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
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DOI:
10.17148/IARJSET.2023.10316
[1] Sushmita Choudhury Sen, Dr. D.K.Mitra, "Behavioral Economics – A methodical observation," International Advanced Research Journal in Science, Engineering and Technology (IARJSET), DOI: 10.17148/IARJSET.2023.10316
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