People are intuitive economists under the right conditions. (30th August 2018)

• Record Type: Journal Article
• Authors: Jern, Alan
• Is Part Of: Behavioral and brain sciences. Volume 41(2018)
• Publication Date: 2018-08-30
• Subjects: Psychophysiology -- Periodicals; Psychology -- Periodicals; Human behavior -- Periodicals; Animal behavior -- Periodicals; Brain -- Periodicals; 616.89142
• DOI: 10.1017/S0140525X18000377
• Languages: English
• ISSNs: 0140-525X

Abstract

Abstract: Boyer & Petersen (B&P) argue that a "rudimentary exchange psychology" is responsible for many of people's folk-economic beliefs that are at odds with the consensus views of economists. However, they focus primarily on macroeconomic beliefs. I argue that the same rudimentary exchange psychology could be expected to produce fairly accurate microeconomic intuitions. Existing evidence supports this prediction.