Open AccessCognitive Economics
Author(s) -
Kimball Miles
Publication year - 2015
Publication title -
the japanese economic review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.205
H-Index - 28
eISSN - 1468-5876
pISSN - 1352-4739
DOI - 10.1111/jere.12070
Subject(s) - bounded rationality , toolbox , behavioural economics , cognition , economics , behavioral economics , theme (computing) , positive economics , applied economics , rationality , economics education , public economics , psychology , microeconomics , computer science , epistemology , economic growth , higher education , philosophy , neuroscience , programming language , operating system
Cognitive economics is the economics of what is in people's minds. It is a vibrant area of research (much of it within behavioural economics, labour economics and the economics of education) that brings into play novel types of data, especially novel types of survey data. Such data highlight the importance of heterogeneity across individuals and highlight thorny issues for welfare economics. A key theme of cognitive economics is finite cognition (often misleadingly called “bounded rationality”), which poses theoretical challenges that call for versatile approaches. Cognitive economics brings a rich toolbox to the task of understanding a complex world.