Advances in Behavioral Economics (Roundtable Series in - download pdf or read online

ISBN-10: 1400829119

ISBN-13: 9781400829118

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. at the present time, behavioral economics has develop into nearly mainstream. it really is good represented in trendy 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 publication assembles an important papers on behavioral economics released due to the fact that 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 ground.

Advances in Behavioral Economics"will function the definitive one-volume source if you are looking to familiarize themselves with the recent box or continue updated with the newest advancements. it's going to not just be a middle textual content for college students, yet may be consulted extensively 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 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 info for Advances in Behavioral Economics (Roundtable Series in Behavioral Economics)

Sample text

How multiple reference points are integrated is an open question. Strahilevitz and Loewenstein (1998) found that the valuation of objects depended not only on whether an individual was currently endowed with an object, but on the entire past history of ownership—how long the object had been owned or, if it had been lost in the past, how long ago it was lost and how long it was owned before it was lost. These “history-of-ownership effects” were sufficiently strong that choice prices of people who had owned for a long period but who had just lost an object were higher than the selling prices of people who had just acquired the same object.

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. Despite the fact that A and C, and B and D, are equivalent in terms of lives lost or at risk, most people choose A over B but D over C.

So if a person’s attitude toward gambles really came from the utility-of-wealth function, even incredibly large gains in wealth would not tempt her to risk $50 or $100 losses, if she really dislikes losing $10 more than she likes gaining $11 at every level of wealth. 17 Some of the earlier studies were done with hypothetical payoffs, leading to speculation that the rejection of EU would not persist with real stakes. Dozens of recent studies show that, in fact, paying real money instead of making outcomes hypothetical either fails to eliminate EU rejections or strengthens the rejections of EU (because sharper results that come from greater incentive imply that rejections are more statistically significant; Harless and Camerer 1994).

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