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. at the present time, behavioral economics has turn into almost mainstream. it really is good represented in trendy journals and best economics departments, and behavioral economists, together with a number of members to this quantity, have garnered one of the most prestigious awards within the profession.
This e-book assembles crucial 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 when you are looking to familiarize themselves with the hot box or retain up to date with the most recent advancements. it's going to not just be a center textual content for college students, yet may be consulted extensively by means 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 keep on with Colin Camerer and George Loewenstein's advent, 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 resources for Advances in Behavioral Economics (Roundtable Series in Behavioral Economics)
This conviction does not imply a wholesale rejection of the neoclassical approach to economics based on utility maximization, equilibrium, and efficiency. 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.
Loss aversion has proved useful in identifying where predictions of standard theories will go wrong: Loss-aversion can help account for the equity premium puzzle in finance and asymmetry in price elasticities. ) Loss aversion can also be parameterized in a general way, as the ratio of the marginal disutility of a loss relative to the marginal utility of a some of the essential features of neural functioning, bear little resemblance to models based on utility maximization, yet are reaching the point where they are able to predict many judgmental and behavioral phenomena.
The weighting function ( p) combines two elements: (1) The level of probability weight is a way of expressing risk tastes (if you hate to gamble, you place low weight on any chance of winning anything); and (2) the curvature in (p) captures how sensitive people are to differences in probabilities. , 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.
Advances in Behavioral Economics (Roundtable Series in Behavioral Economics)