Experimental Tests of the Moms Economicus Implications of Research on Islamic Economics
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Abstract
This article has multiple objectives. It seeks to identify those assumptions
of neoclassical economics which are vindicated by experimental
tests and those which fail such tests. The author tries to simultaneously
expose the limitations of neoclassical economics and Islamic economics
by pointing out that some assumptions of the rational choice model
fail while others, often ignored by Islamic economists, are proven valid.
The article also seeks to summarize the results of experimental testing
about agent behavior under a controlled environment. The author hopes
that this initiative will encourage Islamic economists to use experimental
methods as a means for testing their theoretical assumptions. The
author concludes that human agents are neither as self-regarding as the
homo economicus model predicts nor are they as other-regarding as the
model homo Islamicus predicts.
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