Implications of smart decision-making and heuristics for production theory and material welfare

Volume: 18, Issue: 2, Pages: 167 - 179
Published: Oct 24, 2019
Abstract
Conventional theory assumes that economic agents perform at optimal levels of efficiency by definition and this is achieved when individuals behave in a particular fashion. Moreover, neoclassical production theory masks the process by which optimal output can be achieved. I argue that economic theory should be revised to incorporate some key findings of behavioural economics, while retaining the conventional theory’s normative ideal of optimum...
Paper Details
Title
Implications of smart decision-making and heuristics for production theory and material welfare
Published Date
Oct 24, 2019
Volume
18
Issue
2
Pages
167 - 179
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