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The Foundations of Positive and Normative EconomicsA Hand Book$
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Andrew Caplin and Andrew Schotter

Print publication date: 2008

Print ISBN-13: 9780195328318

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780195328318.001.0001

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Choice and Process: Theory Ahead of Measurement

Choice and Process: Theory Ahead of Measurement

Chapter:
(p.320) Chapter 14 Choice and Process: Theory Ahead of Measurement
Source:
The Foundations of Positive and Normative Economics
Author(s):

JESS BENHABIB

ALBERTO BISIN

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195328318.003.0014

Because the traditional method of decision theory accounts only for explaining choice instead of also looking into the process that underlies choice, other approaches such as behavioral economics and neuroeconomics attempt to come up with theories that would account for both the choice and the process. Such models which embody joint implications that consider both process and theory comprise a whole different area in analyzing decision theory. It is emphasized that the literature related to such measures would adopt structural empirical methods that are vital in testing and analyzing the models. The gap between traditional theory and that which considers neuroscience signifies the need to establish a structural approach that would explain the implicit identifying assumptions observed on both sides. Also, the chapter includes a discussion about how a structural analysis in the context of intertermporal decision theory is essential in examining decision theory.

Keywords:   traditional method, decision theory, neuroeconomics, structural analysis, intertemporal decision theory

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