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1、TheJournalofSocio-Economics34(2005)135150BehavioraleconomicsresearchandthefoundationsofeconomicsVernonL.Smith∗UniversityofAnchorageAlaska,USAAbstractFivepropositionsonwhicheconomistsandpsychologistsincludingbehavioraleconomistsareinagreementarepresented,leadingtoadiscussionabout
2、twokindsofrationality.Aftersomecommentsonmethodologyandonconceptsoffairness,Iwilldiscussthequestionofwealthmaximizationversustheeconomicsofsurvival,andtheirdifferentimplicationsforbehavior.Iwanttobeginwithfivepropositionsonwhicheconomistsandpsychologistsincludingbehavioraleconomis
3、tsareinagreement.Thiswillleadmetotalkabouttwokindsofrationality.Aftersomecommentsonmethodologyandonconceptsoffairness,Iwillcloseonthequestionofwealthmaximizationversustheeconomicsofsurvival,andtheirdifferentimplicationsforbehavior.©2004PublishedbyElsevierInc.Keywords:Behavioralec
4、onomics;Economist;Rationality1.PropositionsCuriously,theimageofeconomistsandpsychologistsasprotagonistsobscurestheirunderlyingagreementonfoundations.Bothrelyuponthesameunderlyinginterpretationofeconomicrationalityasfollows:ThispaperisderivedfromVernonSmithsHerbertSimonMemorialLe
5、cture,presentedattheSocietyofBehavioralEconomics/InternationalAssociationforResearchinEconomicPsychologyjointmeetingatDrexelUniversity,Philadelphia,June16,2004.∗Presentaddress:InterdisciplinaryCenterforEconomicsScience,GeorgeMasonUniversity,4400UniversityDrive,MSN1B2Fairfax,VA220
6、30,USA.Tel.:+17039934850;fax:+17039934851.E-mailaddress:vsmith2@gmu.edu.1053-5357/$seefrontmatter©2004PublishedbyElsevierInc.doi:10.1016/j.socec.2004.09.003136V.L.Smith/TheJournalofSocio-Economics34(2005)135–150(1)Totheextentthatmarketsarerational,asincontrolledS&Dexperimentsorir
7、rational,asinexperimentalassetbubblemarkets,thisderivesdirectlyfromtherationalityorirrationalityofagents.Thus,evena...monopolist...hastohaveafullgeneralequilibriummodeloftheeconomy(Arrow,1987,p.207).Thedefaultexplanationformarketrationalityisassumedtoderiveentirelyfromindividualr
8、ationality.Marketscannotberationalifagen
