Economics and psychology: towards a rigorous economic praxeology

Abstract

The paper addresses the different views on economic rationality and, hence, the two major research programmes that make up the Behavioural Economics, that is, the programme of biases and heuristics, and the programme of fast and frugal heuristics and ecological rationality. Four important differences stand out between them: the interpretation of the cognitive biases, the conception of the heuristics, the nature of the models and the strength of the axioms used as a reference.