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Behavioral economics without anomalies

H Rachlin1

  • 1Psychology Department, SUNY, Stony Brook 11794-2500, USA.

Journal of the Experimental Analysis of Behavior
|November 1, 1995
PubMed
Summary
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Behavioral economics challenges traditional rationality by viewing anomalies as value maximization outcomes. This approach, grounded in empirical data, offers an internally consistent framework for understanding economic behavior.

Area of Science:

  • Behavioral Economics
  • Decision Science
  • Economic Theory

Background:

  • Traditional economic models assume rational agents.
  • Behavioral economics often focuses on anomalies deviating from rationality.
  • Existing frameworks struggle to reconcile anomalies with rational choice theory.

Purpose of the Study:

  • To propose an alternative conception of behavioral economics.
  • To integrate anomalies within a consistent theoretical framework.
  • To explore value maximization as a core principle.

Main Methods:

  • Reconceptualizing behavioral economics beyond anomalies.
  • Incorporating behavioral "anomalies" as internal inconsistencies or time discounting issues.
  • Developing a framework based on the axiom of value maximization.

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Main Results:

  • Behavioral "anomalies" can be explained by conflicts in temporal behavior patterns.
  • Non-exponential time discounting provides a mechanism for observed deviations.
  • The proposed conception is empirically grounded and internally consistent.

Conclusions:

  • Behavioral economics can be consistently defined by value maximization.
  • This framework offers a robust alternative to anomaly-focused approaches.
  • Understanding temporal discounting is key to explaining economic decisions.