Rational choice: the contrast between economics and psychology

@inproceedings{Smith2000RationalCT,
  title={Rational choice: the contrast between economics and psychology},
  author={Vernon L. Smith},
  year={2000}
}
  • Vernon L. Smith
  • Published 2000
  • Economics
  • Rational Choice-the published record of a conference on economics and psychology-frames the issues as a contest between economic theory and the falsifying evidence from psychology. According to a third perspective, that of experimental economics, most standard theory provides a correct first approximation in predicting motivated behavior in laboratory experimental markets, but the theory is incomplete, particularly in articulating convergence processes in time and in ignoring decision cost… CONTINUE READING

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