By Colin F. Camerer, George Loewenstein, Matthew Rabin
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 almost 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 essentially the most prestigious awards within the career.
This booklet assembles crucial papers on behavioral economics released on account 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 flooring.
Advances in Behavioral Economics will function the definitive one-volume source when you 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 center textual content for college students, yet may be consulted generally through 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 to 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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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.
12 16 C A M E R E R A N D L O E W E N S T E I N or money. 00). Choosers are in precisely the same wealth position as sellers—they choose between a mug or money. The only difference is that sellers are “giving up” a mug they “own,” whereas choosers are merely giving up the right to have a mug. Any difference between the two groups cannot be attributed to wealth effects. ’s work was motivated in part by survey evidence from “contingent valuation” studies that attempt to establish the dollar value of goods that are not routinely traded.
These assumptions can be considered “procedurally rational” (Herbert Simon’s term) because they posit functional heuristics for solving problems that are often so complex that they cannot be solved exactly by even modern computer algorithms. Evaluating Behavioral Economics Stigler (1965) says economic theories should be judged by three criteria: congruence with reality, generality, and tractability. Theories in behavioral economics should be judged this way too. , by adding only one or two parameters to standard models.