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| an introduction to behavioral economics: An Introduction to Behavioral Economics Nick Wilkinson, Matthias Klaes, 2017-12-16 The third edition of this successful textbook is a comprehensive, rigorous survey of the major topics in the field of behavioral economics. Building on the strengths of the second edition, it offers an up-to-date and critical examination of the latest literature, research, developments and debates in the field. Offering an inter-disciplinary approach, the authors incorporate psychology, evolutionary biology and neuroscience into the discussions. And, ultimately, they consider what it means to be 'rational', why we so often indulge in 'irrational' and self-harming behavior, and also why 'irrational' behavior can sometimes serve us well. A perfect book for economics students studying behavioural economics at higher undergraduate level or Master's level. This new edition features: - Extended material on heuristics and biases, and new material on neuroeconomics and its applications - A wealth of new topical case studies, such as voting behavior in Brexit and the Trump election and the current obesity epidemic - More examples and review questions to help cement understanding |
| an introduction to behavioral economics: An Introduction to Behavioral Economics Nick Wilkinson, 2008 This book compares and contrasts the neo-classic standard economics model with the behavioural economics model and shows how the latter attempts to explain the anomalies found in empirical research. |
| an introduction to behavioral economics: Behavioural Economics: A Very Short Introduction Michelle Baddeley, 2017-01-19 Traditionally economists have based their economic predictions on the assumption that humans are super-rational creatures, using the information we are given efficiently and generally making selfish decisions that work well for us as individuals. Economists also assume that we're doing the very best we can possibly do - not only for today, but over our whole lifetimes too. But increasingly the study of behavioural economics is revealing that our lives are not that simple. Instead, our decisions are complicated by our own psychology. Each of us makes mistakes every day. We don't always know what's best for us and, even if we do, we might not have the self-control to deliver on our best intentions. We struggle to stay on diets, to get enough exercise and to manage our money. We misjudge risky situations. We are prone to herding: sometimes peer pressure leads us blindly to copy others around us; other times copying others helps us to learn quickly about new, unfamiliar situations. This Very Short Introduction explores the reasons why we make irrational decisions; how we decide quickly; why we make mistakes in risky situations; our tendency to procrastination; and how we are affected by social influences, personality, mood and emotions. The implications of understanding the rationale for our own financial behaviour are huge. Behavioural economics could help policy-makers to understand the people behind their policies, enabling them to design more effective policies, while at the same time we could find ourselves assaulted by increasingly savvy marketing. Michelle Baddeley concludes by looking forward, to see what the future of behavioural economics holds for us. ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable. |
| an introduction to behavioral economics: Behavioral Economics Philip J. Corr, Anke C. Plagnol, 2018 What is behavioral economics and why is it important? -- The ascent and dissent of economics -- Econ: homo economicus -- Human: more homer (simpson) than homo economicus -- Manners, monkeys and moods -- Nudge: whys, ways and weasels -- Sell! the commercial (and political) world of persuasion |
| an introduction to behavioral economics: Behavioral Economics and Its Applications Peter Diamond, Hannu Vartiainen, 2012-01-12 In the last decade, behavioral economics, borrowing from psychology and sociology to explain decisions inconsistent with traditional economics, has revolutionized the way economists view the world. But despite this general success, behavioral thinking has fundamentally transformed only one field of applied economics-finance. Peter Diamond and Hannu Vartiainen's Behavioral Economics and Its Applications argues that behavioral economics can have a similar impact in other fields of economics. In this volume, some of the world's leading thinkers in behavioral economics and general economic theory make the case for a much greater use of behavioral ideas in six fields where these ideas have already proved useful but have not yet been fully incorporated--public economics, development, law and economics, health, wage determination, and organizational economics. The result is an attempt to set the agenda of an important development in economics--an agenda that will interest policymakers, sociologists, and psychologists as well as economists. Contributors include Ian Ayres, B. Douglas Bernheim, Truman F. Bewley, Colin F. Camerer, Anne Case, Michael D. Cohen, Peter Diamond, Christoph Engel, Richard G. Frank, Jacob Glazer, Seppo Honkapohja, Christine Jolls, Botond Koszegi, Ulrike Malmendier, Sendhil Mullainathan, Antonio Rangel, Emmanuel Saez, Eldar Shafir, Sir Nicholas Stern, Jean Tirole, Hannu Vartiainen, and Timothy D. Wilson. |
| an introduction to behavioral economics: Behavioral Economics and Public Health Christina A. Roberto, Ichirō Kawachi, 2016 Behavioral economics has potential to offer novel solutions to some of today's most pressing public health problems: How do we persuade people to eat healthy and lose weight? How can health professionals communicate health risks in a way that is heeded? How can food labeling be modified to inform healthy food choices? Behavioral Economics and Public Health is the first book to apply the groundbreaking insights of behavioral economics to the persisting problems of health behaviors and behavior change. In addition to providing a primer on the behavioral economics principles that are most relevant to public health, this book offers details on how these principles can be employed to mitigating the world's greatest health threats, including obesity, smoking, risky sexual behavior, and excessive drinking. With contributions from an international team of scholars from psychology, economics, marketing, public health, and medicine, this book is a trailblazing new approach to the most difficult and important problems of our time. |
| an introduction to behavioral economics: Is Behavioral Economics Doomed? David K. Levine, 2012 In this book, David K. Levine questions the idea that behavioral economics is the answer to economic problems. He explores the successes and failures of contemporary economics both inside and outside the laboratory, and asks whether popular behavioral theories of psychological biases are solutions to the failures. The book not only provides an overview of popular behavioral theories and their history, but also gives the reader the tools for scrutinizing them. |
| an introduction to behavioral economics: Behavioral Economics For Dummies Morris Altman, 2012-02-28 A guide to the study of how and why you really make financial decisions While classical economics is based on the notion that people act with rational self-interest, many key money decisions—like splurging on an expensive watch—can seem far from rational. The field of behavioral economics sheds light on the many subtle and not-so-subtle factors that contribute to our financial and purchasing choices. And in Behavioral Economics For Dummies, readers will learn how social and psychological factors, such as instinctual behavior patterns, social pressure, and mental framing, can dramatically affect our day-to-day decision-making and financial choices. Based on psychology and rooted in real-world examples, Behavioral Economics For Dummies offers the sort of insights designed to help investors avoid impulsive mistakes, companies understand the mechanisms behind individual choices, and governments and nonprofits make public decisions. A friendly introduction to the study of how and why people really make financial decisions The author is a professor of behavioral and institutional economics at Victoria University An essential component to improving your financial decision-making (and even to understanding current events), Behavioral Economics For Dummies is important for just about anyone who has a bank account and is interested in why—and when—they spend money. |
| an introduction to behavioral economics: Advances in Behavioral Economics Colin F. Camerer, George Loewenstein, Matthew Rabin, 2004 Today, behavioral economics has become virtually mainstream. |
| an introduction to behavioral economics: Advanced Introduction to Behavioral Economics John F. Tomer, 2017-09-29 Leading researcher John F. Tomer presents an invigorating and concise introduction to behavioral economics that offers essential behavioral theories, perspectives, trends and developments within this ever-evolving discipline. |
| an introduction to behavioral economics: Behavioural Economics and Experiments Ananish Chaudhuri, 2021-05-13 - Incorporates the latest experimental evidence from across economics, psychology and neuroscience to provide cutting-edge introduction for students. - Structured around three key settings – individuals, small groups and larger impersonal groups (e.g. markets) – this text provides a logical framework for the study of economic decision-making. - Includes discussion of emotions including fairness, trust, selfishness and altruism on both a micro and macro level to show how they can influence personal decision making as well as entire economies. |
| an introduction to behavioral economics: Inefficient Markets Andrei Shleifer, 2000-03-09 The efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies. This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, and agency problems. The book presents and empirically evaluates models of such inefficient markets. Behavioral finance models both explain the available financial data better than does the efficient markets hypothesis and generate new empirical predictions. These models can account for such anomalies as the superior performance of value stocks, the closed end fund puzzle, the high returns on stocks included in market indices, the persistence of stock price bubbles, and even the collapse of several well-known hedge funds in 1998. By summarizing and expanding the research in behavioral finance, the book builds a new theoretical and empirical foundation for the economic analysis of real-world markets. |
| an introduction to behavioral economics: Introduction to Behavioral Economics David R. Just, 2013-11-21 Introduction to Behavioral Economics is focused on the broad principles of behavior, which are illustrated using real-world examples from experimental literature as well as experiential examples. Real-world examples are drawn from news items, historical accounts and the economics literature. Experimental examples are drawn from the economics literature. These examples are discussed providing explanatory figures and interpretations. With the rise of both behavioral finance and behavioral industrial organization, undergraduates now clamor for formal training and instruction in behavioral economics. Introduction to Behavioral Economics covers all the ways consumers and other economic agents behave in nonrational manner and prepares readers to make rational economic choices. This text provides experiments as a set of examples of the broader principles of behavior. |
| an introduction to behavioral economics: The Beginnings of Behavioral Economics Roger Frantz, 2019-10-05 The Beginnings of Behavioral Economics: Katona, Simon, and Leibenstein's X-Efficiency Theory explores the mid-20th century roots of behavioral economics, placing the origin of this now-dominant approach to economic theory many years before the groundbreaking 1979 work on prospect theory by Daniel Kahneman and Amos Tversky. It discusses the work of Harvey Leibenstein, Herbert Simon, George Katona, and Frederick Hayek, reintroducing their contributions as founding pillars of the behavioral approach. It concentrates on the work of Leibenstein, reviewing his nuanced introduction of X-efficiency theory. Building from these foundations, the work explores the body of empirical research on market power and firm behavior – XE relationship. This book is a tremendous resource for graduate students and early career researchers in behavioral economics, experimental economics, organizational economics, social and organizational psychology, labor market economics and public policy. - Reviews the powerful, but neglected contributions of mid-20th century scholars, like Leibenstein and Katona in building the roots of behavioral economic theory - Amalgamates and reviews 50 years of empirical research and over 200 empirical papers on X-efficiency theory - Establishes how X-efficiency can aid modern behavioral economics in further developing firm theory and understanding efficiency wages |
| an introduction to behavioral economics: What Your Customer Wants and Can't Tell You Melina Palmer, 2021-05-13 Why do people buy? A behavioral economist explains the science of consumer behavior in “the most important business book to come out in years” (Michael F. Schein, author and columnist for Inc., Forbes, and Psychology Today). What Your Customer Wants and Can’t Tell You explains the neuroscience of consumer behavior. Learn exactly why people buy—and how to use that knowledge to improve pricing, increase sales, create better “brain-friendly” brand messaging, and be a more effective leader. Behavioral economics is the marketing research future of brands and business. This book goes beyond an academic understanding of behavioral economics and into practical applications. Learn how real businesses and business professionals can use science to make their companies better. Business owner, consultant, and behavioral economics expert Melina Palmer helps leaders like you use the psychology of the consumer, innovation, and truly impactful branding to achieve real, bottom-line benefits. Discover information and tools you can actually use to influence consumers. Go beyond data science and learn how the consumer brain works. Dramatically improve your effectiveness as a leader and marketer with: · Real-world examples that bring a concept to life and make it stick · Ideas to help you with problem solving for your business · Ways to hack your brain into coming up with innovative programs, products, and initiatives “A stand-out guide for anyone fascinated by customer behavior and the science of decision-making.” —Madeline Quinlan, cofounder of Salient Behavioral Consultants |
| an introduction to behavioral economics: The Foundations of Behavioral Economic Analysis Sanjit Dhami, 2019-02-14 Taken from the first definitive introduction to behavioral economics, The Foundations of Behavioral Economic Analysis: Other-Regarding Preferences is an authoritative and cutting edge guide to this essential topic for advanced undergraduate and postgraduate students. It considers the evidence from experimental games on human sociality, and gives models and applications of inequity aversion, intention based reciprocity, conditional cooperation, human virtues, and social identity. This updated extract from Dhami's leading textbook allows the reader to pursue subsections of this vast and rapidly growing field and to tailor their reading to their specific interests in behavioural economics. |
| an introduction to behavioral economics: Behavioral Economics Brandon Lehr, 2021-08-11 This textbook provides an engaging and accessible introduction to the motivating questions, real-world evidence, theoretical models, and welfare implications of behavioral economics concepts. Applications and examples illustrate the broad relevance of behavioral economics for consumers, firms, markets, and policy makers alike. |
| an introduction to behavioral economics: Handbook of Behavioral Economics - Foundations and Applications 1 , 2018-09-27 Handbook of Behavioral Economics: Foundations and Applications presents the concepts and tools of behavioral economics. Its authors are all economists who share a belief that the objective of behavioral economics is to enrich, rather than to destroy or replace, standard economics. They provide authoritative perspectives on the value to economic inquiry of insights gained from psychology. Specific chapters in this first volume cover reference-dependent preferences, asset markets, household finance, corporate finance, public economics, industrial organization, and structural behavioural economics. This Handbook provides authoritative summaries by experts in respective subfields regarding where behavioral economics has been; what it has so far accomplished; and its promise for the future. This taking-stock is just what Behavioral Economics needs at this stage of its so-far successful career. - Helps academic and non-academic economists understand recent, rapid changes in theoretical and empirical advances within behavioral economics - Designed for economists already convinced of the benefits of behavioral economics and mainstream economists who feel threatened by new developments in behavioral economics - Written for those who wish to become quickly acquainted with behavioral economics |
| an introduction to behavioral economics: Choice, Behavioral Economics, and Addiction Rudolph Eugene Vuchinich, Nick Heather, 2003-11-13 Choice, Behavioural Economics and Addiction is about the theory, data, and applied implications of choice-based models of substance use and addiction. The distinction between substance use and addiction is important, because many individuals use substances but are not also addicted to them. The behavioural economic perspective has made contributions to the analysis of both of these phenomena and, while the major focus of the book is on theories of addiction, it is necessary also to consider the behavioural economic account of substance use in order to place the theories in their proper context and provide full coverage of the contribution of behavioural economics to this field of study. The book discusses the four major theories of addiction that have been developed in the area of economic science/behavioural economics. They are: . hyperbolic discounting . melioration . relative addiction . rational addiction The main objective of the book is to popularise these ideas among addiction researchers, academics and practitioners. The specific aims are to articulate the shared and distinctive elements of these four theories, to present and discuss the latest empirical work on substance abuse and addiction that is being conducted in this area, and to articulate a range of applied implications of this body of work for clinical, public health and public policy initiatives. The book is based on an invitation-only conference entitled, Choice, Behavioural Economics and Addiction: Theory, Evidence and Applications held at the University of Alabama at Birmingham, March 30 - April 1, 2001. The conference was attended by prominent scientists and scholars, representing a range of disciplines concerned with theories of addiction and their consequences for policy and practice. The papers in the book are based on the papers given at the above conference, together with commentaries by distinguished experts and, in many cases, replies to these comments by the presenters. |
| an introduction to behavioral economics: Principles of Behavioral Economics Peter Earl, 2022-07-28 Presents the ONE behavioral approach to economics: a grand synthesis of Old, New and Evolutionary behavioral approaches. |
| an introduction to behavioral economics: A Course in Behavioral Economics Erik Angner, 2016-01-04 A concise and reader-friendly textbook on one of the hottest developments in social and behavioral science today. Covering all core areas of the subject, Erik Angner clearly lays out the theory and explains the intuitions behind it. It is full of examples, exercises, and problems drawn from fields such as economics, management, marketing, political science, and public policy. Among other things, the book shows how to apply principles of behavioral economics to science, business, medicine, and daily life. No advanced mathematics is required. An ideal introduction for students coming to behavioral economics from various fields, at both undergraduate and postgraduate levels. It is equally suitable for general readers who have been captivated by popular-science books on behavioral economics and want to know more. |
| an introduction to behavioral economics: Behavioral Economics and Healthy Behaviors Yaniv Hanoch, Andrew Barnes, Thomas Rice, 2017-05-18 The field of behavioural economics can tell us a great deal about cognitive bias and unconscious decision-making, challenging the orthodox economic model whereby consumers make rational and informed choices. But it is in the arena of health that it perhaps offers individuals and governments the most value. In this important new book, the most pernicious health issues we face today are examined through a behavioral economic lens. It provides an essential and timely overview of how this growing field of study can reframe and offer solutions to some of the biggest health issues of our age. The book opens with an overview of the core theoretical concepts, after which each chapter assesses how behavioral economic research and practice can inform public policy across a range of health issues. Including chapters on tobacco, alcohol and drug use, physical activity, dietary intake, cancer screening and sexual health, the book integrates the key insights from the field to both developed and developing nations. Also asking important ethical questions around paternalism and informed choice, this book will be essential reading for students and researchers across psychology, economics and business and management, as well as public health professionals wishing for a concise overview of the role behavioral economics can potentially play in allowing people to live healthier lives. |
| an introduction to behavioral economics: Behavioral Economics Edward Cartwright, 2014-04-04 This textbook is a first major introduction to behavioral economics, designed primarily for advanced undergraduate students. Unquestionably the hottest new field to have emerged in the social sciences over the past decade, behavioral considerations are now making themselves felt across academia and beyond and books such as Richard Thaler and Cass Sunstein’s Nudge have become blueprints for a new way of thinking. This text will introduce all the key concepts to a student audience. Although grounded in game theory and experimental economics, the focus of the text is very much on Behavior as opposed to Games. The field is presented as a coherent subject and the text covers a host of cutting edge developments including the analysis of fairness, reciprocity and altruism, as well as the brave new frontier of neuroeconomics. |
| an introduction to behavioral economics: Policy and Choice William J. Congdon, Jeffrey R. Kling, Sendhil Mullainathan, 2011 Argues that public finance--the study of the government's role in economics--should incorporate principles from behavior economics and other branches of psychology. |
| an introduction to behavioral economics: Financial Economics Thorsten Hens, Marc Oliver Rieger, 2010-07-01 Financial economics is a fascinating topic where ideas from economics, mathematics and, most recently, psychology are combined to understand financial markets. This book gives a concise introduction into this field and includes for the first time recent results from behavioral finance that help to understand many puzzles in traditional finance. The book is tailor made for master and PhD students and includes tests and exercises that enable the students to keep track of their progress. Parts of the book can also be used on a bachelor level. Researchers will find it particularly useful as a source for recent results in behavioral finance and decision theory. |
| an introduction to behavioral economics: Behavioral Insights Michael Hallsworth, Elspeth Kirkman, 2020-09-01 The definitive introduction to the behavioral insights approach, which applies evidence about human behavior to practical problems. Our behavior is strongly influenced by factors that lie outside our conscious awareness, although we tend to underestimate the power of this “automatic” side of our behavior. As a result, governments make ineffective policies, businesses create bad products, and individuals make unrealistic plans. In contrast, the behavioral insights approach applies evidence about actual human behavior—rather than assumptions about it—to practical problems. This volume in the MIT Press Essential Knowledge series, written by two leading experts in the field, offers an accessible introduction to behavioral insights, describing core features, origins, and practical examples. These insights have opened up new ways of addressing some of the biggest challenges faced by societies, changing the way that governments, businesses, and nonprofits work in the process. This book shows how the approach is grounded in a concern with practical problems, the use of evidence about human behavior to address those problems, and experimentation to evaluate the impact of the solutions. It gives an overview of the approach's origins in psychology and behavioral economics, its early adoption by the UK's pioneering “nudge unit,” and its recent expansion into new areas. The book also provides examples from across different policy areas and guidance on how to run a behavioral insights project. Finally, the book outlines the limitations and ethical implications of the approach, and what the future holds for this fast-moving area. |
| an introduction to behavioral economics: Behavioral Economics for Tourism Milena S. Nikolova, 2020-09-24 Behavioral Economics for Tourism applies behavioral perspectives to business and policy challenges in the tourism industry. The book enables professionals and early career researchers to succeed by focusing on market and consumer trends, technological advancements, and the modern tourist. It covers the transformation of purchasing decisions, tourism hosting dynamics, digital mediation and disintermediation of tourism organizations, service design, and planning policy considerations. The volume concludes with case studies illustrating successful and unsuccessful behavioral tactics and strategies for tourism businesses and organizations. - Provides behavioral profiling of the digitally-informed, mobile, self-managed tourist - Allows the tourism industry to better understand tourists, both cognitively and emotionally - Supports business success, technology development and sustainability in the tourism industry - Features case studies on behavioral tactics and strategies for use in tourism |
| an introduction to behavioral economics: Behavioural Economics and Finance Michelle Baddeley, 2013-05-07 Standard models in economics and finance usually assume that people are rational, self-interested maximisers, effectively co-ordinated via the invisible hand of the price mechanism. Whilst these approaches produce tractable, simple models, they cannot fully capture the uncertainties and instabilities that affect everyday choices in today’s complex world. Insights from the other social and behavioural sciences can help to fill the gap and behavioural economics is the subject which brings economics and finance together with psychology, neuroscience and sociology. Behavioural Economics and Finance introduces the reader to some of the key concepts and insights from this rich, inter-disciplinary approach to real-world decision-making. |
| an introduction to behavioral economics: Behavioural Economics and Policy Design Donald Low, 2011 This book aims to demonstrate how successful policies in Singapore have integrated conventional economic principles with insights from the emerging field of behavioural economics even before the latter became popular. Using examples from various policy domains, it shows how good policy design often requires a synthesis of insights from economics and psychology. Policies should not only be compatible with economic incentives, but should also be sensitive to the cognitive abilities, limitations and biases of citizens. Written by policy practitioners in the Singapore government, this book is an introduction to how behavioural economics and the findings from cognitive psychology can be intelligently applied to the design of public policies.--Publisher's description. |
| an introduction to behavioral economics: Psychology and Behavioral Economics Kai Ruggeri, 2021-09-22 Psychology and Behavioral Economics offers an expert introduction to how psychology can be applied to a range of public policy areas. It examines the impact of psychological research for public policy making in economic, financial and consumer sectors, in education, healthcare and at workplace, for energy and the environment, and in communications. Your energy bills show you how much you use compared to the average in your area. Your doctor sends you a text message reminder when your appointment is coming up. Your bank gives you three choices for how much to pay off on your credit card each month. Wherever you look, there has been a rapid increase in the amount of interest we place on understanding real human behaviors in everyday decisions, and these behavioral insights are now regularly used to influence everything from how companies recruit employees through to large-scale public policy and government regulation. But what is the actual evidence behind these tactics, and how did psychology become such a major player in economics? Answering these questions and more, this team of authors working across both academia and government present this fully revised and updated reworking of Behavioral Insights for Public Policy. This update covers everything from the history of how policy was historically developed, major research in human behavior and social psychology, and key moments that brought behavioral sciences into the forefront of public policy. Featuring over 100 empirical examples of how behavioral insights are being used to address some of the most critical challenges faced globally, key topics covered include evidence-based policy, a brief history of behavioral and decision sciences, behavioral economics, and policy evaluation, all illustrated throughout with lively case studies and major empirical examples. Including end-of-chapter questions, a glossary, and key concept boxes to aid retention, as well as a new chapter revealing the work of the Canadian Government's behavioral insights unit, this is the perfect textbook for students of psychology, economics, public health, education, and organizational sciences, as well as public policy professionals looking for fresh insight into the underlying theory and practical applications in a range of public policy areas. |
| an introduction to behavioral economics: Behavioral Economics Masao Ogaki, Saori C. Tanaka, 2018-02-05 This book is intended as a textbook for a course in behavioral economics for advanced undergraduate and graduate students who have already learned basic economics. The book will also be useful for introducing behavioral economics to researchers. Unlike some general audience books that discuss behavioral economics, this book does not take a position of completely negating traditional economics. Its position is that both behavioral and traditional economics are tools that have their own uses and limitations. Moreover, this work makes clear that knowledge of traditional economics is a necessary basis to fully understand behavioral economics. Some of the special features compared with other textbooks on behavioral economics are that this volume has full chapters on neuroeconomics, cultural and identity economics, and economics of happiness. These are distinctive subfields of economics that are different from, but closely related to, behavioral economics with many important overlaps with behavioral economics. Neuroeconomics, which is developing fast partly because of technological progress, seeks to understand how the workings of our minds affect our economic decision making. In addition to a full chapter on neuroeconomics, the book provides explanations of findings in neuroeconomics in chapters on prospect theory (a major decision theory of behavioral economics under uncertainty), intertemporal economic behavior, and social preferences (preferences that exhibit concerns for others). Cultural and identity economics seek to explain how cultures and people’s identities affect economic behaviors, and economics of happiness utilizes measures of subjective well-being. There is also a full chapter on behavioral normative economics, which evaluates economic policies based on findings and theories of behavioral economics. |
| an introduction to behavioral economics: Handbook of Behavioural Economics and Smart Decision-Making Morris Altman, 2017-05-26 This Handbook is a unique and original contribution of over thirty chapters on behavioural economics, examining and addressing an important stream of research where the starting assumption is that decision-makers are for the most part relatively smart or rational. This particular approach is in contrast to a theme running through much contemporary work where individuals’ behaviour is deemed irrational, biased, and error-prone, often due to how people are hardwired. In the smart people approach, where errors or biases occur and when social dilemmas arise, more often than not, improving the decision-making environment can repair these problems without hijacking or manipulating the preferences of decision-makers. This book covers a wide-range of themes from micro to macro, including various sub-disciplines within economics such as economic psychology, heuristics, fast and slow-thinking, neuroeconomics, experiments, the capabilities approach, institutional economics, methodology, nudging, ethics, and public policy. |
| an introduction to behavioral economics: Behavioral Economics FABRIZIO. CHANG GHISELLINI (BERYL Y.), Beryl Y. Chang, 2019-08-06 This book sets the agenda to turn behavioral economics, which has long been considered a subordinate discipline, into mainstream economics. Ghisellini and Chang expose the conceptual and empirical inadequacy of conventional economics using illustrations of real world decision-making in a dynamic environment, including evidence from the global financial crisis. With a rigorous yet accessible style, they give a comprehensive overview of behavioral economics and of the current state of play in the field across different schools of thought. Seven major conceptual problems still affecting the development of behavioral economics are identified and the authors propose research avenues to address these issues and allow the discipline to receive its long-awaited recognition. Crucial reading for researchers and students looking for insights into the many unsolved problems of economics. |
| an introduction to behavioral economics: Michigan Journal of Economics , 1980 |
| an introduction to behavioral economics: Escalation in Decision-making Helga Drummond, Julia Hodgson, 2011 When a venture seems to be faltering, do you persist and hope that things will get better or do you cut your losses? Rich in case studies involving real business decisions and dilemmas, Escalation in Decision-Making reveals why social scientists believe that owners may not respond rationally to such predicaments. Instead of exiting when the odds are clearly stacked against them, they re-invest and end up compounding their losses - a phenomenon known as escalation of commitment. Escalation in Decision Making is widely relevant to practitioners such as project managers in large organizations and to those responsible for managing risk in many situations. |
| an introduction to behavioral economics: Renaissance in Behavioral Economics Roger Frantz, 2007-06-14 Economists working on behavioral economics have been awarded the Nobel Prize four times in recent years. This book explores this innovative area and in particular focuses on the work of Harvey Leibenstein, one of the pioneers of the discipline. The topics covered in the book include agency theory; dynamic efficiency; evolutionary economics; X-efficiency; the effect of emotions, specifically affect on decision-making; market pricing; experimental economics; human resource management; the Carnegie School, and intra-industry efficiency in less developed countries. |
| an introduction to behavioral economics: Dishonesty in Behavioral Economics Alessandro Bucciol, Natalia Montinari, 2019-06-04 Dishonesty in Behavioral Economics provides a rigorous and comprehensive overview of dishonesty, presenting state-of-the-art research that adopts a behavioral economics perspective. Throughout the volume, contributors emphasize the effects of psychological, social, and cognitive factors on the decision-making process. In contrast to related titles, Dishonesty in Behavioral Economics emphasizes the importance of empirical research methodologies. Its contributors demonstrate how various methods applied to similar research questions can lead to different results. This characteristic is important because, of course, it is difficult to obtain reliable measures of dishonesty. - Reviews many key issues in the literature around lying, cheating, fraudulence, and deception - Covers both state-of-the-art methods and data collection mechanisms (e.g., laboratory experiments, field experiments, online surveys) - Discusses novel interdisciplinary research findings and from them proposes new avenues of research |
| an introduction to behavioral economics: Game Theory and Behavior Jeffrey Carpenter, Andrea Robbett, 2022-12-06 An introduction to game theory that offers not only theoretical tools but also the intuition and behavioral insights to apply these tools to real-world situations. This introductory text on game theory provides students with both the theoretical tools to analyze situations through the logic of game theory and the intuition and behavioral insights to apply these tools to real-world situations. It is unique among game theory texts in offering a clear, formal introduction to standard game theory while incorporating evidence from experimental data and introducing recent behavioral models. Students will not only learn about incentives, how to represent situations as games, and what agents “should” do in these situations, but they will also be presented with evidence that either confirms the theoretical assumptions or suggests a way in which the theory might be updated. Features: Each chapter begins with a motivating example that can be run as an experiment and ends with a discussion of the behavior in the example. Parts I–IV cover the fundamental “nuts and bolts” of any introductory game theory course, including the theory of games, simple games with simultaneous decision making by players, sequential move games, and incomplete information in simultaneous and sequential move games. Parts V–VII apply the tools developed in previous sections to bargaining, cooperative game theory, market design, social dilemmas, and social choice and voting. Part VIII offers a more in-depth discussion of behavioral game theory models including evolutionary and psychological game theory. Instructor resources include solutions to end-of-chapter exercises, worksheets for running each chapter's experimental games using pencil and paper, and the oTree codes for running the games online. |
| an introduction to behavioral economics: Behavioral Law and Economics Eyal Zamir, Doron Teichman, 2018 In the past few decades, economic analysis of law has been challenged by a growing body of experimental and empirical studies that attest to prevalent and systematic deviations from the assumptions of economic rationality. While the findings on bounded rationality and heuristics and biases were initially perceived as antithetical to standard economic and legal-economic analysis, over time they have been largely integrated into mainstream economic analysis, including economic analysis of law. Moreover, the impact of behavioral insights has long since transcended purely economic analysis of law: in recent years, the behavioral movement has become one of the most influential developments in legal scholarship in general. Behavioral Law and Economics offers a state-of-the-art overview of the field. Eyal Zamir and Doron Teichman survey the entire body of psychological research that lies at the basis of behavioral analysis of law, and critically evaluate the core methodological questions of this area of research. Following this, the book discusses the fundamental normative questions stemming from the psychological findings on bounded rationality, and explores their implications for setting the law's goals and designing the means to attain them. The book then provides a systematic and critical examination of the contributions of behavioral studies to all major fields of law including: property, contracts, consumer protection, torts, corporate, securities regulation, antitrust, administrative, constitutional, international, criminal, and evidence law, as well as to the behavior of key players in the legal arena: litigants and judicial decision-makers. |
| an introduction to behavioral economics: Psychology in Economics and Business Gerrit Antonides, 2012-12-06 This book is targeted at students of economics and business administration and presents the state of the art in behavioral economics and economic psychology and their applications to economics and business. It discusses economic psychological themes, information processing, and applications in fields including entrepreneurial behavior, perceptions of price, risk, inflation and economic activities, and economic socialization. |
The Behavioral Economics Guide 2015
introduction to this edition. I am particularly grateful for the support received by Behavioral Science Lab, Berkeley Research Group, BrainJuicer, Decision Technology, Decode …
Behavioral Economics In Context - Boston University
We begin by developing a toolkit of concepts and principles in behavioral economics. This toolkit will provide the basis for looking at economic development, environmental issues, financial …
Introduction to Behavioral - ETH Z
CHAPTER 1 Nature of Behavioral Economics. 1.1 Behavioral economics and the standard model. 1.2 History and evolution of behavioral economics. 1.3 Relationship with other disciplines. 1.4 …
Behavioral Economics; Fourth Edition - api.pageplace.de
This textbook introduces all the key results and insights of behavioral economics to a student audience.
Lecture Notes - Department of Economics
What’s Behavioral Economics? • Behavioral Economics emerged out of a number of empirical and experimental puzzles, ... ... which are difficult to explain by conventional standard …
ECON 310: Introduction to Behavioral Economics - McGill …
Econ 310 serves as an introduction to behavioral economics. Topics include Decision under Uncer-tainty, Prospect Theory, Intertemporal Choice, Social Preferences. Class schedule: …
Behavioural Economics University of Oxford Vincent P. Crawford ...
Behavioural economics is a blend of traditional neoclassical microeconomics and empirically and psychologically motivated assumptions whose goal is a better understanding of economic …
An introduction to behavioral economics: using psychology to …
Chapter 1 introduces the basic concepts of behavioral economics and explains why this new field is important. The chapter discusses how behavioral economics uses ideas from psychology to …
INTRODUCTION TO BEHAVIOURAL ECONOMICS - London School of Economics …
Behavioural economics considers the ways that people are more social, more impulsive, less adept at using information, and more susceptible to psychological biases than the standard …
An Introduction to Behavioral Economics - GBV
What is behavioral economics? 4 The standard economic model 5 Shortcomings of the standard economic model 7 Evaluating theories 8 1.2 History and evolution of behavioral economics 10 …
Behavioural Economics: Introduction to Behavioral Game …
Behavioral game theory combines theory and empirical (mainly experimental) evidence to develop the understanding of strategic behavior needed to analyze economic, political, and social …
What Is Behavioral Economics? - Cambridge University Press
What Is Behavioral Economics? 1.1 Introduction A recurring theme in this book is the necessity of recognizing that people differ in how they see things. This applies not merely to, say, how they …
BEHAVIORAL ECONOMICS AND ITS APPLICATIONS - Economics …
The chapters in this volume examine behavioral dimensions of six fields of economics – public. economics, development, law and economics, health, wage determination in macro, and …
Econ 0040: Behavioural Economics Fall 2020 - UCL
The purpose of this course is to provide students an overview of research in Behavioural Economics, a field of economics that draws on knowledge in psychology to capture important …
Introduction to Behavioral Economics: Lesson Plan
1. What is Behavioral Economics? 2. What theory was proposed by Thaler and Sunstein to win them the Nobel Prize? 3. Give an example of a behavioral economics theory? After you …
Behavioral Economics: Economics as a Psychological Discipline
Behavioral economics is a relatively new field of economics that attempts to incorporate insights from psychology into economic models and analyses. The field has grown rapidly over the last …
SYLLABUS ARE 133: Introduction to Behavioral Economics …
This course introduces you to behavioral economics, a field of economics focused on “behavioral anomalies” or common and systematic deviations from behavior implied by rational economic …
Behavioral Economics: Past, Present, and Future - GitHub Pages
It would be more accurate to say that the method-ology of behavioral economics returns economic thinking to the way it began, with Adam Smith, and continued through the time of Irving Fisher …
Introduction to the Special Issue on Behavioral Economics
Management Science, titled “Behavioral Economics and Finance.” The theories underlying finance and eco-nomics have long relied on behavioral assumptions. After all, risk aversion is …
Principles of (Behavioral) Economics - JSTOR
a focused behavioral lecture. In Section I, we define behavioral economics and place it in his-torical context. In Section II, we introduce six modular principles that can be used to teach …
The Behavioral Economics Guide 2015
introduction to this edition. I am particularly grateful for the support received by Behavioral Science Lab, Berkeley Research Group, BrainJuicer, Decision Technology, Decode Marketing, FehrAdvice & Partners, City University London, London School of Economics and Political Science, University of
Behavioral Economics In Context - Boston University
We begin by developing a toolkit of concepts and principles in behavioral economics. This toolkit will provide the basis for looking at economic development, environmental issues, financial markets and crises, and inequality through the lens of …
Introduction to Behavioral - ETH Z
CHAPTER 1 Nature of Behavioral Economics. 1.1 Behavioral economics and the standard model. 1.2 History and evolution of behavioral economics. 1.3 Relationship with other disciplines. 1.4 Objectives, scope and structure.
Behavioral Economics; Fourth Edition - api.pageplace.de
This textbook introduces all the key results and insights of behavioral economics to a student audience.
Lecture Notes - Department of Economics
What’s Behavioral Economics? • Behavioral Economics emerged out of a number of empirical and experimental puzzles, ... ... which are difficult to explain by conventional standard economic theory. ⋄ people engage in charitable giving. ⋄ people seem to engage in costly punishment of anti–social behavior.
ECON 310: Introduction to Behavioral Economics - McGill University
Econ 310 serves as an introduction to behavioral economics. Topics include Decision under Uncer-tainty, Prospect Theory, Intertemporal Choice, Social Preferences. Class schedule: Tuesdays and Thursdays, 1:00 2:25pm. Office hours: Wednesdays and Fridays, 10:00-11:30am. Teaching Assistant: Jérôme Larivière.
Behavioural Economics University of Oxford Vincent P. Crawford ...
Behavioural economics is a blend of traditional neoclassical microeconomics and empirically and psychologically motivated assumptions whose goal is a better understanding of economic behavior and welfare. The field can be subdivided into behavioural decision theory and behavioural game theory.
An introduction to behavioral economics: using psychology to …
Chapter 1 introduces the basic concepts of behavioral economics and explains why this new field is important. The chapter discusses how behavioral economics uses ideas from psychology to study economic behavior and argues that standard economics often fails to …
INTRODUCTION TO BEHAVIOURAL ECONOMICS - London School of Economics …
Behavioural economics considers the ways that people are more social, more impulsive, less adept at using information, and more susceptible to psychological biases than the standard economic models assume. We will explore key departures, and the consequences for individuals, firms, and policy.
An Introduction to Behavioral Economics - GBV
What is behavioral economics? 4 The standard economic model 5 Shortcomings of the standard economic model 7 Evaluating theories 8 1.2 History and evolution of behavioral economics 10 The classical and neoclassical approaches 10 Post-war economic approaches 11 The resurgence of psychology 11 Behavioral economics, experimental economics, and ...
Behavioural Economics: Introduction to Behavioral Game Theory …
Behavioral game theory combines theory and empirical (mainly experimental) evidence to develop the understanding of strategic behavior needed to analyze economic, political, and social interactions.
What Is Behavioral Economics? - Cambridge University Press
What Is Behavioral Economics? 1.1 Introduction A recurring theme in this book is the necessity of recognizing that people differ in how they see things. This applies not merely to, say, how they see a particular product, job opportunity or business strategy but also to how economists characterize behavioral economics.
BEHAVIORAL ECONOMICS AND ITS APPLICATIONS - Economics …
The chapters in this volume examine behavioral dimensions of six fields of economics – public. economics, development, law and economics, health, wage determination in macro, and organization. economics – where behavioral argumentation has proven useful but has not yet been integrated as a part of.
Econ 0040: Behavioural Economics Fall 2020 - UCL
The purpose of this course is to provide students an overview of research in Behavioural Economics, a field of economics that draws on knowledge in psychology to capture important aspects of human behaviour and social interactions …
Introduction to Behavioral Economics: Lesson Plan
1. What is Behavioral Economics? 2. What theory was proposed by Thaler and Sunstein to win them the Nobel Prize? 3. Give an example of a behavioral economics theory? After you watch/discussion questions 1. What are some ways that …
Behavioral Economics: Economics as a Psychological Discipline
Behavioral economics is a relatively new field of economics that attempts to incorporate insights from psychology into economic models and analyses. The field has grown rapidly over the last decade and has produced a large amount of both theoretical and empirical research.
SYLLABUS ARE 133: Introduction to Behavioral Economics …
This course introduces you to behavioral economics, a field of economics focused on “behavioral anomalies” or common and systematic deviations from behavior implied by rational economic models. It considers how non-economic factors such …
Behavioral Economics: Past, Present, and Future - GitHub Pages
It would be more accurate to say that the method-ology of behavioral economics returns economic thinking to the way it began, with Adam Smith, and continued through the time of Irving Fisher and John Maynard Keynes in the 1930s.
Introduction to the Special Issue on Behavioral Economics
Management Science, titled “Behavioral Economics and Finance.” The theories underlying finance and eco-nomics have long relied on behavioral assumptions. After all, risk aversion is merely an observed behavior of individual behavior, but it is now well accepted to assume that agents are risk averse. Surely other com-
Principles of (Behavioral) Economics - JSTOR
a focused behavioral lecture. In Section I, we define behavioral economics and place it in his-torical context. In Section II, we introduce six modular principles that can be used to teach behavioral economics. We provide PowerPoint notes on our home pages, which instructors should feel free to edit and use. I. Behavioral Economics Defined
