Under Risk, Over Time, Regarding Other People: Language and Rationality within Three Dimensions

Abstract

This chapter conducts a systematic comparison of behavioral economics’s challenges to the standard accounts of economic behaviors within three dimensions: under risk, over time, and regarding other people. A new perspective on two underlying methodological issues, i.e., inter-disciplinarity and the positive/normative distinction, is proposed by following the entanglement thesis of Hilary Putnam, Vivian Walsh, and Amartya Sen. This thesis holds that facts, values, and conventions have inter-dependent meanings in science which can be understood by scrutinizing formal and ordinary language uses. The goal is to provide a broad and self-contained picture of how behavioral economics is changing the mainstream of economics.

Citation

Jullien, D. (2018), "Under Risk, Over Time, Regarding Other People: Language and Rationality within Three Dimensions", Including a Symposium on Latin American Monetary Thought: Two Centuries in Search of Originality (Research in the History of Economic Thought and Methodology, Vol. 36C), Emerald Publishing Limited, Leeds, pp. 119-155. https://doi.org/10.1108/S0743-41542018000036C007