Handbook of behavioral economics: foundations and applications 2
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| Other Authors: | , , |
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| Format: | Book |
| Language: | English |
| Published: |
Amsterdam
Elsevier, North Holland, an imprint of Elsevier
[2019]
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| Series: | Handbooks in economics
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | xviii, 509 Seiten Illustrationen |
| ISBN: | 9780444633750 |
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Record in the Search Index
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| adam_text | Contents Contributors............................................................................................................. xi Introduction to the series......................................................................................... xiii Preface........................................................................................................................ xv CHAPTER 1 1 2 3 4 5 Intertemporal choice...................................................... Keith Marzilli Ericson, David Laibson Introduction.................................................................................. Present-focused preferences: theoretical commonalities......... 2.1 Present-biased preferences ............................................ 2.2 Unitary-self models with temptation............................. 2.3 Multiple-self models with simultaneous selves ........... 2.4 Objective risks that reduce future value......................... 2.5 Models with psychometric distortions........................... 2.6 Models of myopia............................................................ 2.7 Overview of models of present-focused preferences ... 2.8 Models that do not generate present-focused preferences....................................................................... Empirical regularities and open puzzles.................................... 3.1 Preferences over monetary receipt timing .................... 3.2 Preferences over consumption timing ........................... 3.3 Preference reversals ....................................................... 3.4
Procrastination ................................................................ 3.5 Naivete.............................................................................. 3.6 The effect of transactions costs...................................... 3.7 Lack of liquidity on household balancesheets............... 3.8 Commitment..................................................................... 3.9 Paternalistic policy and welfare...................................... 3.10 Preference for improving sequences ............................. Puzzles without associated empirical regularities.................... 4.1 How soon is now?............................................................ 4.2 The role of temptation..................................................... 4.3 Other mechanisms and complementary psychological conceptions....................................................................... 4.4 Stability and domain generality...................................... 4.5 Malleability and self-management................................. 4.6 Retirement saving adequacy .......................................... Conclusion .................................................................................. References.................................................................................... і 2 5 7 10 12 14 15 17 18 19 20 20 25 27 29 33 35 36 38 40 42 43 43 44 46 48 49 50 51 52 V
vi Contents CHAPTER 2 1 2 3 4 5 6 7 8 9 10 Errors in probabilistic reasoning and judgment biases........................................................................ 69 Daniel J. Benjamin Introduction................................................................................... 70 Biased beliefs about randomsequences ..................................... 75 2.1 The gambler’s fallacy and the Law of Small Numbers . 75 2.2 The hot-hand bias........................................................ 79 2.3 Additional biases in beliefs about random sequences . . 82 Biased beliefs about sampling distributions ............................. 83 3.1 Partition dependence................................................... 84 3.2 Sample-size neglect and Non-Belief in the Law of Large Numbers............................................................ 90 3.3 Sampling-distribution-tails diminishing sensitivity .... 95 3.4 Overweighting the mean and the fallacy of large numbers ............................................................................ 96 3.5 Sampling-distribution beliefs for small samples........... 98 3.6 Summary and comparison of sequence beliefs with sampling-distribution beliefs...................................... 99 Evidence on belief updating........................................................ 100 4.1 Conceptual framework ................................................... 102 4.2 Evidence from simultaneous samples ........................... 104 4.3 Evidence from sequential samples............................. 121 Theories of biased inference
...................................................... 126 5.1 Biased sampling-distribution beliefs ............................. 127 5.2 Conservatism bias........................................................ 132 5.3 Extreme-belief aversion ................................................. 134 5.4 Summary .......................................................................... 136 Base-rate neglect.......................................................................... 136 The representativeness heuristic................................................. 143 7.1 Representativeness .......................................................... 143 7.2 The strength-versus-weight theory of biased updating . 147 7.3 Economic models of representativeness.................... 149 7.4 Modeling representativeness versus specific biases ... 154 Prior-biased inference ................................................................. 154 8.1 Conceptual framework .................................................... 155 8.2 Evidence and models ...................................................... 156 Preference-biased inference........................................................ 161 9.1 Conceptual framework ................................................... 162 9.2 Evidence and models ...................................................... 163 Discussion.................................................................................... 166 10.1 When do people update too much or too little? ........... 167 10.2 Modeling challenges...................................................
168 10.3 Generalizability from the lab to the field ...................... 169 10.4 Connecting with other areas of economics................ 172
Contents 10.5 Some possible directions for future research ................. 173 References..................................................................................... 173 CHAPTER 3 Errors in strategic reasoning ....................................... Erik Eyster 1 Introduction................................................................................... 1.1 Game-theory background ................................................ 1.2 Behavioral-game-theory background............................. 1.3 Chapter aims..................................................................... 1.4 Exclusions ....................................................................... 1.5 Modeling approaches ....................................................... 2 Setup and taxonomy of errors ................................................... 3 Mispredicting actions................................................................... 3.1 Lab evidence...................................................................... 3.2 Field evidence................................................................... 3.3 Models.............................................................................. 4 Underinference and misinference............................................... 4.1 Folk wisdom on underinference...................................... 4.2 Lab evidence..................................................................... 4.3 Field evidence................................................................... 4.4
Models.............................................................................. 4.5 Social versus private inference........................................ 4.6 Learning............................................................................ 4.7 Implications ..................................................................... 4.8 Misinference..................................................................... 5 Failure to best respond................................................................. 5.1 Epsilon equilibrium.......................................................... 5.2 Quantal-response equilibrium........................................ 5.3 Applications of QRE........................................................ 5.4 Failure to understand payoffs.......................................... 6 From horserace to foxtrot: applying solution concepts ........... 7 Conclusion ................................................................................... References..................................................................................... CHAPTER 4 Behavioralinattention ..................................................... Xavier Gabaix 1 Introduction.................................................................................. 2 A simple framework formodeling attention.............................. 2.1 An introduction: Anchoring and adjustment via Gaussian signal extraction............................................... 2.2 Models with deterministic attention andaction ............ 2.3 Unifying behavioral biases: Much of behavioral
economics may reflect a form of inattention.................. 2.4 Psychological underpinnings.......................................... 187 18S 189 190 191 192 195 197 200 204 208 209 216 216 218 226 227 236 237 237 239 243 243 244 246 248 249 251 254 261 263 266 266 267 269 277 vii
VIII Contents 3 Measuring attention: Methods and findings ............................. 3.1 Measuring attention: Methods........................................ 3.2 Measuring attention: Findings........................................ 3.3 Attention across stakes and studies ............................... 3.4 Different meanings of “attention” .................................. 4 Models of endogenous attention: Deterministic action........... 4.1 Paying more attention to more important variables: The sparsity model................................................................... 4.2 Proportional thinking: The salience model of Bordalo, Gennaioli, Shleifer .......................................................... 4.3 Other themes..................................................................... 4.4 Limitation of these models ............................................. 5 A behavioral update of basic microeconomics: Consumer theory, Arrow-Debreu................................................................ 5.1 Textbook consumer theory ............................................. 5.2 Textbook competitive equilibrium theory...................... 5.3 What is robust in basic microeconomics?...................... 6 Models with stochastic attention and choice of precision .... 6.1 Bayesian models with choice of information................ 6.2 Entropy-based inattention: “Rational inattention” .... 6.3 Random choice via limited attention............................. 7 Allocation of attention over time ............................................... 7.1 Generating
sluggishness: Sticky action, sticky information, and habits................................................... 7.2 Optimal dynamic inattention.......................................... 7.3 Other ways to generate dynamic adjustment ................ 7.4 Behavioral macroeconomics.......................................... 8 Open questions and conclusion ................................................. Appendix A Further derivations and mathematical complements . A.l Further derivations ........................................................... A.2 Mathematical complements.............................................. Appendix В Data methodology........................................................ References.................................................................................... 279 279 283 288 291 292 292 298 302 304 305 305 309 311 312 312 313 318 320 320 324 326 326 327 328 328 331 332 334 CHAPTER 5 Behavioral development economics..................... 345 1 2 3 Michael Kremer, Gautam Rao, Frank Schilbach Introduction.................................................................................. High rates of return without rapid growth................................. 2.1 The Euler equation puzzle............................................... 2.2 Present bias....................................................................... 2.3 Reference-dependent preferences ................................. 2.4 Other behavioral factors .................................................
Health........................................................................................... 3.1 Underinvestment in preventive health ........................... 3.2 Present bias....................................................................... 346 354 354 359 364 368 368 369 372
Contents 4 5 6 7 8 9 10 11 3.3 Biased beliefs............................................................. 380 3.4 Incorrect mental models .................................................. 385 3.5 Other behavioral factors ................................................. 386 Savings......................................................................................... 387 4.1 Commitment savings devices ........................................ 388 4.2 Designing financial products for behavioral agents . . . 390 Risk and insurance....................................................................... 391 5.1 Non-standard preferences affecting insurance demand . 393 5.2 Non-standard beliefs affecting insurance demand .... 394 Technology adoption................................................................... 395 6.1 Limited attention......................................................... 395 6.2 Present bias.................................................................. 397 6.3 Behavioral learning.................................................... 398 Labor ........................................................................................... 401 7.1 Labor markets in developing countries....................... 401 7.2 Labor supply and worker productivity........................... 404 7.3 Wages and behavioral workers................................... 408 7.4 Selection of workers.................................................. 412 7.5 Female labor-force participation ................................... 413
Firms............................................................................................. 415 8.1 Are firms in developing countries more “behavioral”? . 415 8.2 Behavioral firms: evidence and applications............. 417 Social preferences, culture, anddevelopment............................ 420 9.1 History of views of human behavior in economic development................................................................ 421 9.2 Differences in social preferences across societies.... 423 9.3 Do social preferences and culture matter for development? .................................................................. 425 9.4 The impact of contact and policies on social preferences and norms................................................ 428 The psychology of poverty.......................................................... 430 10.1 Scarcity ........................................................................... 430 10.2 Deprivations beyond lack of money.......................... 433 10.3 Mental health ................................................................... 434 10.4 Aspirations, hope, and religiosity ................................. 436 Conclusion ................................................................................... 439 References.................................................................................... 440 CHAPTER 6 Behavioral economics andhealth-care markets ... 459 1 2 Amitabh Chandra, Benjamin Handel, Joshua Schwartzstein Introduction.................................................................................. 460
Consumer choice of insurance................................................... 463 2.1 Demand for insurance................................................ 464 2.2 Implications for insurance markets and their regulation 476 IX
x Contents 3 Treatment choices........................................................................ 482 4 3.1 Consumer demand fortreatment..................................... 3.2 Re-thinking basic health insurance tradeoffs ................ 3.3 Implications for insurance markets and policy.............. Future directions for behavioral healtheconomics ................... 4.1 Future work on health-insurance choices....................... 4.2 Future work on health-treatment choices...................... References..................................................................................... 482 488 491 494 494 495 497 Index ........................................................................................................................ 503
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| spelling | Handbook of behavioral economics foundations and applications 2 edited by B. Douglas Bernheim, Stefano DellaVigna, David Laibson Amsterdam Elsevier, North Holland, an imprint of Elsevier [2019] xviii, 509 Seiten Illustrationen txt rdacontent n rdamedia nc rdacarrier Handbooks in economics Verhaltensökonomie (DE-588)7751254-6 gnd rswk-swf Wirtschaftliches Verhalten (DE-588)4197971-0 gnd rswk-swf (DE-588)4143413-4 Aufsatzsammlung gnd-content Verhaltensökonomie (DE-588)7751254-6 s Wirtschaftliches Verhalten (DE-588)4197971-0 s DE-604 Bernheim, Bert Douglas 1958- (DE-588)124552226 edt Della Vigna, Stefano 1973- (DE-588)129696129 edt Laibson, David I. 1966- (DE-588)128782226 edt (DE-604)BV045240400 2 Digitalisierung UB Passau - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030808568&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Handbook of behavioral economics foundations and applications Verhaltensökonomie (DE-588)7751254-6 gnd Wirtschaftliches Verhalten (DE-588)4197971-0 gnd |
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| title | Handbook of behavioral economics foundations and applications |
| title_auth | Handbook of behavioral economics foundations and applications |
| title_exact_search | Handbook of behavioral economics foundations and applications |
| title_full | Handbook of behavioral economics foundations and applications 2 edited by B. Douglas Bernheim, Stefano DellaVigna, David Laibson |
| title_fullStr | Handbook of behavioral economics foundations and applications 2 edited by B. Douglas Bernheim, Stefano DellaVigna, David Laibson |
| title_full_unstemmed | Handbook of behavioral economics foundations and applications 2 edited by B. Douglas Bernheim, Stefano DellaVigna, David Laibson |
| title_short | Handbook of behavioral economics |
| title_sort | handbook of behavioral economics foundations and applications |
| title_sub | foundations and applications |
| topic | Verhaltensökonomie (DE-588)7751254-6 gnd Wirtschaftliches Verhalten (DE-588)4197971-0 gnd |
| topic_facet | Verhaltensökonomie Wirtschaftliches Verhalten Aufsatzsammlung |
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