Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/193173
Authors: 
Johnson, Samuel G. B.
Year of Publication: 
2019
Series/Report no.: 
Economics Discussion Papers 2019-10
Abstract: 
Behavioral economics characterizes decision-makers using psychologically-informed models. Cognitive science produces psychologically-informed models. Why don't these disciplines talk more? Here, the author presents several arguments for why cognitive science should inform behavioral economics - it characterizes internal psychological states, builds a richer conception of human nature, pays equal attention to cognition's successes and failures, embraces multidisciplinary insights, and avoids blind spots produced by behavioral economics' intellectual lineage. The author illustrates these principles using the cognitive science of sense-making - how humans understand information - including mental tools such as heuristics, stories, and theories. The science of mind can produce new insights to enrich economics.
Subjects: 
cognitive science
behavioral economics
experimental economics
behavioral finance
economics methodology
information processing
decision-making under uncertainty
JEL: 
A12
B4
D01
D11
D7
D8
D9
E7
G4
Creative Commons License: 
https://creativecommons.org/licenses/by/4.0/
Document Type: 
Working Paper

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