Behavioural Economics and its Applications

Proceedings of the Yrjo Jahnsson Foundation 50th Anniversary Conference held on June 22–23, 2004 in Espoo, Finland. Behavioural economics is here to stay, but it is not easy to come up with a definition of exactly what it is. The range of work within economics that might reasonably be called behavioural is very wide. At one end of the spectrum, there are conservative experimenters who defend traditional economic theory by looking at situations in which it predicts fairly well. At the other end of the spectrum, there are radical experimenters who seek to show that traditional economic theory does not work at all by looking at situations in which its predictions fail. The dichotomy is captured in a joke that circulated when a Nobel Prize was awarded for experimental economics in 2002. Vernon Smith was said to have won his share of the prize for showing that economic theory works and Danny Kahneman for showing that it does not

Broad spectrum · Economics · Foundation (evidence · Joke · Mathematical economics · Neoclassical economics · Political science · Positive economics · Sociology · Work (physics · Economic theories and models · Economic Theory and Institutions · Engineering · Experimental Behavioral Economics Studies · Game Theory and Applications · Law · Philosophy

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