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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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Mindless or Mindful Economics: A Methodological Evaluation

Mindless or Mindful Economics: A Methodological Evaluation

(p.125) Chapter 6 Mindless or Mindful Economics: A Methodological Evaluation
The Foundations of Positive and Normative Economics


Oxford University Press

In the first chapter, Faruk Gul and Wolfgang Pesesndorfer present how accounting for psychological and neurological theory is important in dealing with normative and positive economics. Both Gul and Pesendorfer have been able to give comments regarding certain methodological claims of experimental, behavioral, and neuroeconomists. It is important to note that Economics, according to Gul and Pesendorfer's observations, is not readily affected, let alone enhanced, by how neurology sets what goes on in the human brain and by how psychology accounts for what goes on in people's minds when they are undergoing decision-making processes. Not considering the successes and failures of Gul and Pesendorfer's studies, this chapter attempts to look into the argument that neuroeconomics and behavioral economics cannot produce sufficient evidence for the support and rejection of models in positive economics. Also, such concepts are believed to be irrelevant in terms of normative economics.

Keywords:   Faruk Gul, Wolfgang Pesendorfer, psychological theory, neurological theory, behavioral economics, neuroeconomics, positive economics, normative economics

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