Author: David HirshleiferPublisher:
ISBN:
Category :
Languages : en
Pages : 37
Book Description
A Rational Economic Approach to the Psychology of Change
Author: David HirshleiferA Rational Economic Approack to the Psychology of Change
Author: David HirshleiferAn Economic Approach to the Psychology of Change
Author: David HirshleiferPublisher:
ISBN:
Category : Choice (Psychology)
Languages : en
Pages : 40
Book Description
The Psychology of Economic Decisions
Author: Isabelle BrocasPublisher: Oxford University Press, USA
ISBN: 9780199251087
Category : Business & Economics
Languages : en
Pages : 364
Book Description
"This volume provides a point of entry for anyone interested in the interface between economics and psychology."--BOOK JACKET.
Preference Change
Author: Till Grüne-YanoffPublisher: Springer Science & Business Media
ISBN: 9048125936
Category : Philosophy
Languages : en
Pages : 273
Book Description
Changing preferencesis a phenomenonoften invoked but rarely properlyaccounted for. Throughout the history of the social sciences, researchers have come against the possibility that their subjects’ preferenceswere affected by the phenomenato be explainedor by otherfactorsnot taken into accountin the explanation.Sporadically, attempts have been made to systematically investigate these in uences, but none of these seems to have had a lasting impact. Today we are still not much further with respect to preference change than we were at the middle of the last century. This anthology hopes to provide a new impulse for research into this important subject. In particular, we have chosen two routes to amplify this impulse. First, we stress the use of modellingtechniquesfamiliar from economicsand decision theory. Instead of constructing complex, all-encompassing theories of preference change, the authors of this volume start with very simple, formal accounts of some possible and hopefully plausible mechanism of preference change. Eventually, these models may nd their way into larger, empirically adequate theories, but at this stage, we think that the most importantwork lies in building structure.Secondly,we stress the importance of interdisciplinary exchange. Only by drawing together experts from different elds can the complex empirical and theoretical issues in the modelling of preference change be adequately investigated.
An Economic Approach to the Psychology of Change
Author: David A. HirshleiferPublisher:
ISBN:
Category :
Languages : en
Pages : 46
Book Description
This paper models how imperfect memory affects the optimal continuity of policies. We examine the choices of a player (individual or firm) who observes previous actions but cannot remember the rationale for these actions. In a stable environment, the player optimally responds to memory loss with excess inertia, defined as a higher probability of following old policies than would occur under full recall. In a volatile environment, the player can exhibit excess impulsiveness (i.e., be more prone to follow new information signals). The model provides a memory-loss explanation for some documented psychological biases, implies that inertia and organizational routines should be more important instable environments than in volatile ones, and provides other empirical implications relating memory and environmental variables to the continuity of decisions.
Handbook of Behavioural Economics and Smart Decision-Making
Author: Morris AltmanPublisher: Edward Elgar Publishing
ISBN: 1782549595
Category : Business & Economics
Languages : en
Pages : 607
Book Description
This Handbook is a unique and original contribution of over thirty chapters on behavioural economics, examining and addressing an important stream of research where the starting assumption is that decision-makers are for the most part relatively smart or rational. This particular approach is in contrast to a theme running through much contemporary work where individuals’ behaviour is deemed irrational, biased, and error-prone, often due to how people are hardwired. In the smart people approach, where errors or biases occur and when social dilemmas arise, more often than not, improving the decision-making environment can repair these problems without hijacking or manipulating the preferences of decision-makers. This book covers a wide-range of themes from micro to macro, including various sub-disciplines within economics such as economic psychology, heuristics, fast and slow-thinking, neuroeconomics, experiments, the capabilities approach, institutional economics, methodology, nudging, ethics, and public policy.
An Inquiry Into the Nature and Causes of the Wealth of Nations
Author: Adam SmithPublisher:
ISBN:
Category : Economics
Languages : en
Pages : 522
Book Description
The Individual in the Economy
Author: S. E. G. LeaPublisher: CUP Archive
ISBN: 9780521317016
Category : Business & Economics
Languages : en
Pages : 660
Book Description
The Individual in the Economy presents interesting analyses of important human behaviours.
The Limits of Rationality
Author: Karen Schweers CookPublisher: University of Chicago Press
ISBN: 0226742415
Category : Political Science
Languages : en
Pages : 436
Book Description
Prevailing economic theory presumes that agents act rationally when they make decisions, striving to maximize the efficient use of their resources. Psychology has repeatedly challenged the rational choice paradigm with persuasive evidence that people do not always make the optimal choice. Yet the paradigm has proven so successful a predictor that its use continues to flourish, fueled by debate across the social sciences over why it works so well. Intended to introduce novices to rational choice theory, this accessible, interdisciplinary book collects writings by leading researchers. The Limits of Rationality illuminates the rational choice paradigm of social and political behavior itself, identifies its limitations, clarifies the nature of current controversies, and offers suggestions for improving current models. In the first section of the book, contributors consider the theoretical foundations of rational choice. Models of rational choice play an important role in providing a standard of human action and the bases for constitutional design, but do they also succeed as explanatory models of behavior? Do empirical failures of these explanatory models constitute a telling condemnation of rational choice theory or do they open new avenues of investigation and theorizing? Emphasizing analyses of norms and institutions, the second and third sections of the book investigate areas in which rational choice theory might be extended in order to provide better models. The contributors evaluate the adequacy of analyses based on neoclassical economics, the potential contributions of game theory and cognitive science, and the consequences for the basic framework when unequal bargaining power and hierarchy are introduced.