Hi,
Currently looking for a chart / diagram that can explain to me the differences between economic theory models and behavioural theory models. I am especially interested in how these theories brach out into subcategories. For instance: economic theory -> transaction cost theory and transaction cost economics.
Thanks and regards,
Concerning scientific methodology, I see the main difference between system and process. Economic models, since over 100 years, try to catch systemic parameters and quantify them somehow, especially for political and corporate governance. Behavioral models, which are much older, try to focus on human action, value preferences and economic choices. Systemic parameters are always postmortems, while action processes are about informed guesses. My view of the Coasian transaction approach is that it can integrate both views of human economic behavior, in terms of marginal economic assessments.
Data Economic Systems Behavior/Analogy Table
https://www.mruniversity.com/
You can see our article Article ACCOUNTING OF TRANSACTION EXPENSES OF ECONOMIC ENTITIES
Perhaps you use something...
Thank you for the suggestion, I will definitely bee giving it a read.
Economic models vs behavioural models is historically looking interesting. Development of both came as a result of value systems. One seems more mechanical than the other and it is known but each use the other's contributions to innovate further. Perhaps, read some history of economics literature to explore the linkages. It may become very interconnected.
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