By Colin F. Camerer, George Loewenstein, Matthew Rabin
20 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 develop into almost mainstream. it truly is good represented in sought after journals and best economics departments, and behavioral economists, together with numerous members to this quantity, have garnered probably the most prestigious awards within the career.
This ebook assembles crucial papers on behavioral economics released because round 1990. one of the 25 articles are many who replace and expand past foundational contributions, in addition to state-of-the-art papers that holiday new theoretical and empirical flooring.
Advances in Behavioral Economics will function the definitive one-volume source should you are looking to familiarize themselves with the hot box or preserve updated with the most recent advancements. it is going to not just be a middle textual content for college students, yet can be consulted generally 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 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 Gächter, 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 info for Advances in behavioral economics
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. In ultimatum game experiments, the first three of these explanations are ruled out because the experiments are played once anonymously, have no agents, and are simple enough to rule out confusion.
Evidence on the degree of commercial attachment is mixed. In their housing study, Genesove and Mayer (2001 and in this volume) note that investors who don’t live in their condos exhibit less loss-aversion than owners. 15 An example where attachment seemed important even among experienced traders with high incentives was described by an investment banker who said that his firm combats loss-aversion by forcing a trader periodically to switch his “position” (the portfolio of assets that the trader bought and is blamed or credited for) with the position of another trader.
Changes in probability near zero and 1—than to intermediate gradations, then their (p) curve will overweight low probabilities and underweight high ones. The value function reflects the insight, first articulated by Markowitz (1952), that the utility of an outcome depends not on the absolute level of wealth that results but on whether the outcome is a gain or a loss. Prospect theory also assumes reflection of risk-preferences at the reference point: People are typically averse to risky spreading of possible money gains, but will take gambles where they could A technical motivation for “rank dependent” theories—ranking outcomes, then weighting their probabilities—is that when separate probabilities are weighted, it is easy to construct examples in which people will violate dominance by choosing a “dominated” gamble A, which has a lower chance of winning at each possible outcome amount, compared to the higher chance of winning the same outcome amount for a dominant gamble B.