Showing 1 - 10 of 12
The discovered preference hypothesis appears to insulate expected utility theory (EU) from disconfirming experimental evidence. It asserts that individuals have coherent underlying preferences, which experiments may not reveal unless subjects have adequate opportunities and incentives to...
Persistent link: https://www.econbiz.de/10005496150
Persistent link: https://www.econbiz.de/10009215359
This paper distinguishes the base domain of an economic theory (in which predictions are relatively unambiguous) from, respectively, the domains of intended application and of legitimate testing; it argues that the domain of legitimate testing is not generally restricted to that of intended...
Persistent link: https://www.econbiz.de/10005282285
Two roles of experiments in behavioural economics are distinguished - experiments as exhibits and experiments as tests of theories. An exhibit is an experimental design which reliably induces a surprising regularity, typically combined with an informal hypothesis about the underlying causal...
Persistent link: https://www.econbiz.de/10005462937
Persistent link: https://www.econbiz.de/10005640115
Persistent link: https://www.econbiz.de/10009215358
Using as examples Akerlof's 'market for ''lemons''' and Schelling's 'checkerboard' model of racial segregation, this paper asks how economists' abstract theoretical models can explain features of the real world. It argues that such models are not abstractions from, or simplifications of, the...
Persistent link: https://www.econbiz.de/10009215368
Persistent link: https://www.econbiz.de/10009219369
Persistent link: https://www.econbiz.de/10009219374
Persistent link: https://www.econbiz.de/10009219459