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By Colin F. Camerer, George Loewenstein, Matthew Rabin

ISBN-10: 0691116814

ISBN-13: 9780691116815

20 years in the past, behavioral economics didn't exist as a box. so much economists have been deeply skeptical--even antagonistic--toward the belief of uploading insights from psychology into their box. this day, behavioral economics has develop into nearly mainstream. it really is good represented in well known journals and most sensible economics departments, and behavioral economists, together with numerous members to this quantity, have garnered one of the most prestigious awards within the career.

This ebook assembles an important papers on behavioral economics released when you consider 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 flooring.

Advances in Behavioral Economics will function the definitive one-volume source if you happen to are looking to familiarize themselves with the hot box or preserve up to date with the newest advancements. it is going to not just be a middle textual content for college kids, yet should be consulted generally by way of 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 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 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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Experimental economists, on the other hand, define themselves on the basis of their endorsement and use of experimentation as a research tool. Consistent with this orientation, experimental economists have made a major investment in developing novel experimental methods that are suitable for addressing economic issues and have achieved a virtual consensus among themselves on a number of important methodological issues. This consensus includes features that we find appealing and worthy of emulation (see Hertwig and Ortmann, 2001).

The third conclusion is that EU fits worst when the two gambles being compared have different sets of possible outcomes (or “support”). Technically, this property occurs when one gamble has a unique outcome. The fact that EU does most poorly for these comparisons implies that nonlinear weighting of low probabilities is probably a major source of EU violations. Put differently, EU is like Newtonian mechanics, which is useful for objects traveling at low velocities but mispredicts at high speeds.

1999; Hoffman et al. 1994). Given that context is likely to matter, the question is whether to treat it as a nuisance variable or an interesting treatment variable. It is worth debating further whether or not it is useful to help subjects see a connection between the experiment and the naturally occurring situations the experiment is designed to model, by using contextual cues. Economics experiments also typically use “stationary replication”—in which the same task is repeated over and over, with fresh endowments in each period.

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Advances in behavioral economics by Colin F. Camerer, George Loewenstein, Matthew Rabin

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