A Target-Oriented Approach: A 'One-Size' Model to Suit Humans and Econs Behaviors

Published: Nov 12, 2013
Abstract
Thaler and Sunstein (2008) introduce two stereotypical decision makers: the Econs, imaginary people who always behave as strictly rational expected utility maximizers, and the Humans, real people subject to ordinary behavioral biases. This note sheds light on how the axiomatic target-oriented approach introduced by Castagnoli and Li Calzi (1996) may fit well the behavior of both of them. We show that although Econs and Humans use a different...
Paper Details
Title
A Target-Oriented Approach: A 'One-Size' Model to Suit Humans and Econs Behaviors
Published Date
Nov 12, 2013
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