Journal of Economic Issues, March 1st, 1998
Experimental psychology has demonstrated that the most significant assumptions of rational choice economic theory are often violated in real life situations because people rely on a limited number of rules of thumb or heuristics to make their selections. The heuristic judgement theory model has been developed which focuses on the psychological issues involved in economic behaviour and human decision making but is consistent with post Keynesian and institutional views of economic behavior.
Because we are social animals, the collective behavior of humans must be understood in terms of the cultu...
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