Quotation Erev, Ido and Greiner, Ben. 2015. The 1-800 Critique, Counterexamples, and the Future of Behavioral Economics. In: Handbook of Experimental Economic Methodology, Hrsg. Guillaume R. Fr├ęchette and Andrew Schotter, S. 151-165. Oxford: Oxford University Press.


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Abstract

This chapter contrasts the different approaches taken by economists and psychologists. While economists create models aimed at parsimony and generalizability, psychologists tend to look more narrowly at data and generate their models to describe them. The problem with the latter approach is that it is not clear to what environments the data generated is exportable to. The implication here is that many psychology articles should have a 1-800 call center number attached to them to allow the reader to call and ask how the results would generalize to different contexts. The approach taken by behavioral economists is to look for counterexamples to rational parsimonious models and therefore use the rational models as a benchmark. This approach cannot be successful because the leading behavioral models are not clear about when they apply. Hence, unless behavioral models are general and not merely constructed to account for a specific counterexample, counterexamples are easily found to the counterexample, which brings us back to the starting point.

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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Chapter in edited volume
Language English
Title The 1-800 Critique, Counterexamples, and the Future of Behavioral Economics
Title of whole publication Handbook of Experimental Economic Methodology
Editor Guillaume R. Fr├ęchette and Andrew Schotter
Page from 151
Page to 165
Location Oxford
Publisher Oxford University Press
Year 2015
URL http://oxfordindex.oup.com/view/10.1093/acprof:oso/9780195328325.003.0010

Associations

People
Greiner, Ben (Details)
External
Erev, Ido (Technion, Israel)
Organization
Department of Strategy and Innovation DP (Details)
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