Economics, Econometrics and Finance
4 years ago

Unlocking the Mind: How Economics and Psychology Merge for Decision-Making

Brazilian Journal of Political Economy
Thorstein Veblen’s Institutional Economics and Daniel Kahneman and Amos Tversky’s Behavioral Economics: an analysis of convergent points
Tainari Taioka, Felipe Almeida, Ramón Fernández

Paper Summary

The article compares two economic theories, one by Thorstein Veblen and the other by Daniel Kahneman and Amos Tversky, to see if they have similar ideas about decision-making. Both theories are based on psychology, with Veblen's theory rooted in American philosophy and Kahneman and Tversky's theory based on social learning and cognitive dissonance.

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