Behavioral economics instantiates that which it attempts to criticize. The essence of the BE research program is captured by Kahneman’s type 1/2 thinking distinction.

Type 1 thinking is fast and intuitive while type 2 is slow and deliberate.
The ground assumption of BE is that type 2 thinking is superior. This is supposedly demonstrated by experiments in which participants make decisions that are apparently not expected value-maximizing. But on what grounds do the experimenters make determinations of rationality?
Consensus microeconomic theory, of course! (Which is, itself, a type 2 system.) BE takes as a given that this consensus is normatively correct.
Thus, in its critique of standard economic models, the BE research program simply remarks that humans failed to live up to the economists’ expectations. What if, however, those expectations are themselves deficient in some way?
This topic is never broached. Could it be that our evolved heuristics offer something not dreamt of in their philosophy? My 2 cents: Kahneman was right, but in the wrong direction. Human rationality is quite limited, but in this case, our type 2 system has come up short.

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