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 almost mainstream. it truly is good represented in well known journals and most sensible economics departments, and behavioral economists, together with a number of individuals to this quantity, have garnered probably the most prestigious awards within the profession.
This booklet assembles an important papers on behavioral economics released considering 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 in case you are looking to familiarize themselves with the hot box or continue updated with the most recent advancements. it's going to not just be a middle textual content for college kids, yet can be consulted generally through 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 with Colin Camerer and George Loewenstein's creation, 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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Additional info for Advances in Behavioral Economics (Roundtable Series in Behavioral Economics)
Their 1974 Science article argued that heuristic short-cuts created probability judgments that deviated from statistical principles. Their 1979 paper “Prospect theory: Decision making under risk” documented violations of expected utility and proposed an axiomatic theory, grounded in psychophysical principles, to explain the violations. The latter was published in the technical journal Econometrica and is one of the most widely cited papers ever published in that journal. B E H AV I O R A L E C O N O M I C S 7 A later milestone was the 1986 conference at the University of Chicago, at which an extraordinary range of social scientists presented papers (see Hogarth and Reder 1987).
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.
Under broad bracketing, fully 64% chose a different snack for each week, as opposed to only 9% under narrow bracketing. , in purchases of yogurt; Simonson and Winer 1992). Bracketing also has implications for risk-taking. When people face repeated risk decisions, evaluating those decisions in combination can make them appear less risky than if they are evaluated one at a time. Consequently, a decision maker who refuses a single gamble may nonetheless accept two or more identical ones. By assuming that people care only about their overall level of wealth, expectedutility theory implicitly assumes broad bracketing of risky decisions.