Abstract: There are various ways a theory might react to a set of data that contradict its central assumptions. Neoclassical economics has made a number of different attempts to address the problem raised by Behavioral Economics. This essay briefly reviews various responses before making a case for one of them.

Keywords: Behavioral economics, Neoclassical Economics, Economic theory, Rational behavior, Economic Methodology

| DOI: 10.17148/IARJSET.2023.10316