Behavioral economics: toward a new economics by integration with traditional economics
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Singapore
Springer
[2017]
|
| Series: | Springer texts in business and economics
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | xvii, 211 Seiten Illustrationen, Diagramme |
| ISBN: | 9789811064388 9811064385 |
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Record in the Search Index
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| adam_text | Contents
A password protected solutions manual for lecturers is available for free at
http://www. springer. com/9789811064388
Part I Behavioral Economics and Neuroeconomics
1 What Is Behavioral Economics?....................................... 3
1.1 What Is Economics?..................................... , . . 3
1.2 What Is Behavioral Economics?................................ 4
1.2.1 Behavioral Economics and the Economic Man.......... 4
1.2.2 Are Preferences Exogenous and Stable?................ 5
1.2.3 Economic Man’s Rationality.......................... 10
1.2.4 Are Humans Selfish?................................. 14
1.3 Summary and Further Reading................................. 17
1.4 Questions and Problems...................................... 17
1.4.1 Multiple-Choice Problems............................ 17
1.4.2 Short Answer/Essay Problems......................... 20
References........................................................ 22
2 What Is Neuroeconomics?............................................ 23
2.1 Decision Making Based on Reward............................. 24
2.2 The Structure and Function of the Brain..................... 24
2.2.1 The Basic Mechanism of the Brain.................... 25
2.2.2 Methods to Measure the Function of the Brain........ 27
2.2.3 Several Approaches to Study the Function
of the Brain....................................* 27
2.3 Summary and Further Reading................................. 29
2.4 Questions and Pioblems...................................... 29
2.4.1 Multiple-Choice Problems. .......................... 29
2.4.2 Discussion Question................................. 29
References........................................................ 30
XI
Contents
xii
Part II Prospect Theory and Bounded Rationality
3 Economic Behavior Under Uncertainty .............................. 33
3.1 Lotteries and Expected Utility.............................. 34
3.2 Attitudes Toward Risk....................................... 36
3.2.1 Preferences for Risk.................................. 36
3.2.2 Preferences for Risk and the Shape
of the Utility Function................................ 37
3.3 Measures of Risk Aversion..................................... 39
3.3.1 Two Measures of Risk Aversion...................... 39
3.3.2 Properties of Measures of Risk Aversion............. . 42
3.4 Estimating Measures of Risk Aversion........................ 44
3.5 Expected Utility Paradoxes..................................... 44
3.5.1 Allais Paradox........................................ 45
3.5.2 Ellsberg Paradox and Knightian Uncertainty. ...... 46
3.5.3 A Model of Temptation and Self-control............. 47
3.6 Summary and Further Reading................................. 48
3.7 Question and Problems.......................................... 48
3.7.1 Multiple-Choice Problems. . ........................ 48
3.7.2 Short Answer/Essay Problems........................... 50
References........................................................ 53
4 Prospect Theory...................................................... 55
4.1 The Value Function and the Reference Point. . . ............... 55
4.2 The Decision Weight Function................................... 57
4.3 The Allais Paradox and Prospect Theory......................... 58
4.4 Mental Accounting.............................................. 60
4.5 Endowment Effect .............................................. 62
4.6 Applications of Prospect Theory............................... 64
4.7 Summary and Further Reading.................................... 65
4.8 Questions and Problems...................................... 66
4.8.1 Multiple-Choice Problems............................ . 66
4.8.2 Short Answer/Essay Problems........................... 67
References................. . . .................................. 69
5 Bounded Rationality.................................................. 71
5.1 Beauty Contest Game.......................................... 72
5.2 Deliberation Cost and Infinite Regress Problem................. 74
5.3 Intuitive Judgment and Biases.................................. 74
5.3.1 Two Definitions of Heuristics........................ 75
5.3.2 Representativeness................................... 76
5.3.3 Availability.......................................... 77
5.3.4 Anchoring and Adjustment.............................. 77
5.3.5 Framing Effects ...................................... 79
Contents
xiii
5.4 Summary and Further Reading.................................. 80
5.5 Questions and Problems....................................... 80
5.5.1 Multiple-Choice Problems............................. 80
5.5.2 Short Answer/Essay Problems.......................... 82
References......................................................... 82
Part III Time Discounting and Social Preferences
6 Intertemporal Behavior............................................. 85
6.1 Fisher’s Indifference Curve Analysis......................... 85
6.1.1 The Two-Period Model’s Budget Constraint............. 85
6.1.2 Optimal Consumption in the Two-Period Model........ 86
6.2 Exponential Discounting Model................................ 89
6.3 Hyperbolic Discounting Model................................. 91
6.3.1 Hyperbolic Discounting............................... 91
6.3.2 Quasi-Hyperbolic Discounting......................... 92
6.3.3 Time Inconsistency................................... 93
6.4 Measuring Time Preferences in Experiments.................... 96
6.5 The Function of the Brain Related to Time Preferences........ 97
6.6 Summary and Further Reading................................. 100
6.7 Questions and Problems...................................... 101
6.7.1 Multiple-Choice Questions........................... 101
6.7.2 Short Answer/Essay Questions........................ 102
References........................................................ 102
7 Learning Theory and Experiments in Neuroeconomics................. 105
7.1 Conditioning and Learning Theory............................ 106
7.2 Reinforcement Learning Theory............................... 106
7.3 Reinforcement Learning Theory as a Computational
Model of the Brain.......................................... 107
7.4 Neural Mechanism of Prediction Error........................ 108
7.5 Time Discount and Brain Structure in Reinforcement
Learning.................................................... 109
7.6 Summary and Further Reading................................. 112
7.7 Questions and Problems...................................... 112
7.7.1 Multiple-Choice Problems............................ 112
7.7.2 Discussion Questions................................ 113
References........................................................ 113
8 Social Preferences................................................ 115
8.1 Evidence for Social Preferences............................. 116
8.1.1 Public Goods Game................................... 117
8.1.2 Trust Game.......................................... 118
8.2 Market Experiments.......................................... 119
8.3 Introduction of Competition into the Ultimatum Game......... 123
xiv Contents
8.4 Models of Social Preferences.............................. 124
8.5 Neuroeconomics on Social Preferences........................ 128
8.5.1 Betrayal and Reward System in Trust Game............ 129
8.5.2 Ultimatum Game and Unfairness....................... 129
8.5.3 Neuroeconomics on Unfairness........................ 130
8.5.4 Neuroeconomics About Social Affection............... 131
8.6 Summary and Further Reading................................. 131
8.7 Questions and Problems.................................... 132
8.7.1 Multiple-Choice Problems............................ 132
8.7.2 Short Answer/Essay Problems......................... 135
References........................................................ 139
Part IV Frontiers of Behavioral Economics
9 Culture and Identity............................................. 143
9.1 Cultural Economics........................................ 143
9.2 Survey Data of Cultural Economics and Empirical Analysis ... 144
9.3 Cultural Economics and Experiments........................ 145
9.3.1 Dictator Game..................................... 145
9.3.2 Ultimatum Game.................................... 146
9.3.3 Public Goods Game............................... 148
9.4 Norms and Identity Economics................................ 150
9.4.1 Norms and Economics............................... 151
9.4.2 Identity Economics.................................. 154
9.5 Culture and Worldview....................................... 156
9.6 Models of Cultural Transmission............................. 158
9.6.1 Tough Love Model.................................... 159
9.6.2 Tough Love and Cultural Difference.................. 161
9.7 Concluding Remarks........................................ 164
9.8 Summary and Further Reading................................. 165
9.9 Questions and Problems...................................... 165
9.9.1 Multiple-Choice Problems.......................... 165
9.9.2 Short Answer/Essay Problems......................... 167
References........................................................ 169
10 The Economics of Happiness....................................... 173
10.1 Three Concepts of Well-Being................................ 174
10.2 Research Without Interpersonal Comparisons of Subjective
Well-Being.................................................. 176
10.2.1 How Life Events Influence Happiness................. 177
10.2.2 The Impact of Great East Japan Earthquake on
Happiness........................................... 178
10.2.3 Altruistic Behavior and Happiness................... 180
Contents
xv
10.3 Research with Interpersonal Comparisons of Subjective
Well-Being................................................... 180
10.4 Summary and Further Reading.................................. 181
10.5 Questions and Problems....................................... 182
10.5.1 Multiple-Choice Problems............................. 182
10.5.2 Short Answer/Essay Problems.......................... 183
References......................................................... 184
11 Normative Behavioral Economics...................................... 185
11.1 Libertarian Paternalism...................................... 186
11.2 The Limitations of Traditional Economics’ Framework
of Evaluating Resource Allocation............................ 188
11.3 Three Ethical Views.......................................... 192
11.4 Introducing Virtue Ethics into Normative Economics........... 193
11.4.1 Criteria for Virtue Ethics........................... 193
11.4.2 Moral Evaluation Function and Social Objective
Function............................................. 194
11.4.3 How Optimal Government Policies Change
When Virtue Ethics Is Introduced..................... 196
11.5 The Principle of Learning to Unconditionally Love............ 196
11.5.1 Unconditional Love and Virtues....................... 197
11.5.2 A Model of Work-Life Balance......................... 198
11.5.3 A Model of Volunteering.............................. 200
11.6 Public Policies and Virtue Ethics............................ 200
11.7 Summary and Further Reading.................................. 201
11.8 Questions and Problems....................................... 202
11.8.1 Multiple-Choice Problems............................. 202
11.8.2 Short Answer/Essay Problems.......................... 202
References......................................................... 706
Index................................................................... 209
|
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| spelling | Ōgaki, Masao 1958- Verfasser (DE-588)170783642 aut Behavioral economics toward a new economics by integration with traditional economics Masao Ogaki, Saori C. Tanaka Singapore Springer [2017] 2017 xvii, 211 Seiten Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier Springer texts in business and economics Verhaltensökonomie (DE-588)7751254-6 gnd rswk-swf Neuroökonomik (DE-588)7613972-4 gnd rswk-swf Verhaltensökonomie (DE-588)7751254-6 s Neuroökonomik (DE-588)7613972-4 s DE-604 Tanaka, Saori 1976- Verfasser (DE-588)108970271X aut Erscheint auch als Online-Ausgabe 978-981-10-6439-5 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030029761&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Ōgaki, Masao 1958- Tanaka, Saori 1976- Behavioral economics toward a new economics by integration with traditional economics Verhaltensökonomie (DE-588)7751254-6 gnd Neuroökonomik (DE-588)7613972-4 gnd |
| subject_GND | (DE-588)7751254-6 (DE-588)7613972-4 |
| title | Behavioral economics toward a new economics by integration with traditional economics |
| title_auth | Behavioral economics toward a new economics by integration with traditional economics |
| title_exact_search | Behavioral economics toward a new economics by integration with traditional economics |
| title_full | Behavioral economics toward a new economics by integration with traditional economics Masao Ogaki, Saori C. Tanaka |
| title_fullStr | Behavioral economics toward a new economics by integration with traditional economics Masao Ogaki, Saori C. Tanaka |
| title_full_unstemmed | Behavioral economics toward a new economics by integration with traditional economics Masao Ogaki, Saori C. Tanaka |
| title_short | Behavioral economics |
| title_sort | behavioral economics toward a new economics by integration with traditional economics |
| title_sub | toward a new economics by integration with traditional economics |
| topic | Verhaltensökonomie (DE-588)7751254-6 gnd Neuroökonomik (DE-588)7613972-4 gnd |
| topic_facet | Verhaltensökonomie Neuroökonomik |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030029761&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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