Counterfactual Thinking and Attribute Substitution in Economic Behavior
This paper discusses how counterfactual thinking can be incorporated into behavioral economics byrelating it to a type of attribution substitution involved in choices people make in conditions ofKnightian uncertainty. It draws on Byrne’s ‘rational imagination’ account of counterfactual thinking,evidence from cognitive science regarding the forms it takes, and identifies types of attributionsubstitution specific to economic …
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