorporation of substantive theoretical constructions, which are inherent in psychological propensities of alternative, and mainly, heterodox approaches in economics such as Post Keynesian, Institutional and Austrian economics. This research agenda paves the way for possible forms of synthesis of those theories with behavioural economics.

Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/00346764.2021.1874498 (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:taf:rsocec:v:81:y:2023:i:2:p:274-303

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RRSE20

DOI: 10.1080/00346764.2021.1874498

Access Statistics for this article

Review of Social Economy is currently edited by Wilfred Dolfsma and John Davis

More articles in Review of Social Economy from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().