An Introduction to Cognitive Economics

Reviews / Votes

"One of the most brilliant, creative, and brave thinkers in economics and really all of the social sciences, Andrew Caplin has produced a masterwork in this beautifully written book. Caplin's vision of a cognitive economics synthesizes his many deep theoretical and empirical ideas on the nature of individual choice and extends them into a broad vision of a general theory of decision making that builds upon classical approaches in ways that preserve their many successes, but also constructively addresses their empirical shortcomings. He also develops a deep perspective on empirical economics that emphasizes the solution of identification problems by bringing to bear new types of data rather than by new statistical advances. All social scientists should read and ponder this wonderful book." (Steven Durlauf, Frank P. Hixon Distinguished Service Professor and Director of the Stone Center for Research on Wealth Inequality and Mobility, University of Chicago previous General Editor of "The New Palgrave Dictionary of Economics")

"Much of our traditional understanding of economics is based on models that overlook our human fallacies. 'An Introduction to Cognitive Economics' incorporates our cognitive limitations in a wide range of fields within economics, adding an important new dimension to our understanding of human interactions." (Ernst Fehr, Director of the UBS Center for Economics in Society, University of Zürich and author of "Neuroeconomics")

"Andrew Caplin's 'An Introduction to Cognitive Economics' is must reading for anyone interested in the social sciences. With his characteristic clarity, Caplin argues that a hybrid methodology is necessary for addressing the big social issues of our time-a methodology that makes full use of tools drawn from economics, psychology, law, and data science. The result is a compelling vision for the future of the social sciences." (Richard Foley, former Dean, Faculty of Arts and Science and former Vice-Chancellor for Strategic Planning, New York University)

"In a world where AI is reshaping work and the role of decision-making, Professor Andrew Caplin challenges us to think big and think new. This enjoyable book isn't just a manifesto for cognitive economics; it's a bold guide to how we can harness new technologies and shape their impact. As the next information revolution unfolds, Caplin shows us new angles to think about new problems. It is a compelling read for anyone interested in the social sciences." (Paola Manzini, Professor of Economics, University of Bristol)

"On the eve a major technological revolution that will overhaul the way "we" (teams of humans and machines) make decisions and organize our lives, this is a timely, fascinating and inspiring book on how the discipline of economics needs to change. It's high time that the paradigm of the rational and infallible "homoeconomicus" is replaced by one where agents face cognitive constraints and make mistakes. Caplin masterfully traces the development, explains the present and advocates for the future of the discipline he terms "cognitive economics", the mix of economics and psychology that implements this intellectual transition." (Marco Mariotti, Professor of Economics, Queen Mary University of London)

"Brilliant, original, and packed with fresh ideas. Andrew Caplin has written a manifesto, calling for a 'science of mistakes,' using large data sets to understand what people are doing and why. Full of important findings and terrific insights, Caplin's book paves the way toward a revolution in social science-something we have never seen before." (Cass R. Sunstein, Robert Walmsley University Professor, Harvard University and author of "Decisions About Decisions")