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Article
Economics, Psychology, and the History of Consumer Choice Theory
Cambridge Journal of Economics
  • D. Wade Hands, University of Puget Sound
Document Type
Article
Publication Date
4-1-2010
Department
Economics
Abstract
This paper examines elements of the complex place/role/influence of psychology in the history of consumer choice theory. The paper reviews, and then challenges, the standard narrative that psychology was ‘in’ consumer choice theory early in the neoclassical revolution, then strictly ‘out’ during the ordinal and revealed preference revolutions, now (possibly) back in with recent developments in experimental, behavioural and neuroeconomics. The paper uses the work of three particular economic theorists to challenge this standard narrative and then provides an alternative interpretation of the history of the relationship between psychology and consumer choice theory.
ISSN
0309-166X
Citation Information
Hands D.W. 2009. "Economics, psychology and the history of consumer choice theory". Cambridge Journal of Economics. 34 (4): 633-648.