publication . Article . 2015

Principles of (Behavioral) Economics

Laibson, David I.; List, John A.;
Open Access
  • Published: 01 Jan 2015 Journal: American Economic Review, volume 105, issue 5 May, pages 385-90
  • Publisher: American Economic Association
Abstract
Behavioral economics has become an important and integrated component of modern economics. Behavioral economists embrace the core principles of economics—optimization and equilibrium—and seek to develop and extend those ideas to make them more empirically accurate. Behavioral models assume that economic actors try to pick the best feasible option and those actors sometimes make mistakes. Behavioral ideas should be incorporated throughout the first-year undergraduate course. Instructors should also considering allocating a lecture (or more) to a focused discussion of behavioral concepts. We describe our approach to such a lecture, highlighting six modular princip...
Subjects
free text keywords: jel:A22, jel:D03
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publication . Article . 2015

Principles of (Behavioral) Economics

Laibson, David I.; List, John A.;