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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)

Abstract: 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)
Date: 2021
New Economics Papers: this item is included in nep-evo, nep-hme, nep-hpe and nep-upt
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