By Colin F. Camerer, George Loewenstein, Matthew Rabin

ISBN-10: 0691116814

ISBN-13: 9780691116815

ISBN-10: 0691116822

ISBN-13: 9780691116822

I've got often assigned this e-book because the fundamental textual content in behavioral economics classes at Harvard and at Duke. It bargains a superb number of the very best specialist articles during this box, with fairly reliable assurance on utilized articles.

As the name indicates, it doesn't contain a number of the seminal papers in behavioral economics, and specifically readers must also be sure to locate Tversky and Kahneman's seminar 1979 paper on prospect concept, released within the magazine Econometrica. this text, and lots of different seminal papers of behavioral economics, are amassed in Kahneman and Tversky's edited quantity offerings, Values, and Frames. (I additionally often assign elements of Colin Camerer's very good Behavioral online game Theory.) whereas scholars of behavioral economics may still make some extent of analyzing the 1979 article, i like to recommend doing so in basic terms after interpreting Camerer's very good assessment of a few functions in bankruptcy five of Advances in Behavioral Economics; you may as well locate an exceptional presentation of the main recommendations in case you obtain the video of Daniel Kahneman's Nobel Prize lecture from the Nobel web site.

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One approach, first proposed by Ellsberg, is to let probabilities be sets rather than specific numbers, and to assume that choices over gambles reveal whether or not people pessimistically believe the worst probabilities are the right ones. Another approach is to assume that decision weights are nonadditive. 2 is a kind of “reserved belief ” that expresses how much the person dislikes betting when she knows that important information is missing. Compared to non-EU theories, relatively little empirical work and applications have been done with these uncertainty-aversion theories so far.

2 Other assumptions simply acknowledge human limits on computational We thank Steve Burks, Richard Thaler, and especially Matthew Rabin (who collaborated during most of the process) for the helpful comments. 1 Since it is a book of advances, many of the seminal articles that influenced those collected here are not included, but are noted below and are widely reprinted elsewhere. 2 While the chapters in this book largely adhere to the basic neoclassical framework, there is nothing inherent in behavioral economics that requires one to embrace the neoclassical economic model.

Has some earnings in his pocket”) is considered a poor manager. In this example, the market’s aversion to reported losses can serve as a signaling device that tells the markets about managerial ability. B E H AV I O R A L E C O N O M I C S 17 At least three features of endowment effects remain open to empirical discussion. First, do people anticipate the endowment effect? The answer seems to be no. 14 Van Boven, Dunning, and Loewenstein (2000) and Van Boven, Loewenstein, and Dunning (2000) found that agents for buyers also underestimated how much sellers would demand.

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Advances in Behavioral Economics by Colin F. Camerer, George Loewenstein, Matthew Rabin


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