The foundations of behavioral economic analysis:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Oxford
Oxford University Press
2016
|
| Ausgabe: | First edition |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Literaturangaben |
| Beschreibung: | xxxiii, 1764 Seiten Diagramme |
| ISBN: | 9780198715528 9780198715535 |
Internformat
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Datensatz im Suchindex
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| adam_text | CONTENTS
List of Figures xxi
List of Tables xxxi
Introduction 1
1 The antecedents of behavioral economics 3
2 On methodology in economics 5
3 The experimental method in economics 10
4 Approach and organization of the book 21
5 Five theoretical approaches in behavioral economics 25
6 Five examples of behavioral evidence 48
Appendix A: The random lottery incentive mechanism 59
Appendix B: In lieu of a problem set 59
References 65
PART 1 Behavioral Economics of Risk, Uncertainty, and Ambiguity
Introduction to Part 1 79
1 The Evidence on Human Choice under Risk and Uncertainty 83
1.1 Introduction 83
1.2 The elements of classical decision theory 84
1.3 Subjective expected utility theory (SEU) 89
1.4 Eliciting the utility function under EU 92
1.5 Violations of expected utility theory 95
2 Behavioral Models of Decision Making 110
2.1 Introduction 110
2.2 Probability weighting functions 115
2.3 Rank dependent utility theory (RDU) 124
2.4 Prospect theory (PT) 130
2.5 Elicitation of utility and probability weighting functions in PT 140
2.6 The axiomatic foundations of PT 148
2.7 Third generation PT and stochastic reference points 152
2.8 Stochastic reference points in PT under rational expectations 153
2.9 Limitations of PT 172
2.10 A selection of other behavioral theories 181
2.11 Human behavior for extreme probability events 191
2.12 Risk preferences and time preferences 199
3 Applications of Behavioral Decision Theory 213
3.1 Introduction 213
Contents
xv
3.2 The endowment effect and exchange asymmetries 217
3.3 Prospect theory preferences in primates 235
3.4 Myopic loss aversion 239
3.5 Why do people pay taxes? 242
3.6 Explanation of Rabins paradox using PT 248
3.7 Goals as reference points 250
3.8 Why is it so hard to find a taxi on a rainy day in New York? 256
3.9 Some implications of inverse S-shaped weighting functions 263
3.10 Contracts as reference points 264
3.11 Moral hazard, loss aversion, and optimal contracts 272
3.12 Renegotiation, long-term contracts, and loss aversion 278
4 Human Behavior under Ambiguity 284
4.1 Introduction 284
4.2 A problem for SEU: The Ellsberg paradox 286
4.3 Neoclassical models of ambiguity 288
4.4 Behavioral models of ambiguity 301
Exercises for Part 1 310
References for Part 1 316
PART 2 Other-Regarding Preferences
Introduction to Part 2 339
5 The Evidence on Human Sociality 344
5.1 Introduction 344
5.2 Ultimatum and dictator games 349
5.3 Gift exchange and trust games 357
5.4 Public goods games 370
5.5 How representative is the lab evidence? 386
5.6 Indirect reciprocity 395
6 Models of Other-Regarding Preferences 398
6.1 Introduction 398
6.2 The Fehr-Schmidt model 401
6.3 The ERC model 410
6.4 Fairness and stochastic dominance 412
6.5 Behavioral political economy 417
6.6 Fairness, general equilibrium, and welfare 426
6.7 Evidence on models of social preference and reciprocity 431
6.8 A discussion of other promising models 444
7 Human Morality and Social Identity 453
7.1 Introduction 453
7.2 Human virtues 455
7.3 Social identity 465
xvi | Contents
8 Incentives and Other-Regarding Preferences 478
8.1 Introduction 478
8.2 Moral hazard and other-regarding preferences 483
8.3 Incomplete contracts under other-regarding preferences 495
8.4 Reciprocity and long-term contracts 510
8.5 Extrinsic and intrinsic motivation: theoretical framework 527
8.6 Extrinsic and intrinsic motivation: empirical evidence 540
Exercises for Part 2 562
References for Part 2 566
PART 3 Behavioral Time Discounting
Introduction to Part 3 583
9 The Evidence on Temporal Human Choice 586
9.1 Introduction 586
9.2 The discounted utility model 587
9.3 The exponential discounted utility model (EDU) 588
9.4 Anomalies of the EDU model 594
10 Behavioral Models of Time Discounting 605
10.1 Introduction 605
10.2 Explaining the sign and magnitude effects 607
10.3 Explaining the common difference effect 611
10.4 Attribute-based models 627
10.5 The reference time theory (RT) 632
11 Applications of Present-Biased Preferences 644
11.1 Introduction 644
11.2 Two frameworks for modeling present-biased preferences 646
11.3 Optimal consumption under hyperbolic discounting 651
11.4 Endogenous retirement decisions 664
11.5 Procrastination and preproperation 669
11.6 Interdependence, multiple activities, and competition 677
11.7 Optimal sin taxes 679
11.8 Investment and leisure goods 683
11.9 Other applications of hyperbolic discounting 688
Exercises for Part 3 692
References for Part 3 700
PART 4 Behavioral Game Theory
Introduction to Part 4 709
12 The Evidence on Strategic Human Choice
12.1 Introduction
713
713
Contents | xvii
12.2 Iterated deletion of dominated strategies 724
12.3 Mixed strategy Nash equilibria 738
12.4 Coordination games 758
12.5 Bargaining games 786
12.6 Asymmetric information, signaling, and cheap talk 819
12.7 Public signals and correlated equilibria 843
12.8 Strategic complements and strategic substitutes 852
12.9 A digression on competitive equilibrium experiments 863
13 Models of Behavioral Game Theory 875
13.1 Introduction 875
13.2 Quantal response equilibrium (QRE) 881
13.3 Level-k and cognitive hierarchy models 894
13.4 Applications of level-k and CH models 904
13.5 Psychological game theory 925
13.6 Correlated equilibrium and social norms 962
13.7 Other behavioral models of how people play games 966
13.8 Behavioral economics of auctions 988
Exercise for Part 4 1003
References for Part 4 1013
PART 5 Behavioral Models of Learning
Introduction to Part 5 1033
14 Evolutionary Game Theory 1037
14.1 Introduction 1037
14.2 Some preliminaries 1041
14.3 Evolutionary stable strategies in two-player games 1043
14.4 Relation of ESS with other equilibrium concepts 1047
14.5 Replicator dynamics 1048
14.6 Applications of evolutionary game theory 1053
14.7 Playing the field 1063
14.8 Gene-culture co evolution 1063
14.9 The evolution of altruism and reciprocity 1073
14.10 Social learning and replicator-like dynamics 1085
15 Models of Learning 1092
15.1 Introduction 1092
15.2 Reinforcement learning 1097
15.3 Belief-based models of learning 1106
15.4 The experience weighted attraction model of learning 1120
15.5 Learning models: two points of view 1131
15.6 The class of learning direction theories 1132
15.7 Rule-based learning 1142
15.8 Multiple games, complexity, and categorization 1148
15.9 Possibility and impossibility of rational learning 1153
xviii | Contents
16 Stochastic Social Dynamics 1158
16.1 Introduction 1158
16.2 Fixing ideas in stochastic dynamics 1159
16.3 Perturbed Markov dynamics in 2 x 2 games 1166
16.4 Memory, conventions, and risk dominance in 3 x 3 games 1174
16.5 Social networks 1182
Appendix A: Ordinary differential equations 1186
Appendix B: A note on choice under stochastic utility 1193
Appendix C: A brief users guide to Markov Chains 1196
Exercises for Part 5 1205
References for Part 5 1210
PART 6 Emotions
Introduction to Part 6 1223
17 Emotions and Human Behavior 1226
17.1 Introduction 1226
17.2 Visceral influences and the rationality of emotions 1229
17.3 Cue-conditioned behavior and habit formation 1235
17.4 Anticipation and delay under certainty 1242
17.5 Fear and anxiety under uncertainty 1245
17.6 Projection bias 1250
177 Temptation preferences: a revealed preference approach 1258
17.8 Temptation and conflicts between commitment and flexibility 1266
179 Happiness economics 1270
18 Interactions between Emotions and Cognition 1288
18.1 Introduction 1288
18.2 Emotions and a two-modules view of the brain 1290
18.3 A dual selves model with costly commitment 1298
18.4 Information asymmetries between emotions and cognition 1304
18.5 Strategic ignorance, confidence, and self-esteem 1308
Exercises for Part 6 1322
References for Part 6 1328
PART 7 Bounded Rationality
Introduction to Part 7 1339
19 Judgment Heuristics 1342
19.1 Introduction 1342
19.2 The law of small numbers 1350
19.3 Conjunction fallacy 1361
19.4 The availability heuristic 1365
Contents
xix
19.5 The affect heuristic 1367
19.6 Anchoring and adjustment 1370
19.7 Base rate neglect and conservatism 1375
19.8 Hindsight bias 1383
19.9 Confirmation bias 1389
19.10 Other judgment heuristics 1395
19.11 Dual process models and judgment heuristics 1398
19.12 Coarse thinking and persuasion 1401
19.13 Mental models 1407
19.14 Herbert Simons approach to bounded rationality 1409
19.15 The great rationality debate 1426
19.16 Shrouded attributes 1431
19.17 Limited attention 1436
19.18 Do experts exhibit biases? 1449
20 Mental Accounting 1451
20.1 Introduction 1451
20.2 Framing and mental accounting 1455
20.3 Prospect theory and mental accounting 1456
20.4 The behavioral life-cycle model 1459
20.5 The red and black of mental accounting 1463
20.6 Choice bracketing 1469
20.7 Coherent arbitrariness 1471
20.8 Sunk costs and mental accounting 1473
20.9 Some other mental accounting phenomena 1476
21 Bounded Rationality in Financial Markets 1485
21.1 Introduction 1485
21.2 The efficient markets hypothesis 1488
21.3 Noise trader risk 1502
21.4 The limits to arbitrage 1509
21.5 Gradual flow of information 1516
21.6 Stock market underreaction and overreaction 1520
21.7 Behavioral corporate finance 1526
Exercises for Part 7 1544
References for Part 7 1552
PART 8 Behavioral Welfare Economics
Introduction to Part 8 1577
22 Behavioral Welfare Economics 1579
22.1 Introduction 1579
22.2 Fixing basic ideas 1583
22.3 Soft paternalism 1590
22.4 Regulation under imperfect self-information 1601
22.5 Choice and non-choice data: What is the scope of economics? 1603
xx | Contents
22.6 Choice-based behavioral welfare economics 1611
22.7 Revealed preference under limited attention 1618
22.8 The contractarian approach 1623
22.9 Behavioral public finance and welfare 1625
Exercises for Part 8 1635
References for Part 8 1638
PART 9 Neuroeconomics
Introduction to Part 9 1643
23 Neuroeconomics 1644
23.1 Introduction 1644
23.2 A brief introduction to the brain 1648
23.3 An introduction to neuroeconomic techniques 1655
23.4 The neuroeconomics of risky decisions 1661
23.5 The neuroeconomics of social preferences 1669
23.6 The neuroeconomics of time preferences 1686
23.7 The neuroeconomics of strategic interaction 1689
23.8 Pharmacoeconomics: an application to the social effects of oxytocin 1692
References for Part 9 1695
Appendix on Game Theory 1703
Index of Named Authors 1725
Subject Index 1736
|
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| spelling | Dhami, Sanjit S. Verfasser (DE-588)171693523 aut The foundations of behavioral economic analysis Sanjit Dhami First edition Oxford Oxford University Press 2016 xxxiii, 1764 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Literaturangaben Entscheidungstheorie (DE-588)4138606-1 gnd rswk-swf Verhaltensökonomie (DE-588)7751254-6 gnd rswk-swf Neuroökonomik (DE-588)7613972-4 gnd rswk-swf Verhaltensökonomie (DE-588)7751254-6 s Entscheidungstheorie (DE-588)4138606-1 s Neuroökonomik (DE-588)7613972-4 s DE-604 Digitalisierung UB Augsburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029281360&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Dhami, Sanjit S. The foundations of behavioral economic analysis Entscheidungstheorie (DE-588)4138606-1 gnd Verhaltensökonomie (DE-588)7751254-6 gnd Neuroökonomik (DE-588)7613972-4 gnd |
| subject_GND | (DE-588)4138606-1 (DE-588)7751254-6 (DE-588)7613972-4 |
| title | The foundations of behavioral economic analysis |
| title_auth | The foundations of behavioral economic analysis |
| title_exact_search | The foundations of behavioral economic analysis |
| title_full | The foundations of behavioral economic analysis Sanjit Dhami |
| title_fullStr | The foundations of behavioral economic analysis Sanjit Dhami |
| title_full_unstemmed | The foundations of behavioral economic analysis Sanjit Dhami |
| title_short | The foundations of behavioral economic analysis |
| title_sort | the foundations of behavioral economic analysis |
| topic | Entscheidungstheorie (DE-588)4138606-1 gnd Verhaltensökonomie (DE-588)7751254-6 gnd Neuroökonomik (DE-588)7613972-4 gnd |
| topic_facet | Entscheidungstheorie Verhaltensökonomie Neuroökonomik |
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