(Non-) Behavioral Economics – A Programmatic Assessment

Economic theory has evolved without paying proper attention to behavioral approaches,especially to social, economic, and cognitive psychology. This has recently changed byincluding behavioral economics courses in many doctoral study programs. Although thisnew development is most welcome, the typical topics of the behavioral economicscourses are not truly behavioral. More specifically, we question whether neoclassicalrepairs or game fitting exercises as well as more or less mechanic adaptation processesqualify as behavioral approaches. To avoid criticizing without offering alternatives, wesuggest some truly behavioral concepts, especially the satisficing approach.