Adfærdsøkonomien - et brud med den neoklassiske økonomi?
Abstract
This bachelor thesis seeks to explore the differences between the subject model in behavioral economics and the one in neoclassical economics. The neoclassical economics have been widely criticized because of their lack of understanding of reality, as they e.g. assume perfect rationality in man. This among other points of critique leads to systematic error in predicting behavior and is by some said to have caused e.g. financial crises. Behavioral economics has emerged in the wake of the criticism of neoclassical economics and focuses especially on the assumptions of rationality.
It is important to explore whether or not behavioral economics actually differ from neoclassical economics. This thesis focuses on the two theories subject models, as the subject model is an important psychological category and has great implications on the theory and the use of it.
The exploration is based on behavioral economical literature from thirteen scientists that have formed part of the Russel Sage Foundation’s Behavioral Economics Roundtable, articles related to differences between behavioral and neoclassical economics, and other relevant texts.
The thesis uses three different categories of subject models presented in Sonne-Ragans (2019) and these categories are used throughout the thesis.
Through an analysis of the axioms presented in neoclassical economics, this thesis shows that behavioral economics does not use the same axioms as do neoclassical economics. Most importantly, the two theories differ in their assumptions about rationality, as behavioral economics do not assume perfect rationality, but assumes bounded rationality in its place. The first part of the discussion challenges the subject model for behavioral economics presented in Primrose (2017), as this model presumes rationality as a core of the subject and cognitive limitations as external from the subject. This is challenged through Sonne-Ragans (2019) and it is argued, that the behavioral economical subject model is decentered consisting of rationality (not as a core) and cognitive limitations (as a part of the subject). This subject model differs from the neoclassical centered one, that consists of a hyper-rational core.
However, the second part of the discussion shows that nearly every difference between the two theories can be explained by the cognitive limitations. Therefore, it is concluded that the two subject models differ solely by the cognitive limitations. This entails that behavioral economics might then suffer from the same flaws as do neoclassical economics which can lead it to being open to the same type of critique as neoclassical economics.
Bedømmelse: 7