Conceptual Framework of Behavioural Economics

2021 ◽  
Vol 13 (2) ◽  
Author(s):  
Maya Tsoklinova ◽  

The main purpose of this paper is to systematize the characteristics of behavioural economics, and, on this basis, to highlight the differences between behavioural economics and neoclassical economics. Special emphasis is placed on the differences between the real and the rational economic man. Attention is focused on economic choice modelling under the influence of behavioural economics and the emergence of the so-called limited rationality. The paper also presents the methodological tools of behavioural economics, as well as the principles on which it is built as a modern branch of economic theory.

1995 ◽  
Vol 22 (2) ◽  
pp. 43-83 ◽  
Author(s):  
Tom Mouck

This paper provides an overview of the influence of Newtonian mechanics on the development of neoclassical economic theory and highlights Fisher's role in the popularization of the resulting mechanical conception of economics. The paper also portrays Fisher's The Nature of Capital and Income — a work which has been aptly characterized as the “first economic theory of accounting” — as the first move toward the colonization of accounting by economics. The result of Fisher's influence has been a paradigmatic linkage between the Newtonian world view of science, neoclassical economics, and mainstream academic accounting thought. The picture that emerges from this linkage is then used as a backdrop against which the emerging challenges to economics-based accounting thought are highlighted.


1980 ◽  
Vol 90 (359) ◽  
pp. 669
Author(s):  
A. M. C. Waterman ◽  
D. M. Bensusan-Butt
Keyword(s):  

2021 ◽  
Vol 77 (1) ◽  
pp. 217-234
Author(s):  
Mário Maximo

Despite its origins within moral philosophy, economists think their science has nothing to do with the good. They appeal to some kind of Hume’s guillotine that divides the descriptive and the normative. With that in hand, they affirm the solely descriptive aspect of their discipline. I argue this is not the case. Economists have, as they need to, an all encompassing notion of the good. I suggest going back to Aristotelian arguments to show the shortcomings of this good of economists. Aristotle is helpful because of his analysis of chrematistics and the real function of money. Hence, the loosely utilitarian good of the economists is confronted with a robust sense of the good and the human form. The capability approach is the first to identify these weak points on economic theory and to propose a sort of Aristotelian comeback. However, I claim the capabilities approach itself doesn’t follow the Aristotelian arguments used to attack economists to its necessary conclusion. Therefore, I suggest that the recent advances in neo-Aristotelian ethical naturalism can be used to reformulate economics by dispossessing economists of their sumo bonnun.


Author(s):  
Ahmad M. A. Toimah ◽  
Samy M. Z. Afifi

Planning is a time-sensitive process with spatial characteristics as its core. It is effective to formulate spatially-related decisions on an informative background to maximize benefits and minimize risks. Not only decision makers who affect the space, but also users and owners interact with it, affect the related decisions. Thus, it is healthful to widen participation. This chapter introduces a conceptual framework for the Spatial Decision Simulator “SD-SIM.” This work aims to reach a platform that supports spatial decisions made by various stakeholders to provide a capability for integrated modeling of socio-economic, man-made, and natural environmental impacts. It contains four components as a logical target for expressing the evolution of spatial issues and reflecting them into a simulator. These four components are Districts Sub-System, Property Price and Living Cost Simulator, Interventions Sub-System, and Development Scenarios Sub-System. The SD-SIM depends on free-access data sources. Through its sub-systems, the platform integrates different analytical methods and tools.


Author(s):  
Giovanni Marseguerra

Riassunto. – All’interno della comunità degli economisti sembra essere oggi presente un crescente disagio e un diffuso malcontento relativamente alle capacità della modellistica neoclassica di comprendere e spiegare i fenomeni economici. La relazione intende esaminare criticamente il contributo della formalizzazione matematica nelle teorie economiche, mettendo in evidenza sia punti di forza di un tale approccio sia le debolezze insite in un’analisi che rischia spesso di privilegiare la bellezza dello strumento rispetto all’oggetto di studio. Si considerano poi alcune delle moderne prospettive per l’indagine economica offerte dalla modellistica basata sulla simulazione a computer che consente di tener conto della complessità della realtà in misura maggiore di un approccio puramente analitico. Viene infine evidenziata l’importanza di garantire la coesistenza di una pluralità di scuole di pensiero in economia e si esaminano altresì le difficoltà per la valutazione della ricerca provocate dall’esistenza di un paradigma dominante. Nelle conclusioni viene enfatizzata la necessità di considerare l’economia come una vera scienza sociale.***Abstract. – There is today a widespread discontent within the international economists’ community as far as the capacity of the dominant neoclassical paradigm both to enhance our knowledge of economic phenomena and increase our capacity of governing the real economy. Somehow surprisingly, the lack of explicative relevance of the theory went almost hand in hand with the massive use of mathematics to formalize the theory. In order to investigate this peculiar feature of the evolution of economic science, this paper examines the contribution of mathematical formalization to the development of economic theory in the last sixty years pointing out both weaknesses as well as merits of a quantitative approach to economics. Finally, the need to consider economics as a truly social science si strongly emphasized.


1992 ◽  
Vol 8 (1) ◽  
pp. 51-82 ◽  
Author(s):  
Arnis Vilks

It is widely agreed that the concept of general equilibrium and, in particular, general equilibrium existence proofs play a central role within the neoclassical approach to economic theory. There is much less agreement, however, on the concepts of general equilibrium and of neoclassical economic theory themselves.


2017 ◽  
Vol 45 (4) ◽  
pp. 4-5
Author(s):  
Roman Sobiecki

Repeated crises reveal the shortcomings not only of methods of business management and economic policy, but also the non-compliance of economic theory with the real processes that take place in the world economy, and the requirements of the growth of general pros-perity. The essay deals with reflections concerning the causes of the weaknesses of economic sciences and new directions of their development.


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hiroko Oe ◽  
Yasuyuki Yamaoka

PurposeThis study aims to present a communication model for promoting value co-creation between citizens and policymakers and to draw out proposals on the rationale in implementing nudge effect as well as key policy implications. The paper also revisits the close relationship between information senders and receivers (citizens) from the perspective of “citizen behaviour change” and focuses on the nudge effect, which strengthens the communication skills of policymakers (information senders) and accelerates the behaviour change of citizens (i.e. the recipients of information). Based on the study, the authors propose a conceptual framework to explain the spontaneous incentive structure of citizens.Design/methodology/approachThis study uses a conceptual discussion based on a literature review. It examines the nudge effect on citizen behaviour based on information and communications models and theories. From critical discussions of literature, it proposes an analytical model that focuses on the nudge effect put forward in behavioural economics and takes into account the importance of measures to increase the sensitivity and empathy of the recipients of information.FindingsThe authors revisited the relationship between information senders and receivers from the perspective of citizen behavioural change and focus on the nudge effect, which strengthens the communication power of policymakers and accelerates the behavioural change of citizens (i.e. the recipients of information). According to the study, the authors propose a conceptual framework to explain citizens' spontaneous incentive structure. The dual perspective of policymakers and citizens should be central to the collaboration between citizens and policymakers to enhance the effectiveness of social policies, where the scope and type of value generated and the perspective of social value are essential.Research limitations/implicationsThis paper bridges the interdisciplinary research fields of behavioural economics and social policy. It is hoped that the model proposed in this paper will be an effective discussion framework for relevant researchers and practitioners when considering human resource training and system building related to information dissemination. In addition, it is hoped the model will be an effective tool for deepening discussions on topics that help to facilitate information transfer and communication within organisations.Practical implicationsThe realisation of policy intentions within the core elements of the social policy process, such as the definition of key objectives, policy mechanisms and legislation, are central elements of policy formation and are said to be highly similar across countries. The framework proposed in this study is a valid resource that can be applied in other countries and can be expected to act an effective guidepost for policy makers and other stakeholders engaged in social policy.Originality/valueUp to this point, in examinations of encouraging behavioural change in information recipients, attention has been focussed on the aspect of increasing the sender's ability to transmit information. Interventions, such as increasing the energy of the delivery, increasing the frequency and diversifying the media to make a strong impression on the receiver's consciousness, have been considered and implemented. However, this study suggests that, in addition to such efforts on the part of the sender, it is important to increase the sensitivity and affinity of the receiver to the message as preliminary preparation to receiving it.


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