Landschaft 2056 - 60 Jahre Landschaftsstudien an der TUM. Verschiedene Veranstaltungen mit Rückblicken aber vor allem auch perspektivischen Ausblicken.

The Theory of Moral Sentiments (TMS, 1759) concerns human sentiment as the source of the rules we follow that accounts for our sociality. It also provides a unique framework for analyzing and modelling decisions in two-person games such as “trust” games. Neo-classical economic (game) theory failed to predict action in these experiments in the 1990s. If we had known and applied Adam Smith’s model based on mutual fellow-feeling these results would not have been unexpected. I will use propositions from TMS to show why, and indicate how, Smith’s model was more appropriate for explaining/predicting these results than the traditional neo-classical (and game-theoretic) models that displaced—rather than supplemented—his model.