Click here to listen to David Levine's interview on YouTube.
Levine’s book is essential reading for students and teachers of economic theory and anyone interested in the psychology of economics.
Is Behavioral Economics Doomed?: The Ordinary Versus the Extraordinary
David K. Levine | September 2012
ix + 143 | 6.14" x 9.21" (234 x 156 mm)
ISBN Paperback: 9781906924928
ISBN Hardback: 9781906924935
ISBN Digital (PDF): 9781906924942
ISBN Digital ebook (epub): 9781906924959
ISBN Digital ebook (mobi): 9781906924966
BIC subject codes: BUS (Micro-economics and economic theory)
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2. Does Economic Theory Work?
3. Why Is The World So Irrational?
4. Does Economic Theory Fail?
5. You Can Fool Some Of The People...
6. Behavioral Theories I: Biases and Irrationality
7. Behavioral Theories II: Time and Uncertainty
8. Learning and Friends
9. Conclusion: Psychology, Neuroscience and Economics
Some rights are reserved. This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 Unported License. This license lets others remix, tweak, and build upon the work even for commercial purposes, as long as they credit the author of the work and license their new creations under the identical terms. Attribution should include the following information:
Levine, David K. Is Behavioral Economics Doomed?: The Ordinary versus the Extraordinary. Cambridge, UK: Open Book Publishers, 2012. DOI: 10.11647/OBP.0021
Details of allowances and restrictions available at: http://creativecommons.org/licenses/by-sa/3.0/
Emeritus Professor of Economics, University College London
Any behavioral economists wondering why behavioral economics is not widely embraced by the traditional areas of economics should read this book. Any traditional economists feeling some skepticism about behavioral economics but not sure why should read this book. Levine looks at major results claimed by behavioral economists. He argues that behavioral economists often ignore a long history of similar ideas already present in traditional economics. He points to serious empirical weaknesses in behavioral theories arguing that behavioral economists have fallen short in interpreting experimental data and have built theoretical frameworks based on results that are not replicable.
Edward S. Harkness Professor of Economics and Political Science
California Institute of Technology