Economics, Econometrics and Finance
8 years ago

Economic theory of choice transformed into empirical science of human behavior!

Ethical economy
From Normative Theory to Empirical Science
Bernard Hodgson

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The article discusses how economic theories about decision-making can be turned into real-world observations of human behavior. The researchers explore whether theories about how people should make choices can be transformed into practical descriptions of how people actually behave. They suggest that it is possible to bridge the gap between theoretical ideas and real-life actions.