Professor Andrei Shleifer: "Cognitive Economics"

Professor Andrei Shleifer

John L. Loeb Professor of Economics at Harvard University

"Cognitive Economics"

Human choices are often unstable, dependent on normatively irrelevant features of the problem, and variable across people in similar situations. Standard economics resolves these challenges by constructing exotic preferences. Behavioral economics deals with them by proliferating biases. Neither unifies different phenomena effectively.

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