Abstract
Behavioral economics rejects the Samuelsonian concept of revealed preferences, which, in turn, is a cornerstone for the development of modern neoclassical micro theory. This paper aims at criticizing the behavioral charge against revealed preferences, arguing that, while accepting the fact that neoclassical micro theory is in part not plausible, the behavioral critique is misleading and thus does not solve the problem of neoclassical microeconomics stemmed from its essence. This paper also develops a case for the Austrian concept of demonstrated preference as a middle ground between neoclassical micro theory and behavioral economics.
Published Version
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
