The Psychology and Economics Conference Handbook: Comments on Simon, on Einhorn and Hogarth, and on Tversky and Kahneman

Abstract

While most of George Stigler's articles have received the attention they deserve, there is one piece that I think has been neglected, though its potential contribution to the knowledge transmitted at a conference like this one is enormous. article I refer to is titled The Conference Handbook (Stigler 1977). In this incisive piece Stigler argues that conferences could be run much more efficiently if discussants could utilize a standard list of comments that could be called out by number, much as in the old story about the prisoners who told their jokes by number. Stigler offers several introductory remarks and 32 specific comments. For example, introductory remark F could be used nicely at an interdisciplinary conference like this one: It is good to have a nonspecialist looking at our problem. There is always a chance of a fresh viewpoint, although usually, as in this case, the advantages of the division of labor are reaffirmed. specific comments begin with the classic 1: Adam Smith said that. Two others that might come in handy at this conference are 23: The motivation of the agents in this theory is so narrowly egotistic that it cannot possibly explain the behavior of real people; and 24: The flabby economic actor in this impressionistic model should be replaced by the utility-maximizing individual (pp. 442, 443). While Stigler's comments are insightful and quite versatile, I have found that conferences that combine psychologists and economists present a special set of problems to discussant and attendee alike, and so I am taking this opportunity to provide a customized list of comments that can be used in these situations. comments I will mention are those that are most frequently offered by economists when discussing the work of psychologists. For the sake of fairness, a subject in which I have recently become interested, I will also offer brief responses.