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Article
Back to the Ordinalist Revolution: Behavioral Economic Concerns in Early Modern Consumer Choice Theory
Metroeconomica
  • D. Wade Hands, Department of Economics University of Puget Sound Tacoma WA 98416 USA
Document Type
Article
Publication Date
5-1-2011
Department
Economics
Abstract
The paper argues that theoretical work on consumer choice theory during the early 20th century addressed some of the same issues discussed in recent behavioral economics. This is not generally recognized because the discussion was tied up with the integrability question, the theoretical framework did not involve risky choice or expected utility theory, and the relevant evidence was introspective rather than experimental. The paper makes the case for the similarity and discusses why it is important.
pp.
386-410
ISSN
0026-1386
Citation Information
“Back to the Ordinalist Revolution: Behavioral Economic Concerns in Early Modern Consumer Choice Theory,” Metroeconomica, 62, 286–410, 2011.