Under Risk, Over Time, Regarding Other People: Language and Rationality within Three Dimensions

Dorian Jullien

A chapter in Including a Symposium on Latin American Monetary Thought: Two Centuries in Search of Originality, 2018, vol. 36C, pp 119-155 from Emerald Group Publishing Limited

Abstract: This chapter conducts a systematic comparison of behavioral economics’s challenges to the standard accounts of economic behaviors within three dimensions: under risk, over time, and regarding other people. A new perspective on two underlying methodological issues, i.e., inter-disciplinarity and the positive/normative distinction, is proposed by following the entanglement thesis of Hilary Putnam, Vivian Walsh, and Amartya Sen. This thesis holds that facts, values, and conventions have inter-dependent meanings in science which can be understood by scrutinizing formal and ordinary language uses. The goal is to provide a broad and self-contained picture of how behavioral economics is changing the mainstream of economics.

Keywords: Behavioral economics; economic rationality; expected utility; prospect theory; exponential discounting; hyperbolic discounting; self-interest; other-regarding behaviors; economic methodology; history of economics; philosophy of economics; economics and language.; A12; B21; B41; D01; D03; D81; D90; D64 (search for similar items in EconPapers)
Date: 2018
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Working Paper: Under Risk, Over Time, Regarding Other People: Language and Rationality Within Three Dimensions (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:eme:rhetzz:s0743-41542018000036c007

DOI: 10.1108/S0743-41542018000036C007

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