Titlebook: A Brain-Focused Foundation for Economic Science; A Proposed Reconcili Richard B. McKenzie Book 2018 The Editor(s) (if applicable) and The A

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978-3-030-08295-6The Editor(s) (if applicable) and The Author(s) 2018

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https://doi.org/10.1007/978-3-319-41691-5ciplinary concern and insisting that economists’ main concern was with “positive economics,” solely concerned with “what is,” not with what “ought to be” (the domain of “normative economics). He argued that economists’ empirical research must be guided by simplified models that need not, and could n

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Chuanyu Zou,Na Lin,Yunhong Zhangting that the human brain faced its own evolved limited and imperfect internal resources. Daniel Kahneman and Amos Tversky in the 1970s began calling into serious question the neoclassical methodological approach by running a series of laboratory and survey experiments that found substantial gaps be

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Hasan Ayaz,Umer Asgher,Lucas Palettahavioral economists and psychologists. It helps explain (and predicts), through deductive methodological means, many presumed “irrationalities,” such as inconsistencies in choices. It also explains laboratory subjects’ failures to appropriately discount future costs and benefits, to ignore sunk cost

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