2013RePEc: Research Papers in EconomicsOpen access

Perspectives of economics – behavioural economics

Paula-Elena Diacon, Gabriel-Andrei Donici, Liviu‐George Maha

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Abstract

The present turning point, accentuated by the crisis, has revitalized the interdisciplinary study of economics and determined the reconsideration of its fundamental bases as a social science. The economists have abandoned the traditional neoclassical sphere and have directed towards understanding the behaviour resorting to psychology and developing in this manner a new field - behavioural economics. This article examines whether this economic sub-discipline is a viable research direction and the extent to which it may increase the explanatory power of science by providing a realistic database for analysis, taking into account the complexity of the human factor.

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The present turning point, accentuated by the crisis, has revitalized the interdisciplinary study of economics and determined the reconsideration of its fundamental bases as a social science. The economists have abandoned the traditional neoclassical sphere and have directed towards understanding the behaviour resorting to psychology and developing in this manner a new field - behavioural economics. This article examines whether this economic sub-discipline is a viable research direction and the extent to which it may increase the explanatory power of science by providing a realistic database for analysis, taking into account the complexity of the human factor.

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Available abstract

The present turning point, accentuated by the crisis, has revitalized the interdisciplinary study of economics and determined the reconsideration of its fundamental bases as a social science. The economists have abandoned the traditional neoclassical sphere and have directed towards understanding the behaviour resorting to psychology and developing in this manner a new field - behavioural economics. This article examines whether this economic sub-discipline is a viable research direction and the extent to which it may increase the explanatory power of science by providing a realistic database for analysis, taking into account the complexity of the human factor.

Key concepts: Behavioural economics, Economics, Positive economics, Neoclassical economics, Energy economics, Microeconomics

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