Behavioral economics research and the foundations of economics [An article from: Journal of Socio-Economics]

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Description:
Five propositions on which economists and psychologists including behavioral economists are in agreement are presented, leading to a discussion about two kinds of rationality. After some comments on methodology and on concepts of fairness, I will discuss the question of wealth maximization versus the economics of survival, and their different implications for behavior. I want to begin with five propositions on which economists and psychologists including behavioral economists are in agreement. This will lead me to talk about two kinds of rationality. After some comments on methodology and on concepts of fairness, I will close on the question of wealth maximization versus the economics of survival, and their different implications for behavior.