Behavioral macroeconomics: An agenda

Behavioral Economics (BE) has gained prominence by incorporating findings from psychology and other behavioral sciences to better understand individuals' economic decisions. While BE has made significant strides in microeconomics, its application to macroeconomics has been more limited and frag...

Descripción completa

Guardado en:
Detalles Bibliográficos
Autores principales: Mira, Pablo Javier, Coll, Agustín
Formato: Artículo publishedVersion
Lenguaje:Español
Publicado: Instituto Interdisciplinario de Economía Política (IIEP UBA-CONICET) 2024
Materias:
Macroeconomía
Comportamiento
Macroeconomics
Behavioral
Acceso en línea:https://ojs.economicas.uba.ar/DT-IIEP/article/view/3080
https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=dociiep&d=3080_oai
Aporte de:
Repositorio Digital de la Universidad de Buenos Aires (UBA) de Universidad de Buenos Aires
id I28-R145-3080_oai
record_format dspace
spelling I28-R145-3080_oai2025-02-11 Mira, Pablo Javier Coll, Agustín 2024-08-05 Behavioral Economics (BE) has gained prominence by incorporating findings from psychology and other behavioral sciences to better understand individuals' economic decisions. While BE has made significant strides in microeconomics, its application to macroeconomics has been more limited and fragmented. This paper explores the possibilities of developing a coherent "Behavioral Macroeconomics" and analyzes the challenges facing this agenda. After reviewing the background and current status, it is proposed that heuristics, rather than cognitive biases, are the most promising behavioral concept to connect the micro and macro levels. It is argued that the widespread use of heuristics can produce unsustainable aggregate outcomes, despite seeming rational at the individual level. Using the experience of Argentina's unstable economy as a case study, potential conceptual and experimental research avenues are illustrated. The paper concludes by discussing policy implications of this behavioral perspective, including the relevance of "nudges", individual versus systemic strategies, rational learning, and the management of fluctuations and inflation. La Economía de la Conducta (EC) ha ganado prominencia al incorporar hallazgos de la psicología y otras ciencias del comportamiento para comprender mejor las decisiones económicas de los individuos. Si bien la EC ha logrado avances significativos en la microeconomía, su aplicación en la macroeconomía ha sido más limitada y fragmentada. Este artículo explora las posibilidades de desarrollar una "Macroeconomía de la Conducta" coherente y analiza los desafíos que enfrenta esta agenda. Después de revisar los antecedentes y la situación actual, se propone que las heurísticas, más que los sesgos cognitivos, son el concepto conductual más prometedor para conectar los niveles micro y macro. Se argumenta que el uso generalizado de heurísticas puede producir resultados agregados insostenibles, a pesar de que parezcan racionales a nivel individual. Utilizando la experiencia de la inestable economía argentina como caso de estudio, se ilustran posibles líneas de investigación conceptual y experimental. El artículo concluye discutiendo las implicaciones de política de esta perspectiva conductual, incluida la relevancia de los "nudges", las estrategias individuales versus sistémicas, el aprendizaje racional y el manejo de fluctuaciones e inflación. application/pdf https://ojs.economicas.uba.ar/DT-IIEP/article/view/3080 spa Instituto Interdisciplinario de Economía Política (IIEP UBA-CONICET) https://ojs.economicas.uba.ar/DT-IIEP/article/view/3080/3963 Derechos de autor 2024 Documentos de trabajo del Instituto Interdisciplinario de Economía Política Documentos de trabajo del Instituto Interdisciplinario de Economía Política; Núm. 89 (2024): Macroeconomía y conducta: una propuesta de agenda; 1-37 Working Papers series at Instituto Interdisciplinario de Economía Política; No. 89 (2024): Behavioral macroeconomics: an agenda; 1-37 2451-5728 Macroeconomía Comportamiento Macroeconomics Behavioral Behavioral macroeconomics: An agenda Macroeconomía y conducta: Una propuesta de agenda info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=dociiep&d=3080_oai
institution Universidad de Buenos Aires
institution_str I-28
repository_str R-145
collection Repositorio Digital de la Universidad de Buenos Aires (UBA)
language Español
orig_language_str_mv spa
topic Macroeconomía
Comportamiento
Macroeconomics
Behavioral
spellingShingle Macroeconomía
Comportamiento
Macroeconomics
Behavioral
Mira, Pablo Javier
Coll, Agustín
Behavioral macroeconomics: An agenda
topic_facet Macroeconomía
Comportamiento
Macroeconomics
Behavioral
description Behavioral Economics (BE) has gained prominence by incorporating findings from psychology and other behavioral sciences to better understand individuals' economic decisions. While BE has made significant strides in microeconomics, its application to macroeconomics has been more limited and fragmented. This paper explores the possibilities of developing a coherent "Behavioral Macroeconomics" and analyzes the challenges facing this agenda. After reviewing the background and current status, it is proposed that heuristics, rather than cognitive biases, are the most promising behavioral concept to connect the micro and macro levels. It is argued that the widespread use of heuristics can produce unsustainable aggregate outcomes, despite seeming rational at the individual level. Using the experience of Argentina's unstable economy as a case study, potential conceptual and experimental research avenues are illustrated. The paper concludes by discussing policy implications of this behavioral perspective, including the relevance of "nudges", individual versus systemic strategies, rational learning, and the management of fluctuations and inflation.
format Artículo
publishedVersion
author Mira, Pablo Javier
Coll, Agustín
author_facet Mira, Pablo Javier
Coll, Agustín
author_sort Mira, Pablo Javier
title Behavioral macroeconomics: An agenda
title_short Behavioral macroeconomics: An agenda
title_full Behavioral macroeconomics: An agenda
title_fullStr Behavioral macroeconomics: An agenda
title_full_unstemmed Behavioral macroeconomics: An agenda
title_sort behavioral macroeconomics: an agenda
publisher Instituto Interdisciplinario de Economía Política (IIEP UBA-CONICET)
publishDate 2024
url https://ojs.economicas.uba.ar/DT-IIEP/article/view/3080
https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=dociiep&d=3080_oai
work_keys_str_mv AT mirapablojavier behavioralmacroeconomicsanagenda
AT collagustin behavioralmacroeconomicsanagenda
AT mirapablojavier macroeconomiayconductaunapropuestadeagenda
AT collagustin macroeconomiayconductaunapropuestadeagenda
_version_ 1825551345188339712

Ejemplares similares