Behavioral economics on Science this week

Steven D. Levitt and John A. List discuss behavioral economics in Homo Economicus evolves , Science 15 February 2008:ol. 319. no. 5865, pp. 909 – 910, DOI: 10.1126/science.1153640). They write:

Perhaps the greatest challenge facing behavioral economics is demonstrating its applicability in the real world. In nearly every instance, the strongest empirical evidence in favor of behavioral anomalies emerges from the lab. . . Some evidence thus far suggests that behavioral anomalies are less pronounced than was previously observed in the lab . . . Behavioral economics stands today at a crossroads. On the modeling side, researchers should integrate the existing behavioral models and empirical results into a unified theory . . . To be empirically relevant, the anomalies that arise so frequently and powerfully in the laboratory must also manifest themselves in naturally occurring settings of interest.


One thought on “Behavioral economics on Science this week

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s