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1、TheJournalofSocio-Economics34(2005)528541AneconomictheoryofFDI:AbehavioraleconomicsandhistoricalapproachHamidHosseini?King’sCollege,133NorthRiverStreet,Wilkes-Barre,PA18711,USAAbstractThisisanattempttoarguethatexplainingtheforeigninvestmentdecision(FDI)neednotlieoutside
2、therealmofeconomics,foritcanbeexplainedusingtheattributesofbehavioraleco-nomics.Behavioraleconomics,whichtriestoimprovetheassumptiverealismofeconomictheory,andobjectstotheneoclassicalacceptanceofthesimplisticeconomicmodelofrationalagentsexhibit-ingoptimizingbehavior,isce
3、rtainlycapableofexplainingthedecisionofmultinationalenterprisesmakinginvestmentdecisionswhentheyfacethecomplexanduncertaininternationalenvironment.ItisinthisspiritthatIhavetriedtomodeltheFDIdecisionusingtheattributesofbehavioraleconomics.However,beforepresentingthisbehav
4、ioraleconomicsmodelofFDIdecisions,Idiscusstheprob-lemsthatneoclassicaleconomicsfacedinexplainingthenewrealityofFDI/internationalproductionafterWorldWarII,whenneoclassicaleconomistsutilizedtheunrelatedarbitragetheoryofportfolio?owstoexplainit.IdoalsoStephenHymerscritiqueo
5、fthatattempt,andhisattempttoexplainFDIdecision,whichhelpeditmoveoutsideoftherealmofeconomics.IdoalsoreviewanddiscussthevariousFDItheoriesthatemerged,afterthe1960dissertationofHymer,intheworksofDunning,Buckley,Casson,Markusen,andotherspresentedastransactioncost,internaliz
6、ation,andtheeclectictheoriesofforeigndirectinvestment.Whilepraisingthecontributionsofthesetheories,IarguethattheyareinferiortothebehavioraleconomicsbasedmodelIdevelopinthismodel.?2005ElsevierInc.Allrightsreserved.JELclassi?cation:A12;B19;F21Keywords:Behavioraleconomics;M
7、ultinationalenterprises;Neoclassical;FDIAnearlierversionofthispaperwaspresentedatthe2002ConferenceoftheHistoryofEconomicSociety,Davis,California.?Tel.:+17178265900x5696.E-mailaddress:hshossei@kings.edu.1053-5357/$seefrontmatter?2005ElsevierInc.Allrightsreserved.doi:10.1
8、016/j.socec.2005.07.001H.Hosseini/TheJournalofSocio-Economics34(2005)528–5415291.IntroductionIntheyears
