The article provides a review of the ways in which interdisciplinary research in modern economic thought gives a more realistic understanding of human behavior and economic decision making. On the one hand, economic imperialism drove wider application of economics methods across social sciences and brought about new interdisciplinary fields, such as law and economics, economic sociology, public choice theory, etc. On the other hand, the origin of behavioral economics, experimental economics, and neuroeconomics bridging psychology, neurobiology, and economics influences the change in the methodology used by the economics itself and fuels transformation of the model of rational economic behavior ‘homo economicus’, one of the central assumptions of the neoclassical economics. George Akerlof and Robert Shiller’s animal spirits, prospect theory of Daniel Kahneman and Amos Tversky, research by Amartya Sen, Daniel McFadden, Vernon Smith, and other economists focusing on decision making either significantly limit, or supplement the homo economicus concept providing a deeper insight into the nature of human rationality. Behavioral economics has already become so strong as a separate discipline that it can be classified into two streams – Classical and Modern, and its main principles should be incorporated into a basic course of traditional economics. The achievements of behavioral economics yield higher quality of economic research and forecasting. Interdisciplinary approach to the human behavior studies and transformation of homo economicus offer new tools for the development policy making.
Key words: rational economic behavior, homo economicus, Gary Becker, economic imperialism, Amartya Sen, George Akerlof and Robert Shiller’s theory of animal spirits, Daniel McFadden, prospect theory of Daniel Kahneman and Amos Tversky, Vernon Smith, economic decision making, behavioral economics, experimental economics, neuroeconomics.
References
1. Akerlof G., Shiller R. Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism. Princeton University Press, 2009. 230 p. (Russ. ed.: Akerlof Dzh., Shiller R. Spiritus Animalis,
ili kak chelovecheskaia psikhologiia upravliaet ekonomikoi i pochemu eto vazhno dlia mirovogo kapitalizma. Moscow, Alpina Business Books, 2010. 272 p.).
2. Gary S. Becker. The Economic Approach to Human Behavior. University of Chicago Press, 1978. 314 p. (Russ.ed.: Bekker G. S. Chelovecheskoe povedenie: ekonomicheskii podkhod. Izbrannye trudy po ekonomicheskoi
teorii. Мoscow, SU HSE, 2003. 670 p.).
3. Veblen T. Theory of the Leisure Class. BookRix, 2015. 423 p. (Russ. ed.: Veblen T. Teoriia prazdnogo klassa. Мoscow, URSS, 2010. 365 p.).
4. Hildebrand B. Die Nationalökonomie der Gegenwart und Zukunft. J. Rütten, 1848. 329 p. (Russ. ed.: Gil'debrand B. Politicheskaia ekonomiia nastoiashchego i budushchego. Мoscow, URSS, 2011. 279 р.).
5. Guriev S. Tri istochnika – tri sostavnye chasti ekonomicheskogo imperializma [Three sources: three component parts of economic imperialism]. Obshchestvennye nauki i sovremennost', 2008, no.3, pp. 134-141. (In Russian).
6. World Development Report “Mind, Society and Behavior”. World Bank Group, 2015. (In Russian: Doklad o mirovom razvitii «Myshlenie, obshchestvo i povedenie». Gruppa Vsemirnogo banka, 2015) Available at:
http://www.worldbank.org/content/dam/Worldbank/Publications/WDR/WDR%202015/Overview-Russian.pdf (Accessed 13.02.2016)
7. Efimov B. Amart'ia Sen – laureat Nobelevskoi premii po ekonomike za 1998 god [Amartya Sen: the winner of the 1998 Nobel prize in economic sciences]. Ekonomicheskaia nauka sovremennoi Rossii, 1999, no.2,
pp.107-115. (In Russian).
8. Ivashkovskii S. Kul'tura, ekonomicheskoe povedenie i razvitie. Ekonomicheskaia politika, 2014, no. 47, pp.177-194. (In Russian).
9. Kapeliushnikov R. Ekonomicheskii podkhod Geri Bekkera k chelovecheskomu povedeniiu [The economic approach to human behavior by Gary Becker]. SShA: ekonomika, politika, ideologiia, 1993, no.11, pp. 17-
32. (In Russian).
10. Keynes J.M. The General Theory of Employment, Interest and Money. Palgrave McMillan, 1936. 472 p. (Russ. ed.: Keins Dzh. M. Obshchaia teoriia zaniatosti, protsenta i deneg. Мoscow, Businesscom, 2013. 402 p.).
11. Levitt S., Dubner S. Superfreakonomics: Global Cooling, Patriotic Prostitutes and Why Suicide Bombers Should Buy Life Insurance. Penguin UK, 2010. 288 p. (Russ. ed.: Levitt S., Dabner S. Superfrikonomika. Мoscow,
Mann, Ivanov and Ferber, 2010. 288 p.).
12. Levitt S., Dubner S. Freakonomics: A Rogue Economist Explores the Hidden Side of Everything. Harper Collins, 2011. 352 p. (Russ. ed.: Levitt S., Dabner S. Frikonomika. Мoscow, Mann, Ivanov and Ferber, 2011. 266 p.).
13. McFadden D. Economic choices. American Economic Review, 2001, 91 (3), pp. 351-78. (Russ. ed.: MakFadden D. Problema ekonomicheskogo vybora. Mirovaia ekonomicheskaia mysl'. Skvoz' prizmu vekov. Мoscow,
Мysl, 2005. Vol.5, Book 2. Pp. 392-443.).
14. Marshall A. Principles of Economics. London, McMillan and Co, 1890. (Russ. ed.: Marshall A. Osnovy ekonomicheskoi nauki. M., Eksmo, 2007. 832 p.).
15. Morev D. Amartiia Sen i ogranichennost' utilitarizma [Amartya Sen and the limitations of utilitarianism]. Ekonomicheskie nauki, 2010, no.8, pp. 37-41. (In Russian).
16. Ol'sevich Iu. O psikhogeneticheskikh i psikhosotsial'nykh osnovakh ekonomicheskogo povedeniia [On psychogenetic and psychosocial bases of economic behavior]. Vestnik Moskovskogo universiteta. Seriia 6:
Ekonomika, 2008, no. 1, pp. 3-15. (In Russian).
17. Pavlov I. Povedencheskaia ekonomicheskaia teoriia – pozitivnyi podkhod k issledovaniiu chelovecheskogo povedeniia (nauchnyi doklad) [Behavioral economics as a positive approach to the analysis of human behavior
(scientific report)]. Мoscow, Institut ekonomiki RAN, 2007. 62 p. (In Russian).
18. Robbins L. The Subject-Matter of Economics. In: L.Robbins. An Essay on the Nature and Significance of Economic Science. Macmillan, 1935, ch.1, p.1–23. (Russ. ed.: Robbins L. Predmet ekonomicheskoi nauki.
THESIS, 1993, Vol. 1, no.1. pp. 10-23).
19. Roscher W. System der Volkswirtschaft. Oxford University, 1887. (Russ. ed.: Rosher V. Sistema narodnogo khoziaistva. Mirovaia ekonomicheskaia mysl'. Skvoz' prizmu vekov. Мoscow, Мysl, 2005. Vol.3. Pp. 67-75).
20. Simon H. Rationality as Process and Product of Thought. American Economic Review, 1978, 68(2), pp. 1-16. (Russ. ed.: Saimon G. Ratsional'nost' kak protsess i produkt myshleniia. THESIS, 1993, Vol.1, no.3, pp.16-38).
21. Sen A. The Possibility of Social Choice. American Economic Review, 1999, 89, pp. 349-378. (Russ. ed.: Sen A. Vozmozhnost' obshchestvennogo vybora. Mirovaia ekonomicheskaia mysl'. Skvoz' prizmu vekov. Мoscow,
Мysl, 2005. Vol.5, Book 2. Pp. 252-303).
22. Sen A. On Ethics and Economics. Wiley, 1991. 148 p. (Russ. ed.: Sen A. Ob etike i ekonomike. Мoscow, Nauka, 1996. 160 p.).
23. Smith А. An inquiry into the nature and causes of the wealth of nations. Oxford Paperbacks, 2008. 688 p. (Russ. ed.: Smit A. Issledovanie o prirode i prichinakh bogatstva narodov. Мoscow, Exmo, 2007. 956 p.).
24. Smith А. The Theory of Moral Sentiments. Cambridge University Press, 2002. 411 p. (Russ. ed.: Smit A. Teoriia nravstvennykh chuvstv. Мoscow, Respublika, 1997. 351 p.).
25. Trofimov G. Ekonomika i neironauka – na puti sinteza [Economics and neuroscience: on the way to synthesis]. Ekonomika i matematicheskie metody, 2006, no. 4, pp. 3-16. (In Russian).
26. Friedman M. The Methodology of Positive Economics. In: Friedman M. Essays in Positive Economics. University of Chicago Press, 1953, p. 3-43. (Russ. ed.: Fridman M. Metodologiia pozitivnoi ekonomicheskoi nauki.
THESIS, 1994, vol.4, pp. 20-52.).
27. Shiller R. A failure to control the animal spirits. Financial Times, March 8, 2009. (Russ. ed.: Shiller R. Krizis doveriia: Chelovek irratsional'nyi. Vedomosti. March 12, 2009. № 43 (2313).
28. Benhabib J., Bisin A. The Psychology of Self-Control and Consumption-Savings Decisions: Cognitive Perspectives (unpublished manuscript). Available at: http://www.econ.nyu.edu/user/benhabib/hype18.pdf
(Accessed 13.02.2016)
29. Bernheim B., Rangel A. Addiction and Cue-conditioned Cognitive Processes. American Economic Review, 2004, vol. 94, pp. 1558-1590.
30. Bohm-Bawerk E. von. Capital and Interest: Positive Theory of Capital. South Holland, 1889. 468 p.
31. Brocas I, Carrilo J. The Brain as a Hierarchical Organization (unpublished manuscript). Available at: http://www-bcf.usc.edu/~juandc/PDFpapers/wp-brain.pdf (Accessed 13.02.2016)
32. Camerer C., Loewenstein G., Prelec D. Neuroeconomics: How Neuroscience Can Inform Economics. Journal of Economic Literature, 2005, Vol. XLIII, pp. 9-64.
33. Caplin A., Leahy J. Psychological Expected Utility Theory and Anticipatory Feelings. Quarterly Journal of Economics, 2001, Vol. CXVI, pp. 55-79.
34. Donaghue T., Rabin M. Choice and Procrastination. Quarterly Journal of Economics, 2001, Vol. CXVI, pp. 121-160.
35. Fehr E, Gachter S. Altruistic punishment in humans. Nature, 2002, 415, pp. 137-140.
36. Fehr E., Rockenbach B. Human altruism: economic, neural, and evolutionary perspectives. Current Opinion in Neurobiology, 2004, no. 14, pp. 784–790.
37. Fehr E., Schmidt K. Theories of Fairness and Reciprocity - Evidence and Economic Applications. Advances in Economics and Econometrics. 8th World Congress, Econometric Society Monographs. Cambridge, 2002,
pp. 208-257.
38. Frederick S., Loewenstein G., O’Donoghue T. Time Discounting and Time Preference: A Critical Review (unpublished manuscript). Available at: http://www.nyu.edu/econ/user/bisina/FredLoew.pdf (Accessed 13.02.2016)
39. Henrich J., Boyd R., Bowles S., Camerer C., Fehr E., Gintis H., McElreath R. In Search of Homo Economicus: Behavioral Experiments in 15 Small-Scale Societies. Economics and Social Behaviour, 2001, vol. 91, no.2,
pp. 73-78.
40. Hudik M. Homo Economicus and Homo Stramineus. Prague Economic Papers, 2015, vol.24, no.2, pp. 154-172.
41. Kahneman D. Maps of Bounded Rationality: Psychology for Behavioral Economics. American Economic Review, 2003, vol. 93, no.5, pp. 1449-1475.
42. Kahneman D., Tversky A. Prospect Theory: An Analysis of Decision under Risk. Econometrica, 1979, vol. 47, no 2, pp.263-292.
43. Kao Y.-F., Velupillai K.V. Behavioural Economics: Classical and Modern. The European Journal of the History of Economic Thought, 2015, vol.22, no. 2, pp. 236-271.
44. Laibson D. A Cue-Theory of Consumption. Quarterly Journal of Economics, 2001, vol. CXVI, pp. 82-119.
45. Laibson D., List J. Behavioral Economics in the Classroom. Principles of (Behavioral) Economics. American Economic Review: Papers & Proceedings 2015, vol. 105, no. 5, pp. 385-390.
46. Levitt S., List J. Homo Economicus Evolves. Science, 2008, vol. 319, pp. 909-910.
47. Loewenstein G., Weber R., Flory J. Dimensions of Time Discounting. Conference on Survey Research on Household Expectations and Preferences, November 2-3, 2001.
48. McClure S., Laibson D., Loewenstein G., Cohen J. Separate Neural Systems Value Immediate and Delayed Monetary Rewards. Science, 2004, vol. 306, pp. 503-507.
49. Menger C. Principles of Economics. Glencoe, 1871. 330 p.
50. Neumann J. von, Morgenstern O. Theory of Games and Economic Behavior. 3rd ed. Princeton, NJ: Princeton University Press, 2007. 776 p.
51. Samuelson P. The Empirical Implications of Utility Analysis. Econometrica, 1938, vol. 6, no. 4, pp. 344–56.
52. Senior N.W. Political Economy. London, 1854. 227 p.
53. Smith V.L. Papers on Experimental Economics. Cambridge University Press, 1991. 828 p.
54. Smith V.L. Bargaining and Market Behavior. Cambridge University Press, 2000. 451 p.
55. Stigler G., Вeсkеr G. De Gustibus Non Est Disputandum. American Economic Review, 1977, vol. 67, No. 2, pp. 76-90.
56. Thaler R.H. From Homo Economicus to Homo Sapiens. Journal of Economic Perspectives, 2000, vol. 14, no. 1, pp. 133-141.
57. Tversky A., Kahneman D. Advances in Prospect Theory: Cumulative Representation of Uncertainty. Journal of Risk and Uncertainty, 1992, vol. 5, no. 4, pp. 297-323.
