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October 3, 2020
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Behavioral economists find that people typically follow simplified decision rules rather than engage in the complex calculations imputed to them in…

Behavioral economists find that people typically follow simplified decision rules rather than engage in the complex calculations imputed to them in the classical model of economic decision making. This perspective is equivalent to the observations of evolutionary economists such as Winter and Nelson regarding routinized, complex behaviors. 

a)False, behavioral economists are concerned with decision-making under uncertainty in situations where rich, short term feedback is not available as opposed to the evolutionary phenomenon of gradually building up very complex capabilities over time through the development of routines

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b)True, both the behavioral and evolutionary schools of economics insist that people operate and behave based only on very simple rules, in the former school they are called rules of thumb, in the latter school they are called routines

 

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