Behavioral economics has passed through the first three of Bill Hamilton's four phases of a scientific theory (not true / interesting but perverse / true for edge cases / everyone always knew it), reaching the stage where everyone accepts neoclassical economics fails to explain certain cases (ultimatum and dictator games), but we have not yet seen an interpretation that moves behavioral economics to the center of the calculation rather than the neoclassical model.
factualpending
Speaker
Clay ShirkyEvidence Quote
“We have not yet seen an interpretation of human behavior that moves behavioral economics to the center of the calculation rather than the neoclassical model”
Created: 6/15/2026, 9:28:59 AM
My Notes
Loading notes...