Publish 12 months note: First released in 2003
Twenty years in the past, behavioral economics didn't exist as a box. so much 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 almost mainstream. it really is good represented in favourite journals and most sensible economics departments, and behavioral economists, together with numerous participants to this quantity, have garnered one of the most prestigious awards within the profession.
This ebook assembles an important papers on behavioral economics released because 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 recent box or hold updated with the newest advancements. it's going to not just be a middle textual content for college kids, yet may be consulted largely via specialist economists, in addition to psychologists and social scientists with an curiosity in how behavioral insights are being utilized in economics.
The articles, which persist with Colin Camerer and George Loewenstein's advent, are through 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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Extra resources for Advances in Behavioral Economics (Roundtable Series in Behavioral Economics)
Seminal papers by Allais (1953), Ellsberg (1961), and Markowitz (1952) pointed out anomalous implications of expected and subjective expected utility. Strotz (1955) questioned exponential discounting. Later scientists demonstrated similar anomalies using compelling experiments that were easy to replicate (Kahneman and Tversky 1979, on expected utility; Thaler 1981, and Loewenstein and Prelec 1992, on discounted utility). As economists began to accept anomalies as counterexamples that could not be permanently ignored, developments in psychology identified promising directions for new theory.
The gambles lie “between” A and B in preference). Other new theories suggest that probability weights are “rank-dependent”—outcomes are first ranked, then their probabilities are weighted in a way that is sensitive to how they rank within the gamble that is being considered. One mathematical way to do this is transform 16 The intuition behind Rabin’s striking result is this: In expected-utility theory, rejecting a (ϩ$11, Ϫ$10) coin flip at wealth level W implies that the utility increase from the $11 gain is smaller than the total utility decrease from the $10 loss, meaning that the marginal utility of each dollar gained is at most 10/11 of the marginal utility of each dollar lost.
The classic example of a framing effect is the “Asian disease” problem in which people are informed about a disease that threatens 600 citizens and asked to choose between two undesirable options (Tversky and Kahneman 1981). In the “positive frame,” people are given a choice between (A) saving 200 lives for sure, or (B) a one-third chance of saving all 600 with a two-third chance of saving no one. In the “negative frame,” people are offered a choice between (C) 400 people B E H AV I O R A L E C O N O M I C S 13 dying for sure, or (D) a two-third chance of 600 dying and a one-third chance of no one dying.
Advances in Behavioral Economics (Roundtable Series in Behavioral Economics)