Behavioral Economics and the Atheoretical Style

Ran Spiegler ()

No 11786, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: Behavioral economics is perceived by many to be part of a general shift in the culture of economics toward a less theoretical style. I present a critical discussion of certain manifestations of this trend: a preference for an anecdotal style of exposition (illustrated by Akerlof and Shiller's Phishing for Phools), reduced-form modeling (illustrated by Campbell's Ely Lecture), and the method of capturing psychological forces using parametric modifications of conventional functional forms. I argue that the subject of "psychology and economics" is intrinsically foundational, and that a pure-theory component is essential for it to realize its transformative potential.

JEL-codes: D03 (search for similar items in EconPapers)
Date: 2017-01
New Economics Papers: this item is included in nep-evo, nep-hme, nep-hpe, nep-pke and nep-upt
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Journal Article: Behavioral Economics and the Atheoretical Style (2019)
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