Comments on Plott and on Kahneman, Knetsch, and Thaler

Article Abstract:

Some researchers in the field of economics (including Daniel Kahneman, Jack Knetsch, Richard Thaler and Charles Plott) have argued that the concept of fairness can be used to explain market behavior that could not be explained using standard analyses or the theory of rational choice. Empirical evidence from real world conditions suggests that fairness, or the lack of it, does influence decisions made in the marketplace. The existing work on fairness and market paradigms has great potential for the study of market equilibria and individual choice.

Research, Decision-making, Decision making, Economic research, Criticism and interpretation, Consumer preferences, Choice (Psychology), Plott, Charles R., Kahneman, Daniel, Knetsch, Jack L., Thaler, Richard H.

---

Comments on Plott and on Kahneman, Knetsch, and Thaler

Article Abstract:

Research papers by Charles Plott on rational choice in experimental models, and by Daniel Kahneman, Jack Knetsch and Richard Thaler on fairness and economic theory are discussed from the viewpoint of an anthropologist. Both papers are concerned with the limitations of describing real world behavior. Ethical considerations do have a valid role in economic inquiry, and judgments about fairness can be seen as a unified, coherent theory at the level of microeconomic decisions.

Behavioral assessment

---

Comments on Plott and on Kahneman, Knetsch, and Thaler

Article Abstract:

Research papers by Charles Plott on rational choice in experimental models and Daniel Kahneman, Jack Knetsch and Richard Thaler on fairness and economic theory are discussed. Plott's work on experimental markets attempted to prove that rational choice models, while normatively valid, are not descriptively accurate. A dual bilinear utility model of transitivity and dominance is introduced as a possible means of evolving a descriptive theory of bounded rationality.

Similar abstracts:

• Abstracts: Card companies look to the small end of business. Finance beyond the banks. Small-caps need ot float on cashflow
• Abstracts: Microsoft browser wins the latest round in bout with Netscape. Microsoft's browser keeps beating out old and new rivals
• Abstracts: Fads and fortunes. Retail shooting starsraur. Esprit pauses
• Abstracts: Complaints heat is on. A potential for conflict. Insolvency alert on Harts
• Abstracts: Impact of waiting attribution and consumer's mood on perceived quality. What makes open vs. closed conclusion advertisements more persuasive? The moderating role of prior knowledge and involvement

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.