In this note we shall discuss a concept that – despite its prominence in both Hume (1739) and Smith (1759), its obvious relevance for social behavior, and its not so infrequent use in colloquial language – has never gained a foothold in economic theory: the concept of empathy. Specifically,...

Discussing the literatures on behavioral economics, bounded rationality, and experimental economics as they apply to firm behavior in markets. Mark Armstrong & Steffen Huck, University College London

Discussing the literatures on behavioral economics, bounded rationality, and experimental economics as they apply to firm behavior in markets. Mark Armstrong & Steffen Huck, University College London