Consolidating behavioural economics and rational choice theory: Insights from inequality research
Klarizze Anne Martin Puzon and
Rachel M. Gisselquist
No wp-2021-76, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)
Using illustrations from research on inequality, this paper offers evidence on the strengths of 'behavioural synthesis', i.e. the reconciliation between neoclassical and behavioural economics. We compare how theoretical models of absolute and relative inequality have evolved from assumptions of income maximization to status-seeking competition, and to altruism. We emphasize the relevance of experiments in testing competing theories and mitigating empirical shortcomings. We conclude that methodological pluralism, i.e.
Keywords: Inequality; Behavioral economics; Behaviour; Methodology (Economics) (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-evo, nep-hme, nep-hpe and nep-upt
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