Journal Article

Striving for Balance in Economics : Towards a Theory of The Social Determination of Behavior

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collection.link.125
https://openknowledge.worldbank.org/handle/10986/4401
collection.name.125
C. Journal articles published externally
dc.contributor.author
Hoff, Karla
dc.contributor.author
Stiglitz, Joseph E.
dc.date.accessioned
2016-05-06T20:48:44Z
dc.date.available
2016-05-06T20:48:44Z
dc.date.issued
2016-06
dc.date.lastModified
2021-05-25T10:54:36Z
dc.description.abstract
This paper is an attempt to broaden economic discourse by importing insights into human behavior not just from psychology, but also from sociology and anthropology. Whereas in standard economics the concept of the decision-maker is the rational actor, and in early work in behavioral economics it is the quasi-rational actor influenced by the context of the moment of decision, in some recent work in behavioral economics, the decision-maker could be called the enculturated actor. This actor's preferences, perception, and cognition are subject to two deep social influences: (a) the social contexts to which he has become exposed and, especially, accustomed; and (b) the cultural mental models—including categories, identities, narratives, and worldviews—that he uses to process information. The paper traces how these factors shape behavior through the endogenous determination of preferences and the lenses through which individuals see the world—their perception and interpretation of situations. The paper offers a tentative taxonomy of the social determinants of behavior and describes the results of controlled and natural experiments that only a broader view of these determinants can plausibly explain. The perspective suggests more realistic models of human behavior for explaining outcomes and designing policies.
en
dc.identifier.citation
Journal of Economic Behavior & Organization
dc.identifier.issn
0167-2681
dc.identifier.uri
http://hdl.handle.net/10986/24253
dc.language.iso
en_US
dc.publisher
Elsevier
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo
dc.subject
behavioral economics
dc.subject
culture
dc.subject
gender
dc.subject
role model
dc.subject
sociology
dc.title
Striving for Balance in Economics
en
dc.title.subtitle
Towards a Theory of The Social Determination of Behavior
en
dc.type
Journal Article
en
okr.associatedcontent
http://www.sciencedirect.com/science/article/pii/S016726811600007X Journal website (version of record)
okr.associatedcontent
https://openknowledge.worldbank.org/handle/10986/23704 Working paper version (pre-print)
okr.associatedcontent
http://www.worldbank.org/en/news/video/2016/02/23/policy-research-talk-exploring-the-second-strand-of-behavioral-economics Policy Research Talk (video)
okr.associatedcontent
http://pubdocs.worldbank.org/pubdocs/publicdoc/2016/2/58921456159432291/Policy-Research-Talk-Second-Strand-Behavioral-Economics.pdf Policy Research Talk (slide presentation)
okr.date.disclosure
2016-03-03
okr.doctype
Publications & Research :: Journal Article
okr.doctype
Publications & Research
okr.externalcontent
External Content
okr.googlescholar.linkpresent
yes
okr.identifier.doi
10.1016/j.jebo.2016.01.005
okr.identifier.doi
10.1596/24253
okr.identifier.report
105338
okr.identifier.report
105338
okr.journal.nbpages
25-57
okr.language.supported
en
okr.peerreview
Academic Peer Review
okr.topic
Macroeconomics and Economic Growth :: Economic Theory & Research
okr.topic
Social Development :: Psychology
okr.topic
Culture and Development :: Culture in Sustainable Development
okr.topic
Gender :: Gender and Development
okr.topic
Social Development :: Social Analysis
okr.unit
Macroeconomics and Growth Team, Development Research Group (DECMG)
okr.volume
126(Part B)

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