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Schettkat, Ronald
Year of Publication: 
Series/Report no.: 
Schumpeter Discussion Papers No. 2018-005
Behavioral economics, the analysis of economic decisions, has made enormous progress over the last decades and became accepted as a major field in economics. How is behavioral economics to be compared to the neoclassical model? As a revision of the neoclassical model enhancing the set of variables for motivation such as fairness in the utility function which is then to be maximized? Or is behavioral economics a revolution, a departure from the neoclassical axioms, a new model? This paper argues that many of the findings in behavioral economics are incompatible with the neoclassical model and have paved the way for a revolution in economics.
Behavioral Economic
Neoclassical Economics
Economic Theory
Economic Methodology
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Working Paper

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