The old and the new Behavioral Economics: highlights of a trajectory

AutorIgor Feitosa Lacôrte Ayroza - Helga Iwamoto - Waldecy Rodrigues
CargoUniversidade Federal do Tocantins (UFTO) - Universidade Federal do Tocantins (UFTO) - Universidade Federal do Tocantins (UFTO)
Páginas50-72
http://dx.doi.org/10.5007/2175-8085.2018v21n2p50
Rev. Text. Econ., Florianópolis, v. 21 n. 2, p. 50 72, abr/out. 2018 ISSN 2175- 8085
50
The old and the new Behavioral Economics:
highlights of a trajectory
A velha e a nova Economia Comportamental:
destaques de uma trajetória
Igor Feitosa Lacôrte Ayroza
igor.ayroza@gmail.com
Universidade Federal do Tocantins (UFTO)
Helga Iwamoto
helga.iwamoto@gmail.com
Universidade Federal do Tocantins (UFTO)
Waldecy Rodrigues
waldecy@terra.com.br
Universidade Federal do Tocantins (UFTO)
Abstract: I n the present work, we sought to trace a trajectory with the elements considered essential in the
constitution and consolidation of the Behavioral Economics as a theoretical and scientific field: starting fro m the
old school to the formation of the so -called new school, however, with no ambition to exha ust the theme. The
understanding of how the BE developed over the time will provide guidance to those interested in the topic to
assimilate the context in which the BE came about, to learn about it's precursors, main concepts and research
fields as well as provide indications of possible fields for the development of new research. Among the
theoretical and scie ntific references ar e: Simon’s bounded rationality, concepts of heuristics and biases, the two
systems theory, the prospect theory, and the intertemporal choice.
Keywords: Behavioral Economics; Economic Psychology; Limited Rationality; Two Systems
Códigos JEL: D03; N01.
Resumo: No presente trabalho, buscou-se traça r uma trajetória com elementos considerados essenciais na
constituição e consolidação da Economia Compo rtamental como campo teórico e científico: de sua velha escola
até a formação da chamada nova escola, sem, no entanto, ambicionar o esgotamento do tema. Entende-se que a
compreensão do percurso trilhado pela EC auxiliará e norteará o interessado na temática a assimilar o
contexto em que a EC surgiu, conhecer seus precursores, principais conceitos e campos de pesquisa bem como
fornecerá indícios de possíveis campos para o desenvolvimento de novas pesqu isas. Dentre as contribuições,
destacam-se: a o conceito de racionalidade limitada, os conceitos de heurísticas e vieses, a teoria dos dois
sistemas, a teoria dos prospectos, bem como a teoria da escolha intertemporal.
Palavras-chave: Economia Comportamental; Psicologia Econômica; Racionalidade Limitada; Dois Sistemas
JEL Codes: D03; N01.
Recebido em: 22-02-2018. Aceito em: 18-05-2018.
http://dx.doi.org/10.5007/2175-8085.2018v21n2p50
Rev. Text. Econ., Florianópolis, v. 21 n. 2, p. 50 72, abr/out. 2018 ISSN 2175- 8085
51
1. INTRODUCTION
Behavioral economics (BE) "emerged as a reaction to the deficiencies of the
traditional economy" (HOSSEINI, 2003, p.393). According to Camerer (2015), the new
discipline used knowledge from the areas of psychology and other social sciences to build its
theoretical and experimental basis as an alternative to traditional economic theories based on
the optimization of results. For the author, an important element in structuring the new
discipline was the shift from a perspective based on mathematical logical calculations and
utility maximizers to biologically plausible mechanisms. That is, in order to understand
human behavior in the face of the economic field, we sought to leave aside the generative
deductive models to favor the empirical models that consider the peculiarities of the context
in which the individual is inserted. In this sense, Tomer (2007) considers that the scientific
practice built by the behavioral economics distinguishes it from other economic schools.
Calhoun in his Dictionary of the Social Sciences defines behavioral economics as a
field concerned with the empirical validity of neoclassical premises about human behavior
and where these premises are held to be invalid in relation to the more adequate description of
behavior (CALHOUN, 2002, p.38). Mullainathan and Thaler (2001, p. 1) define BE as the
combination of psychology and economics that investigates what happens in markets in which
some agents exhibit human complications and limitations. As Samson (2014) states, BE
suggests that human decisions are strongly influenced by the context, including the way in
which choices are presented (SAMSON, 2014 p.44). For Bickel, Green, and Vulchinich
(1995), behavioral economics is a relatively new theoretical and research area that engages in
conducting experimental analyzes of human behavior.
According to Shiller (2005), BE brought benefits to the economic sciences even before
being recognized as a discipline. Camerer (2015) points out that one of the most substantial
contributions of behavioral economics to the economic field was the addition of boundaries to
unlimited, computational abilities, willpower and selfishness present in the life of the rational
economic agent. The basis for limiting these superhuman faculties comes mainly from
psychology (CAMERER; LOEWENSTEIN, 2003), social sciences and more recently, from
neuroscience.
Camerer (2015) considers that behavioral economics is useful mainly in contexts
involving complex and difficult decisions to be reached. These decisions may relate to
different contexts, namely, health, education, consumption, sustainability, etc. Angner and

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