Who Uses the Cost-Benefit Rules of Choice? Implications for the Normative Status of Economic Theory
Abstract
Three factors predict whether people use the cost-benefit rules of microeconomic theory in their everyday decisions. These are effectiveness in achieving desirable life outcomes, intelligence, and training in economics. The authors argue that these empirical findings support the claim that cost-benefit reasoning is normative.
Document Details
- Document Type
- Technical Report
- Publication Date
- Dec 01, 1991
- Accession Number
- ADA246309
Entities
People
- James N. Morgan
- Richard E. Nisbett
- Richard P. Larrick
Organizations
- University of Colorado Boulder