The goal of behavioral economics is to develop models that extend the explanatory and predictive power of economic theory, to address violations of expected utility theory, and to account more realistically for individual choice behavior that does not adhere to calculative rationality. In...

Book chapter which reviews Reinhard Selten's School of Thought on economic behavior from the perspectives of economic theory and experimentation. We highlight the contrast between these two perspective and how bounded rationality serves the bridge between the two. We make special emphasis on his...

In an era where behavioral insights overwhelmingly shape policy interventions, heuristic-based decision-making merits closer consideration. That policy environments are complex is not a new topic, nor is the insight that simple heuristic solutions might work best in some complex situations. I...

In social science, we seek to understand human decisions in terms of social-psychological primitives: a decision maker or conscious self, aware of its opportunity sets, resource constraints, preferences, and somewhat contentiously, endowed with at least a spoonful of free will. Tired of swimming...