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Building and Defining Behavioral Economics

Research in the History of Economic Thought and Methodology

ISBN: 978-1-78052-006-3, eISBN: 978-1-78052-007-0

Publication date: 1 June 2011


George Loewenstein, a prominent behavioral economist, recalls thatIn 1994, when Thaler, Camerer, Rabin, Prelec and I spent the year at the Center for Advanced Study in the Behavioral Sciences, we had a meeting to make a kind of final decision about what to call what we were doing. Remarkably, at that time, the name behavioral economics was not yet well established. I actually advocated “psychological economics,” and Thaler was strong on behavioral economics. I'm kind of glad that he prevailed; I think it's a better, catchier, label, although it creates confusion due to association with Behaviorism. (G. Loewenstein, personal email to author, June 16, 2008)


Heukelom, F. (2011), "Building and Defining Behavioral Economics", Biddle, J.E. and Emmett, R.B. (Ed.) Research in the History of Economic Thought and Methodology (Research in the History of Economic Thought and Methodology, Vol. 29 Part 1), Emerald Group Publishing Limited, Bingley, pp. 1-29.



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