It didn’t just happen overnight
Abstract
Katona, Leibenstein, and Simon are the “Big 3” of the old behavioral economics. Why are they the Big 3? Their names are most often mentioned by others in terms of “early” behavioral economics. They wrote convincingly about homo economicus, and in doing so they began knocking him off his pedestal. Without this behavioral economicus would never exist. With respect to the Big 3’s writings, Leibenstein wrote about, among other things, multiple-selves, gift exchange, social norms, consumer interdependence, non-allocative efficiency, and less than perfect rationality. Katona wrote about, among other things, ECONS vs HUMANS, expectations, aspirations, adaptive behavior, macro-behavioral theory, procedural ...
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