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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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Economic theory and Psychological Data: Bridging the Divide

Economic theory and Psychological Data: Bridging the Divide

Chapter:
(p.336) Chapter 15 Economic theory and Psychological Data: Bridging the Divide
Source:
The Foundations of Positive and Normative Economics
Author(s):

ANDREW CAPLIN

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195328318.003.0015

As models are often subjected to empirical testing to evaluate their ability to predict economically sound choices, these models are also solved by means of using optimization measures that are grounded on understanding both the quantitative and qualitative links of the actual choice data to the models. What sets economics apart from the other social sciences is how the decision-theoretic methodology brings about influential positive externalities. Although this aspect of economics seems to be well-organized, others would notice how classical decision theory does not integrate psychological factors. This chapter attempts to illustrate the developments that have furthered the use of nonstandard economic models while also accounting for the new forms of “psychological data” which involves eye movements, neurological responses, and other such indicators in expanding economic theory.

Keywords:   decision-theoretic methodology, psychological data, nonstandard economic models, economics, social sciences, classical decision theory

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