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Do Social Factors Determine
Do Social Factors Determine
Do Social Factors Determine
The second strand of behavioral economics brings culture (that is, mental
models) into economics. In this strand of work, the decision-maker is the
enculturated actor. There is social determination not only of prices, but also
of who individuals are. The enculturated actor is a new model in
economics of how individuals make decisions. Policy for economic
development is just beginning to explore it.