Abstract :
This research paper delves into the foundational principles, assumptions, applications, and limitations of neoclassical economics, presenting a comprehensive exploration of its significance in economic analysis, policy formulation, and the understanding of market behaviour. Neoclassical economics serves as a fundamental framework that shapes economic theories, models, and policy decisions. The paper embarks on an exploration of key concepts within neoclassical economics, starting with the foundational assumptions of rationality in decision-making. The assumption of perfect rationality underpins economic analyses, offering a framework for understanding individual and firm behaviour. However, emerging insights from behavioural economics challenge this assumption, highlighting cognitive biases and deviations from perfect rationality, thereby necessitating a more nuanced understanding of human decision-making. The study delves into the fundamental concept of supply and demand, elucidating its role in market interactions and price determination. The idealized assumption of perfect competition within neoclassical economics sets the stage for market efficiency, but the realities of imperfect markets, asymmetries in information, and externalities complicate this assumption, impacting the efficiency of resource allocation. Additionally, the concept of rational expectations posits that economic agents make predictions based on all available information, yet uncertainties and unforeseen events in the real world challenge this assumption. The paper discusses the implications of these assumptions in economic analysis, policy formulation, and market efficiency, emphasizing the need to integrate insights from emerging economic paradigms like behavioural and institutional economics. The implications of the study extend to economic modelling, policy formulation, and education, suggesting the need for a multidisciplinary approach to economic analysis. This research paper provides a critical analysis of neoclassical economics, acknowledging its foundational significance while advocating for the integration of alternative economic paradigms to refine economic analyses, policy formulations, and our understanding of market dynamics.

Keywords :
Behavioural Economics, Economic Assumptions, Economic Models, Institutional Economics, Market Behaviour, Market Efficiency, Neoclassical Economics, Policy Formulation, Rational Expectations, Supply and Demand.

–

References :

• Akansel, I. (2016a). New Institutional Economics (NIE) Origins of Neoliberalism. China-USA Business Review, 15(1), 14-32.
• Akansel, I. (2016b). Technology in new institutional economics—comparison of transaction costs in Schumpeter’s capitalist development ideology. The China Business Review, 15, 64-93.
• Altman, M. (2007). Effort discretion economic agency and behavioral economics: Transforming economic theory and public policy. In Renaissance in Behavioral Economics (pp. 105-145): Routledge.
• Altman, M. (2008). Behavioral economics, economic theory and public policy. Economic Theory and Public Policy (June 27, 2008).
• Altman, M. (2010). Prospect theory and behavioral finance. Behavioral Finance: Investors, Corporations, and Markets, 191-209.
• Altman, M. (2012). Implications of behavioural economics for financial literacy and public policy. The Journal of Socio-Economics, 41(5), 677-690.
• Altman, M. (2013). Hayek’s complexity assumption, ecological and bounded rationality, and behavioral economics. In Hayek and behavioral economics (pp. 221-262): Springer.
• Altman, M. (2014a). Behavioral economics, thinking processes, decision making, and investment behavior. Investor behavior: the psychology of financial planning and investing, 43-61.
• Altman, M. (2014b). Insights from behavioral economics on how labor markets work. Available at SSRN 2467741.
• Altman, M. (2015). Handbook of contemporary behavioral economics: foundations and developments: Routledge.
• Altman, M. (2016). A bounded rationality assessment of the new behavioral economics. In Routledge Handbook of Behavioral Economics (pp. 179-193): Routledge.
• Altman, M. (2020). Why realism and methodological pluralism matter for robust research and public policy: perspectives from behavioural economics. International Journal of Pluralism and Economics Education, 11(2), 130-148.
• Amir, O., & Lobel, O. (2008). Stumble, predict, nudge: How behavioral economics informs law and policy. In: HeinOnline.
• Angner, E., & Loewenstein, G. (2007). Behavioral economics. Handbook of the philosophy of science: Philosophy of economic, 641-690.
• Arthur, W. B. (2021). Foundations of complexity economics. Nature Reviews Physics, 3(2), 136-145.
• Avineri, E. (2012). On the use and potential of behavioural economics from the perspective of transport and climate change. Journal of Transport Geography, 24, 512-521.
• Avtonomov, V., & Avtonomov, Y. (2019). Four Methodenstreits between behavioral and mainstream economics. Journal of Economic Methodology, 26(3), 179-194.
• Baddeley, M. (2018). Behavioural economics and finance: Routledge.
• Bang, P. F. (2009). The ancient economy and new institutional economics. The Journal of Roman Studies, 99, 194-206.
• Beaulier, S., & Caplan, B. (2007). Behavioral economics and perverse effects of the welfare state. Kyklos, 60(4), 485-507.
• Beckert, J. (2009). The social order of markets. Theory and society, 38, 245-269.
• Beckert, J., & Streeck, W. (2008). Economic sociology and political economy: A programmatic perspective. Available at SSRN 2464458.
• Beder,  S.  (2011).  Environmental  economics  and  ecological  economics:  the  contribution  of  interdisciplinarity  to understanding, influence and effectiveness. Environmental conservation, 38(2), 140-150.
• Beerbaum, D., & Puaschunder, J. M. (2018). A Behavioral Economics approach to a Sustainable Finance Architecture– Development of a Sustainability Taxonomy for investor decision usefulness. Julia M., A Behavioral Economics Approach to a Sustainable Finance Architecture–Development of a Sustainability Taxonomy for Investor Decision Usefulness (October 1, 2018).
• Beerbaum, D. O., & Puaschunder, J. M. (2019). A Behavioral Economics Approach to Sustainability Reporting. Available at SSRN 3381607.
• Benfratello, L., & Bachi, E. (2019). Methodological Issues in Neoclassical and Behavioral Economics.
• Berg, N. (2015). Behavioral labor economics. Handbook of Contemporary Behavioral Economics, 479-500.
• Berndt, C. (2015). Behavioural economics, experimentalism and the marketization of development. Economy and Society, 44(4), 567-591.
• Boeckler, M., & Berndt, C. (2013). Geographies of circulation and exchange III: The great crisis and marketization ‘after markets’. Progress in Human Geography, 37(3), 424-432.
• Boettke, P., Caceres, W. Z., & Martin, A. (2013). Error is obvious, coordination is the puzzle. In Hayek and behavioral economics (pp. 90-110): Springer.
• Boettke, P. J., & Candela, R. A. (2017). Price theory as prophylactic against popular fallacies. Journal of Institutional Economics, 13(3), 725-752.
• Braun, E. (2021). The institutional preconditions of homo economicus. Journal of Economic Methodology, 28(2), 231-246.
• Brazelton, W. R., & Whalen, C. J. (2011). Towards a Synthesis of Institutional and Post-Keynesian Economics. Financial Instability and Economic Security after the Great Recession. Cheltenham, UK: Edward Elgar, 28-52.
• Brožová, D. (2018). The minimum wage in the neoclassical and the behavioural labour market theory. Acta Oeconomica Pragensia, 26(4), 30-41.
• Bruni, L., & Sugden, R. (2007). The road not taken: how psychology was removed from economics, and how it might be brought back. The Economic Journal, 117(516), 146-173.
• Brzezicka, J., & Wiśniewski, R. (2014). Homo oeconomicus and behavioral economics. Contemporary Economics, 8(4), 353-364.
• Bubb, R., & Pildes, R. H. (2013). How behavioral economics trims its sails and why. Harv. L. Rev., 127, 1593.
• Burnham, T. C. (2013). Toward a neo-Darwinian synthesis of neoclassical and behavioral economics. Journal of Economic Behavior & Organization, 90, S113-S127.
• Canitez, F. (2019). Urban public transport systems from new institutional economics perspective: a literature review. Transport Reviews, 39(4), 511-530.
• Chavance, B. (2008). Institutional economics: Routledge.
• Chen, S.-H. (2017). Agent-based computational economics: How the idea originated and where it is going: Routledge.
• Cohen, B., & Winn, M. I. (2007). Market imperfections, opportunity and sustainable entrepreneurship. Journal of business venturing, 22(1), 29-49.
• Cooper, J. C., & Kovacic, W. E. (2012). Behavioral economics: implications for regulatory behavior. Journal of Regulatory Economics, 41, 41-58.
• Crotty, J. (2011). The realism of assumptions does matter: Why Keynes-Minsky theory must replace efficient market theory as the guide to financial regulation policy. Retrieved from
• Daniels, P. L. (2021). Veblen, North, and the institutional economics on poverty. In Poverty in Contemporary Economic Thought (pp. 69-88): Routledge.
• Davis, J. (2017). Is mainstream economics a science bubble? Review of Political Economy, 29(4), 523-538.
• Dawnay, E., Shah, H., Dietz, S., Michie, J., & Oughton, C. (2011). Behavioural economics. Seven Key principles for environmental policy. The Political Economy of the Environment, 74-97.
• Demeritt, A., & Hoff, K. (2018). The making of behavioral development economics. History of Political Economy, 50(S1), 303- 322.
• Dequech, D. (2006). The new institutional economics and the theory of behaviour under uncertainty. Journal of Economic Behavior & Organization, 59(1), 109-131.
• Dhami, S. (2016). The foundations of behavioral economic analysis: Oxford University Press.
• Dohmen, T. (2014). Behavioral labor economics: Advances and future directions. Labour Economics, 30, 71-85.
• Dold, M. F., & Schubert, C. (2018). Toward a behavioral foundation of normative economics. Review of Behavioral Economics, 5(3-4), 221-241.
• Dolderer, J., Felber, C., & Teitscheid, P. (2021). From neoclassical economics to common good economics. Sustainability, 13(4), 2093.
• Driscoll, J. C., & Holden, S. (2014). Behavioral economics and macroeconomic models. Journal of macroeconomics, 41, 133-147.
• Dunning, R. J. (2017). Competing notions of search for home: behavioural economics and housing markets. Housing, Theory and Society, 34(1), 21-37.
• Ellison, S. (2014). Attack of the cyborgs: Economic imperialism and the human deficit in educational policy-making & research. Journal of Educational Controversy, 8(1), 7.
• Elsner, W., Heinrich, T., & Schwardt, H. (2014). The microeconomics of complex economies: Evolutionary, institutional, neoclassical, and complexity perspectives: Academic Press.
• Epstein, R. A. (2007). The neoclassical economics of consumer contracts. Minn. L. Rev., 92, 803.
• EREN, M. (2018). Institutional Economics. Selected Studies on Economics and Finance, 57.
• Faure, M. G., & Luth, H. A. (2011). Behavioural economics in unfair contract terms: Cautions and considerations. Journal of Consumer Policy, 34, 337-358.
• Fehr, E., Goette, L., & Zehnder, C. (2007). The behavioral economics of the labor market: Central findings and their policy implications. Unpublished manuscript, Boston Federal Reserve.
• Felin, T., & Foss, N. J. (2009). Social reality, the boundaries of self-fulfilling prophecy, and economics. Organization Science, 20(3), 654-668.
• Fine, B., Johnston, D., Santos, A. C., & Van Waeyenberge, E. (2016). Nudging or fudging: The world development report 2015. Development and Change, 47(4), 640-663.
• Fontana, M. (2010). Can neoclassical economics handle complexity? The fallacy of the oil spot dynamic. Journal of Economic Behavior & Organization, 76(3), 584-596.
• Foster, J. (2006). Why is economics not a complex systems science? Journal of Economic Issues, 40(4), 1069-1091.
• Foster, J., & Metcalfe, J. S. (2012). Economic emergence: An evolutionary economic perspective. Journal of Economic Behavior & Organization, 82(2-3), 420-432.
• Frantz, R. (2019). The Beginnings of Behavioral Economics: Katona, Simon, and Leibenstein’s X-efficiency Theory: Academic Press.
• Frederiks,  E.  R.,  Stenner,  K.,  &  Hobman,  E.  V.  (2015).  Household  energy  use:  Applying  behavioural  economics  to understand consumer decision-making and behaviour. Renewable and Sustainable Energy Reviews, 41, 1385-1394.
• Frerichs, S. (2011). False promises? A sociological critique of the behavioural turn in law and economics. Journal of Consumer Policy, 34, 289-314.
• Frerichs, S. (2018). What is the ‘social’in behavioural economics? The methodological underpinnings of governance by nudges. In Research Methods in Consumer Law (pp. 399-440): Edward Elgar Publishing.
• Frerichs, S. (2021). Putting behavioural economics in its place: the new realism of law, economics and psychology and its alternatives. N. Ir. Legal Q., 72, 651.
• Furubotn, E. G., & Richter, R. (2008). The new institutional economics–a different approach to economic analysis. Economic Affairs, 28(3), 15-23.
• Furubotn, E. G., & Richter, R. (2010). The new institutional economics of markets: Citeseer.
• Gallagher, S., Mastrogiorgio, A., & Petracca, E. (2019). Economic reasoning and interaction in socially extended market institutions. Frontiers in psychology, 10, 1856.
• Ghisellini, F., & Chang, B. Y. (2018). Behavioral economics: Moving forward: Springer.
• Gillingham, K., & Palmer, K. (2014). Bridging the energy efficiency gap: Policy insights from economic theory and empirical evidence. Review of Environmental Economics and Policy.
• Gowdy, J. M. (2008). Behavioral economics and climate change policy. Journal of Economic Behavior & Organization, 68(3-4), 632- 644.
• Granovetter, M. (2018). Economic action and social structure: The problem of embeddedness. In The sociology of economic life (pp. 22-45): Routledge.
• Guzavicius, A., Gižienė, V., & Žalgirytė, L. (2015). Education as public good: Behavioral economics approach. Procedia-Social and Behavioral Sciences, 191, 884-889.
• Harstad, R. M., & Selten, R. (2013). Bounded-rationality models: tasks to become intellectually competitive. Journal of Economic Literature, 51(2), 496-511.
• Heukelom, F. (2014). Behavioral economics: A history: Cambridge University Press.
• Ho, T. H., Lim, N., & Camerer, C. F. (2006). Modeling the psychology of consumer and firm behavior with behavioral economics. Journal of marketing Research, 43(3), 307-331.
• Hobman, E. V., Frederiks, E. R., Stenner, K., & Meikle, S. (2016). Uptake and usage of cost-reflective electricity pricing: Insights from psychology and behavioural economics. Renewable and Sustainable Energy Reviews, 57, 455-467.
• Hodgson, G. M. (2007a). Evolutionary and institutional economics as the new mainstream? Evolutionary and Institutional Economics Review, 4, 7-25.
• Hodgson, G. M. (2007b). The revival of Veblenian institutional economics. Journal of Economic Issues, 41(2), 324-340.
• Hodgson, G. M. (2009). Institutional economics into the twenty-first century. Studi e Note di Economia, 14(1), 3-26.
• Hodgson,  G.  M.  (2014).  On  fuzzy  frontiers  and  fragmented  foundations:  some  reflections  on  the  original  and  new institutional economics. Journal of Institutional Economics, 10(4), 591-611.
• Holcombe, R. G. (2009). The behavioral foundations of Austrian economics. The Review of Austrian Economics, 22, 301-313.
• Holden, S. (2012). Implications of insights from behavioral economics for macroeconomic models.
• Holt, R. P., Rosser Jr, J. B., & Colander, D. (2011). The complexity era in economics. Review of Political Economy, 23(3), 357- 369.
• Hursh, S. R., & Roma, P. G. (2013). Behavioral economics and empirical public policy. Journal of the experimental analysis of behavior, 99(1), 98-124.
• Jabbar, H. (2011). The behavioral economics of education: New directions for research. Educational Researcher, 40(9), 446-453.
• Jefferson, T., & King, J. (2010). Can Post Keynesians make better use of behavioral economics? Journal of Post Keynesian Economics, 33(2), 211-234.
• Joskow, P. L. (2008). Introduction to new institutional economics: A report card. New institutional economics: A guidebook, 1-19.
• Kanev, D., & Terziev, V. (2017). Behavioral economics: development, condition and perspectives. IJASOS-International E- Journal of Advances in Social Sciences, 3(8).
• Kao, Y.-F., & Velupillai, K. V. (2015). Behavioural economics: Classical and modern. The European Journal of the History of Economic Thought, 22(2), 236-271.
• Kasper, W., Streit, M. E., & Boettke, P. J. (2012). Institutional economics: Property, competition, policies: Edward Elgar Publishing.
• Kaufman, A., & Englander, E. (2011). Behavioral economics, federalism, and the triumph of stakeholder theory. Journal of Business Ethics, 102, 421-438.
• Kaufman, B. E. (2006). The institutional theory of John R. Commons: Foundation for a heterodox labor economics. Commons: Foundation for a Heterodox Labor Economics (February 2006). Andrew Young School Research Paper(06-02).
• Kaufman, B. E. (2007). The institutional economics of John R. Commons: complement and substitute for neoclassical economic theory. Socio-Economic Review, 5(1), 3-45.
• Kaufman, B. E. (2015). Integrating emotions into economic theory. Handbook of Contemporary Behavioral Economics, 100-120.
• Kaufman, B. E. (2018). The institutional and neoclassical schools in labor economics. The Institutionalist Tradition in Labor Economics, 13-38.
• Keita, L. (2012). Revealed Preference Theory, Rationality, and Neoclassical economics: science or ideology. Africa Development, 37(4), 73–116-173–116.
• Kirman, A. (2010). Complex economics: individual and collective rationality: Routledge.
• Kirsten, J. F., Karaan, A. M., & Dorward, A. R. (2009). Introduction to the Economics of Institutions. Institutional economics perspectives on African agricultural development, 35-74.
• Kremer, M., Rao, G., & Schilbach, F. (2019). Behavioral development economics. In  Handbook of Behavioral Economics: Applications and Foundations 1 (Vol. 2, pp. 345-458): Elsevier.
• Lefevre, A.-F., & Chapman, M. (2017). Behavioural economics and financial consumer protection.
• Leslie, C. R. (2013). Can Antitrust Law Incorporate Insights from Behavioral Economics? Tex. L. Rev. See Also, 92, 53.
• Levin, S. A., & Lo, A. W. (2021). Introduction to PNAS special issue on evolutionary models of financial markets. Proceedings of the National Academy of Sciences, 118(26), e2104800118.
• Lieberherr, E. (2009). Policy relevance of new institutional economics? Assessing efficiency, legitimacy and effectiveness.
• Lim, D. (2017). Retooling the patent-antitrust intersection: Insights from behavioral economics. Baylor L. Rev., 69, 124.
• Lo, A. W. (2007). Efficient markets hypothesis.
• Lund, H., & Hvelplund, F. (2012). The economic crisis and sustainable development: The design of job creation strategies by use of concrete institutional economics. Energy, 43(1), 192-200.
• Lunn, P. D. (2012). Behavioural economics and policymaking: Learning from the early adopters. The Economic and Social Review, 43(3, Autumn), 423–449-423–449.
• Lutzenhiser, L. (2009). Behavioral assumptions underlying California residential sector energy efficiency programs.
• MacFadyen, A. J. (2015). Beliefs in behavioral and neoclassical economics. In Handbook of Contemporary Behavioral Economics (pp. 205-223): Routledge.
• Madra, Y. M. (2007). Late neoclassical economics: Restoration of theoretical humanism in contemporary mainstream economics: University of Massachusetts Amherst.
• Madra, Y. M. (2016). Late Neoclassical Economics: The restoration of theoretical humanism in contemporary economic theory: Routledge.
• Madrian, B. C. (2014). Applying insights from behavioral economics to policy design. Annu. Rev. Econ., 6(1), 663-688.
• Manne, G. A., & Zywicki, T. J. (2013). Uncertainty, evolution and behavioral economic theory. JL Econ. & Pol’y, 10, 555.
• Manner, M., & Gowdy, J. (2010). The evolution of social and moral behavior: evolutionary insights for public policy. Ecological economics, 69(4), 753-761.
• Marinescu, A. (2016a). Axiomatical examination of the neoclassical economic model. Logical assessment of the assumptions of neoclassical economic model. Theoretical & Applied Economics, 23(2).
• Marinescu, A. (2016b). Human nature in the economic behavior based on the neoclassical economic model. Theoretical & Applied Economics, 23(4).
• Markey‐Towler,  B.  (2019).  The  new  microeconomics:  A  psychological,  institutional,  and  evolutionary  paradigm  with neoclassical economics as a special case. American Journal of Economics and Sociology, 78(1), 95-135.
• Mazur-Wierzbicka, E. (2018). Mainstream Economics Versus Behavioral Economics—A Contribution to Reflection. Paper presented at the Problems, Methods and Tools in Experimental and Behavioral Economics: Computational Methods in Experimental Economics (CMEE) 2017 Conference.
• McChesney, F. S. (2013). Behavioral economics: Old wine in irrelevant new bottles? Supreme Court Economic Review, 21(1), 43-76.
• McKenzie, R. B. (2009). Predictably rational?: in search of defenses for rational behavior in economics: Springer Science & Business Media.
• McKenzie, R. B. (2018). A Brain-Focused Foundation for Economic Science: A Proposed Reconciliation Between Neoclassical and Behavioral Economics: Springer.
• McMahon, J. (2015). Behavioral economics as neoliberalism: Producing and governing homo economicus. Contemporary Political Theory, 14, 137-158.
• Menard, C., & Shirley, M. M. (2012). New institutional economics: From early intuitions to a new paradigm. In: Citeseer.
• Ménard, C., & Shirley, M. M. (2014a). The contribution of Douglass North to new institutional economics. Institutions, property rights, and economic growth: the legacy of Douglass North. Cambridge University Press, Cambridge, 11-29.
• Ménard, C., & Shirley, M. M. (2014b). The future of new institutional economics: from early intuitions to a new paradigm? Journal of Institutional Economics, 10(4), 541-565.
• Mendola, M. (2007). Farm household production theories: a review of “institutional” and “behavioral” responses. Asian Development Review, 24(01), 49-68.
• Meramveliotakis, G. (2020). Surveying the methodological and analytical foundations of the new institutional economics: A critical comparison with neoclassical and (old) institutional economics. Economic and Business Review, 22(3), 2.
• Meramveliotakis, G. (2021). The issue of efficiency and  the role of state in New Institutional Economics: A Critical Perspective. New Political Economy, 26(1), 138-151.
• Minniti, M., & Lévesque, M. (2008). Recent developments in the economics of entrepreneurship. Journal of business venturing, 23(6), 603-612.
• North, D. C. (2010). Economics and cognitive science. Procedia-Social and Behavioral Sciences, 2(5), 7371-7376.
• North, D. C. (2016). Institutions and economic theory. The american economist, 61(1), 72-76.
• Obregón, C. (2018). Beyond behavioral economics: who is the economic man.
• Oliver, A. (2013). From nudging to budging: using behavioural economics to inform public sector policy. Journal of social policy, 42(4), 685-700.
• Őnday, Ő. (2016). Organizational economics theory: from theory of firm of Jensen & Meckling to business transactions of Rubin. In: Behavior.
• ORHAN, S. (2016). In the new institutional economics approach R. Coase and Law, D. North and social psychology context: pluralist approach opportunities in economics. Sosyoekonomi, 24(28), 189-208.
• Parks, S., & Gowdy, J. (2013). What have economists learned about valuing nature? A review essay. Ecosystem Services, 3, e1-e10.
• Pech, W., & Milan, M. (2009). Behavioral economics and the economics of Keynes. The Journal of Socio-Economics, 38(6), 891-902.
• Pejovich, S. (2006). The effects of the interaction of formal and informal institutions on social stability and economic development. Institutions, Globalisation and Empowerment, 56.
• Pollitt, M. G., & Shaorshadze, I. (2013). The role of behavioural economics in energy and climate policy. In Handbook on energy and climate change (pp. 523-546): Edward Elgar Publishing.
• Prechter Jr, R. R., & Parker, W. D. (2007). The financial/economic dichotomy in social behavioral dynamics: the socionomic perspective. The Journal of Behavioral Finance, 8(2), 84-108.
• Primrose, D.  (2017).  The  subjectification of ‘homo  economicus’ in  behavioural  economics.  Journal of  Australian  Political Economy, The(80), 88-128.
• Pykett, J. (2013). Neurocapitalism and the new neuros: using neuroeconomics, behavioural economics and picoeconomics for public policy. Journal of economic geography, 13(5), 845-869.
• Rafiqui, P. S. (2009). Evolving economic landscapes: why new institutional economics matters for economic geography. Journal of economic geography, 9(3), 329-353.
• Richter, R. (2008). On the New Institutional Economics of Markets. Bielefeld University: Bielefeld, Germany.
• Richter, R. (2015). Essays on new institutional economics: Springer.
• Richter, R., & Richter, R. (2015). German “Ordnungstheorie” from the perspective of the new institutional economics: Springer.
• Rischkowsky, F., & Döring, T. (2008). Consumer policy in a market economy considerations from the perspective of the economics of information, the new institutional economics as well as behavioural economics. Journal of Consumer Policy, 31, 285-313.
• Ritsatos, T. (2014). Tax evasion and compliance; from the neo classical paradigm to behavioural economics, a review. Journal of Accounting & Organizational Change, 10(2), 244-262.
• Ross, D. (2014). Psychological versus economic models of bounded rationality. Journal of Economic Methodology, 21(4), 411-427.
• Rossiaud, S., & Locatelli, C. (2010). Institutional economics. Polinares WP, September.
• Samson, A. (2016). The behavioral economics guide 2016 (with an introduction by Gerd Gigerenzer). In: Behavioral Science Solutions Ltd.
• Schmid, A. A. (2008). Conflict and cooperation: institutional and behavioral economics: John Wiley & Sons.
• Schnellenbach, J., & Schubert, C. (2015). Behavioral political economy: A survey. European Journal of Political Economy, 40, 395- 417.
• Schwartz, H. H. (2007). A introduction to behavioral economics: The complicating but sometimes critical considerations. Available at SSRN 960222.
• Scrieciu, S., Rezai, A., & Mechler, R. (2013). On the economic foundations of green growth discourses: the case of climate change mitigation and macroeconomic dynamics in economic modeling. Wiley Interdisciplinary Reviews: Energy and Environment, 2(3), 251-268.
• Shogren, J. (2012). Behavioural economics and environmental incentives.
• Shogren, J. F., & Taylor, L. O. (2008). On behavioral-environmental economics. Review of Environmental Economics and Policy.
• Shughart, W. F., Thomas, D. W., & Thomas, M. D. (2020). Institutional change and the importance of understanding shared mental models. Kyklos, 73(3), 371-391.
• Söderbaum, P. (2016). Behavioral Concepts as Part of a Participative Political Economics Perspective. New Perspectives for Environmental Policies Through Behavioral Economics, 147-158.
• Sontheimer,  K.  (2015).  Behavioral  versus  neoclassical  economics:  Paradigm  shift  or  generalization?  In  Handbook  of Contemporary Behavioral Economics (pp. 259-278): Routledge.
• Sornette, D. (2014). Physics and financial economics (1776–2014): puzzles, Ising and agent-based models. Reports on progress in physics, 77(6), 062001.
• Soti, R. (2020). Exploring economic theory: A comprehensive literature review. International Journal of Science and Research Archive, 1(1), 069-076.
• Spithoven, A. (2019). Similarities and dissimilarities between original institutional economics and new institutional economics. Journal of Economic Issues, 53(2), 440-447.
• Stucke, M. E. (2006). Behavioral economists at the gate: Antitrust in the twenty-first century. Loy. U. Chi. LJ, 38, 513.
• Stucke, M. E. (2010). Money, Is That What I Want: Competition Policy and the Role of Behavioral Economics. Santa Clara L. Rev., 50, 893.
• Stucke, M. E. (2014). How can competition agencies use behavioral economics? The Antitrust Bulletin, 59(4), 695-742.
• Sugden, R. (2018). The community of advantage: A behavioural economist’s defence of the market: Oxford University Press.
• Tauheed, L. F. (2011). A proposed methodological synthesis of post-Keynesian and institutional economics.  Journal of Economic Issues, 45(4), 819-838.
• Teraji, S. (2018). The cognitive basis of institutions: A synthesis of behavioral and institutional economics: Academic Press.
• Thaler, R. H. (2016). Behavioral economics: Past, present, and future. American economic review, 106(7), 1577-1600.
• Thaler, R. H. (2018). From cashews to nudges: The evolution of behavioral economics. American economic review, 108(6), 1265- 1287.
• Tisdell, C. A. (2009). Resource and environmental economics: modern issues and applications (Vol. 7): World Scientific Publishing Company.
• Tomer, J. F. (2007). What is behavioral economics? The Journal of Socio-Economics, 36(3), 463-479.
• Tomer, J. F. (2017). Advanced introduction to behavioral economics: Edward Elgar Publishing.
• Tor, A. (2018). Should Antitrust Survive Behavioral Economics? Forthcoming in CPI Antitrust Chronicle, Notre Dame Legal Studies Paper(1919).
• Tremblay, V. J., & Tremblay, C. H. (2012). New perspectives on industrial organization: With contributions from behavioral economics and game theory: Springer Science & Business Media.
• Tuyon, J., & Ahmad, Z. (2016). Behavioural finance perspectives on Malaysian stock market efficiency. Borsa Istanbul Review, 16(1), 43-61.
• Urbina, D. A., & Ruiz‐Villaverde, A. (2019). A critical review of homo economicus from five approaches. American Journal of Economics and Sociology, 78(1), 63-93.
• Van de Ven, A. H., & Lifschitz, A. (2013). Rational and reasonable micro foundations of markets and institutions. Academy of Management Perspectives, 27(2), 156-172.
• Vatn, A. (2007). Institutions and the Environment: Edward Elgar Publishing.
• Venkatachalam, L. (2008). Behavioral economics for environmental policy. Ecological economics, 67(4), 640-645.
• Verboven, K. (2015). The knights who say NIE. Can neo-institutional economics live up to its expectation in ancient history research. Structure and Performance in the Roman Economy. Models, Methods and Case Studies, 350, 33-57.
• Wade, R.  (2009). Beware  what  you  wish  for: lessons  for  international  political  economy  from  the transformation  of economics. Review of International Political Economy, 16(1), 106-121.
• Wang, G. G., & Dobbs, R. L. (2008). Institutional economics and human resource development. Advances in Developing Human Resources, 10(6), 770-787.
• Weimer, D. L. (2017). Behavioral economics for cost-benefit analysis: benefit validity when sovereign consumers seem to make mistakes: Cambridge University Press.
• Wildman, S. S. (2006). Paradigms and analytical frameworks in modern economics and media economics. Handbook of media management and economics, 67-90.
• Wilkinson, N., & Klaes, M. (2017). An introduction to behavioral economics: Bloomsbury Publishing.
• Wolff, R. D., & Resnick, S. A. (2012). Contending economic theories: neoclassical, Keynesian, and Marxian: MIT Press.
• Wright, J. D. (2006). Behavioral law and economics, paternalism, and consumer contracts: An empirical perspective. NYUJL & Liberty, 2, 470.
• Yoon, M., & Lee, K. (2009). Agent-based and “history-friendly” models for explaining industrial evolution. Evolutionary and Institutional Economics Review, 6, 45-70.
• Zalega, T. (2014). Behavioural Economics as a New Trend in Economics – An Overview (Ekonomia behawioraln jako nowy nurt ekonomii – zarys problemtyki), Research Reports, University of Warsaw, Faculty of Management, vol. 1(18), pages 7-25.

–

---

---

WEB – PAGE COUNTER