Advances in Behavioral Economics (Roundtable Series in

Publish 12 months note: First released in 2003
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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 belief of uploading insights from psychology into their box. this present day, behavioral economics has develop into almost mainstream. it's good represented in favourite journals and most sensible economics departments, and behavioral economists, together with a number of participants to this quantity, have garnered probably the most prestigious awards within the profession.

This booklet assembles an important papers on behavioral economics released for the reason that round 1990. one of the 25 articles are many who replace and expand previous 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 should you are looking to familiarize themselves with the recent box or continue up to date with the most recent advancements. it's going to not just be a center textual content for college kids, yet may be consulted extensively by way of expert 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 by means of 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 info for Advances in Behavioral Economics (Roundtable Series in Behavioral Economics)

Example text

For example, players in highly anonymous oneshot take-it-or-leave-it “ultimatum” bargaining experiments frequently reject substantial monetary offers, ending the game with nothing (see Camerer and Thaler 1995). ) (Camerer 2003). Suppose we observed this phenomenon in the field, in the form of failures of legal cases to settle before trial, costly divorce proceedings, and labor strikes. It would be difficult to tell whether rejection of offers was the result of reputation-building in repeated games, agency problems (between clients and lawyers), confusion, or an expression of distaste for being treated unfairly.

The neoclassical approach is useful because it provides economists with a theoretical framework that can be applied to almost any form of economic (and even noneconomic) behavior, and it makes refutable predictions. Many of these predictions are tested in the chapters of this book, and rejections of those predictions suggest new theories. Most of the papers modify one or two assumptions in standard theory in the direction of greater psychological realism. Often these departures are not radical at all because they relax simplifying assumptions that are not central to the economic approach.

Adam Smith, who is best known for the concept of the “invisible hand” and The Wealth of Nations, wrote a less well-known book, The Theory of Moral Sentiments, which laid out psychological principles of individual behavior that are arguably as profound as his economic observations. The book is bursting with insights about human psychology, many of which presage current developments in behavioral economics. For example, Adam Smith commented (1759 / 1892, 311) that “we suffer more . . ” Loss aversion!

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