Publish yr note: First released in 2003
Twenty years in the past, behavioral economics didn't exist as a box. such a lot economists have been deeply skeptical--even antagonistic--toward the assumption of uploading insights from psychology into their box. this present day, behavioral economics has turn into nearly mainstream. it really is good represented in favorite journals and best economics departments, and behavioral economists, together with numerous individuals to this quantity, have garnered essentially the most prestigious awards within the profession.
This ebook assembles an important papers on behavioral economics released considering the fact that round 1990. one of the 25 articles are many who replace and expand prior foundational contributions, in addition to state-of-the-art papers that holiday new theoretical and empirical ground.
Advances in Behavioral Economics"will function the definitive one-volume source if you are looking to familiarize themselves with the hot box or continue updated with the newest advancements. it's going to not just be a middle textual content for college students, yet might be consulted broadly through specialist economists, in addition to psychologists and social scientists with an curiosity in how behavioral insights are being utilized in economics.
The articles, which stick to Colin Camerer and George Loewenstein's creation, are via the editors, George A. Akerlof, Linda Babcock, Shlomo Benartzi, Vincent P. Crawford, Peter Diamond, Ernst Fehr, Robert H. Frank, Shane Frederick, Simon Gachter, David Genesove, Itzhak Gilboa, Uri Gneezy, Robert M. Hutchens, Daniel Kahneman, Jack L. Knetsch, David Laibson, Christopher Mayer, Terrance Odean, Ted O'Donoghue, Aldo Rustichini, David Schmeidler, Klaus M. Schmidt, Eldar Shafir, Hersh M. Shefrin, Chris Starmer, Richard H. Thaler, Amos Tversky, and Janet L. Yellen.
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Additional resources for Advances in Behavioral Economics (Roundtable Series in Behavioral Economics)
18 The best-known theory of this sort is cumulative prospect theory (Tversky and Kahneman 1992). There are three clear conclusions from the experimental research (Harless and Camerer 1994). One is that of the two new classes of theories that allow more general functional forms than expected utility, the new rank-dependent theories fit the data better than the new betweenness class theories. A second conclusion is that the statistical evidence against EU is so overwhelming that it is pointless to run more studies testing EU against alternative theories (as opposed to comparing theories with one another).
The accountant replied, “Well, four years ago I flew across these mountains and a geologist I sat next to said they were a million years old. ” 11 Some specialized models have been proposed to explain particular phenomena, such as Hsee, Loewenstein, Blount, and Bazerman (1999), Prelec, Wernerfelt, and Zettelmeyer (1997), and Tversky, Slovic, and Kahneman (1990). B E H AV I O R A L E C O N O M I C S 15 Overview of the Book In what follows, we review different topic areas of behavioral economics to place chapters of the book into context.
Another approach is to assume that decision weights are nonadditive. 2 is a kind of “reserved belief ” that expresses how much the person dislikes betting when she knows that important information is missing. Compared to non-EU theories, relatively little empirical work and applications have been done with these uncertainty-aversion theories so far. Uncertaintyaversion might explain phenomena like voting “roll-off ” (when a voter, once in the voting booth, refuses to vote on obscure elections in which their vote is most likely to prove pivotal; Ghirardato and Katz 2000), incomplete contracts (Mukherji 1998) and “home country bias” in investing: People in every country overinvest in the country they are most familiar with—their own.
Advances in Behavioral Economics (Roundtable Series in Behavioral Economics)