Aggregate Effects of Behavioral Anomalies: A New Research Area

Abstract: Much recent research in economics focuses on exploring behavioral anomalies, i.e., systematic deviations from the assumptions of the rationally self-interested model of man. Laboratory studies are used to identify seeming inconsistencies with micro-economic theory on the level of individuals. Since economics is a social science, this article proposes that the next crucial step consists in shifting the focus to the macro-level. It examines the process through which behavioral anomalies are aggregated to a societal outcome. Since individuals are reactive when they interact with others and face institutional constraints, the aggregation process may lead to different outcomes than what has been observed in individual-level studies: the respective anomalies may disappear, or they may become stronger on the macro-level. The discussion demonstrates that there are a great number of aspects to be analyzed. The paper presents fragments of what could become a more extensive field of research.

Object Details

• Location: Deutsche Nationalbibliothek Frankfurt am Main
• Extent: Online-Ressource
• Language: Englisch

References and Relationships

• Bibliographic citation: Aggregate Effects of Behavioral Anomalies: A New Research Area ; volume:8 ; number:1 ; year:2014 ; extent:17 ; Economics / Journal articles. Journal articles ; 8, Heft 1 (2014) (gesamt 17)

Contributors, Places and Time

• Creator: Frey, Bruno S. ; Gallus, Jana

Further information

• DOI: 10.5018/economics-ejournal.ja.2014-18
• URN: urn:nbn:de:101:1-2412130927340.342714736694
• Rights: Open Access; Der Zugriff auf das Objekt ist unbeschränkt möglich.
• Last update: 15.08.2025, 7:25 AM CEST