Modern Developments in Behavioral Economics

Modern Developments in Behavioral Economics

Economist (2004, 15 September) Turkey and EU. ... Heath, J. (2000) Ideology, Irrationality and Collectively Self-Defeating Behaviour. ... Kikeri, S. and A.F. Kolo (2005) Privatisation: Trends and Recent Developments.

Author: John Malcolm Dowling

Publisher: World Scientific

ISBN: 9789812701435

Category: Business & Economics

Page: 446

View: 905

This book examines the field of behavioral economics and provides insights into the following questions: ? Does utility bring happiness?? How do emotions and personal perspectives color our economic decisions?? How do altruism, trust, fairness and justice come into play in game theory?? Why are some organizations so successful in implementing their objectives?? Can advances in neuroeconomics unlock the secrets of how decisions are made?The book looks at decision making and behavior from the point of view of (i) individual behavior and choice; (ii) group and interactive choice; and (iii) collective choices and decision making. In particular, it covers the following aspects: instances when bounded rationality leads to decisions inconsistent with standard economic assumptions; risk and the processes by which investors and consumers make decisions; altruistic and cooperative behavior as alternatives to competition; game theory as a way to explore motives of cooperation versus competition; the determinants of happiness and the relationship between utility and well-being; the concept of social capital, including motivations for charity and being a responsible citizen; how trust and fairness relate to economic actions and the motivation to cooperate rather than compete; behavior such as crime, corruption and bribery from ethical, social and economic viewpoints; and, finally, the decision making process of collective choice and how societies develop rules for governing themselves.This is the first book to bridge economics, psychology, sociology and political sciences and explain the nuanced subtleties of decision making.
Categories: Business & Economics

Behavioral Economics and Its Applications

Behavioral Economics and Its Applications

In this volume, some of the world's leading thinkers in behavioral economics and general economic theory make the case for a much greater use of behavioral ideas in six fields where these ideas have already proved useful but have not yet ...

Author: Peter Diamond

Publisher: Princeton University Press

ISBN: 9781400829149

Category: Business & Economics

Page: 336

View: 461

In the last decade, behavioral economics, borrowing from psychology and sociology to explain decisions inconsistent with traditional economics, has revolutionized the way economists view the world. But despite this general success, behavioral thinking has fundamentally transformed only one field of applied economics-finance. Peter Diamond and Hannu Vartiainen's Behavioral Economics and Its Applications argues that behavioral economics can have a similar impact in other fields of economics. In this volume, some of the world's leading thinkers in behavioral economics and general economic theory make the case for a much greater use of behavioral ideas in six fields where these ideas have already proved useful but have not yet been fully incorporated--public economics, development, law and economics, health, wage determination, and organizational economics. The result is an attempt to set the agenda of an important development in economics--an agenda that will interest policymakers, sociologists, and psychologists as well as economists. Contributors include Ian Ayres, B. Douglas Bernheim, Truman F. Bewley, Colin F. Camerer, Anne Case, Michael D. Cohen, Peter Diamond, Christoph Engel, Richard G. Frank, Jacob Glazer, Seppo Honkapohja, Christine Jolls, Botond Koszegi, Ulrike Malmendier, Sendhil Mullainathan, Antonio Rangel, Emmanuel Saez, Eldar Shafir, Sir Nicholas Stern, Jean Tirole, Hannu Vartiainen, and Timothy D. Wilson.
Categories: Business & Economics

Advances in Behavioral Finance

Advances in Behavioral Finance

This second volume presents twenty recent papers by leading specialists that illustrate the abiding power of behavioural finance. "This book provides a thorough review of progress in the field of behavioral finance over the past ten years.

Author: Richard H. Thaler

Publisher: Princeton University Press

ISBN: 9780691121758

Category: Business & Economics

Page: 712

View: 280

A definitive and wide-ranging overview of developments in behavioural finance over the past ten years. This second volume presents twenty recent papers by leading specialists that illustrate the abiding power of behavioural finance.
Categories: Business & Economics

An Introduction to Behavioral Economics

An Introduction to Behavioral Economics

The latter contains several vital psychological insights and foreshadows many more recent developments in behavioral economics, particularly relating to the role of emotions in decision-making. Similarly, Jeremy Bentham, best known for ...

Author: Nick Wilkinson

Publisher: Macmillan International Higher Education

ISBN: 9781137524133

Category: Business & Economics

Page: 584

View: 626

The third edition of this successful textbook introduces students to behavioral economics. It offers a critical examination of the latest literature, research, developments and debates in the field by discussing topics such as evolutionary psychology and neuroscience. Contains a wealth of case studies, examples and review questions.
Categories: Business & Economics

Handbook of Contemporary Behavioral Economics

Handbook of Contemporary Behavioral Economics

Issues, ̄ Nathan Bergand Lonnie Goldendiscuss theimplications for labor economics of recent developments in behavioral economics. Berg surveystheliterature in behavioral labor economics, where major contributions have been inthe realm ...

Author: Morris Altman

Publisher: Routledge

ISBN: 9781317469155

Category: Business & Economics

Page: 784

View: 211

At a time when both scholars and the public demand explanations and answers to key economic problems that conventional approaches have failed to resolve, this groundbreaking handbook of original works by leading behavioral economists offers the first comprehensive articulation of behavioral economics theory. Borrowing from the findings of psychologists, sociologists, political scientists, legal scholars, and biologists, among others, behavioral economists find that intelligent individuals often tend not to behave as effectively or efficiently in their economic decisions as long held by conventional wisdom. The manner in which individuals actually do behave critically depends on psychological, institutional, cultural, and even biological considerations. "Handbook of Contemporary Behavioral Economics" includes coverage of such critical areas as the Economic Agent, Context and Modeling, Decision Making, Experiments and Implications, Labor Issues, Household and Family Issues, Life and Death, Taxation, Ethical Investment and Tipping, and Behavioral Law and Macroeconomics. Each contribution includes an extensive bibliography.
Categories: Business & Economics

Recent Developments in Asian Economics

Recent Developments in Asian Economics

Based on the phenomenon and a review of previous studies, the main purpose of this research is to analyze and detect herding behavior in five Southeast Asian stock exchanges (Indonesia, Singapore, Malaysia, the Philippines, ...

Author: William A. Barnett

Publisher: Emerald Group Publishing

ISBN: 9781838673598

Category: Business & Economics

Page: 604

View: 384

Recent Developments in Asian Economics is a crucial resource of current, cutting-edge research for any scholar of international finance and economics. Chapters cover a wide range of topics, such as social welfare systems, organizational culture, sustainability, the impact of economic policy uncertainty, and more.
Categories: Business & Economics

Austrian Economics Re examined

Austrian Economics Re examined

The essay is a comprehensive overview of the central themes of the book from a somewhat different perspective than in the book itself. It supplements the analysis in the book.

Author: Gerald P O'Driscoll Jr

Publisher: Routledge

ISBN: 9781317691365

Category: Business & Economics

Page: 302

View: 921

Austrian Economics Re-examined: The Economics of Time and Ignorance is an expanded version of the 1996 edition of The Economics of Time and Ignorance. This work is a classic statement of the role of subjectivism, radical uncertainty and change through real time in Austrian economics specifically, and in modern economics more generally. The new book contains the full text and Introductions of the earlier edition as well as the comprehensive previously-unpublished essay "What is Austrian Economics?" and a new Introduction. The essay is a comprehensive overview of the central themes of the book from a somewhat different perspective than in the book itself. It supplements the analysis in the book. The new Introduction explains that the 2007-8 financial crisis and recent developments in behavioural economics have made the book more relevant than ever before. Austrian Economic Re-examined develops and systematizes the fundamental principles of the Austrian tradition to the analysis of rational expectations, business cycles, monetary theory competition and monopoly, and capital theory.
Categories: Business & Economics

Behavioral Public Economics

Behavioral Public Economics

Economics is not about private profit only. Institutions have to be constructed to reconcile, as far as possible, the interests of the individuals with the social interest. Recent developments in behavioral economics focus on altering ...

Author: Shinji Teraji

Publisher: Routledge

ISBN: 9781000456493

Category: Business & Economics

Page: 218

View: 436

Behavioral Public Economics shows how standard public economics can be improved using insights from behavioral economics. Public economics typically lists four market failures that may justify government intervention in markets—imperfect competition (or natural monopoly), externalities, public goods, and asymmetric information. Under the rational choice paradigm (‘agents choose what is best for them’), public economics has examined the welfare effects of policy. Recent research in behavioral economics highlights a fifth market failure—individuals may make mistakes in pursuing their own well-being. This book calls for a rethinking of assumptions of individual behavior and provides a good foundation for public economic theory. Key features: Introduces behavioral perspectives into public economics. Explains why economic incentives often undermine social preferences. Reveals that social incentives matter for public policy. This book will be an invaluable resource for researchers and postgraduate students in public economics, behavioral economics, and public policy.
Categories: Business & Economics

The Foundations of Behavioral Economic Analysis

The Foundations of Behavioral Economic Analysis

The final chapter , Chapter 3 , explores some recent developments in behavioral game theory . Section 3.2 introduces Kantian rationality that is based on social rationality rather than individual rationality which underpins a Nash ...

Author: Sanjit Dhami

Publisher: Oxford University Press

ISBN: 9780192586506

Category: Business & Economics

Page: 464

View: 297

This fourth volume of The Foundations of Behavioral Economic Analysis covers behavioral game theory. It is an essential guide for advanced undergraduate and postgraduate students seeking a concise and focused text on this important subject, and examines the evidence on classical game theory and several models of behavioral game theory, including level-k and cognitive hierarchy models, quantal response equilibrium, and psychological game theory. This updated extract from Dhami's leading textbook allows the reader to pursue subsections of this vast and rapidly growing field and to tailor their reading to their specific interests in behavioural economics.
Categories: Business & Economics

Recent Developments in Economic Methodology

Recent Developments in Economic Methodology

The Economics of Patents (Volumes I and II) John Cantwell The Economics of Leisure (Volumes I and II) Clem Tisdell The Economics of the Mass Media Gillian Doyle Recent Developments in Economic Psychology Shlomo Mental Recent ...

Author: John Bryan Davis

Publisher: Edward Elgar Pub

ISBN: STANFORD:36105126902993

Category: Business & Economics

Page: 1776

View: 198

This three-volume set provides a tour of the most important developments in the methodology of economics over the last fifteen years.
Categories: Business & Economics

Applied Behavioral Economics Research and Trends

Applied Behavioral Economics Research and Trends

Quasi Rational Economics, 8(3), 127–136. Thaler, R. H. (2015). Misbehaving. The Making of Behavioral Economics. New York: W.W. Norton & Company. Thaler, R. H., & Benartzi, S. (2004). Save more tomorrow"M: Using behavioral economics to ...

Author: Ianole, Rodica

Publisher: IGI Global

ISBN: 9781522518273

Category: Business & Economics

Page: 255

View: 621

Interdisciplinary factors in the modern business realm have significant impacts on economic agents within organizations. These behavioral influences affect multiple decision-making processes on both the individual and organizational levels. Applied Behavioral Economics Research and Trends provides a comprehensive examination of the social, psychological, and emotional factors in organizational behavior and economic decision-making and how these issues provide a deeper understanding of various economic behaviors. Highlighting relevant coverage across a range of topics, such as consumer behavior, inter-temporal choices, and self-employment, this book is ideally designed for managers, researchers, professionals, graduate students, and practitioners seeking scholarly material on the implications of behavioral economics across numerous industries.
Categories: Business & Economics

The Tyranny of Utility

The Tyranny of Utility

In recent years economic theory has moved away from its foundations based on the assumptions of rational ... Most of the recent developments in behavioral economics converge with other social sciences in that they do away with the ...

Author: Gilles Saint-Paul

Publisher: Princeton University Press

ISBN: 9781400838899

Category: Business & Economics

Page: 176

View: 153

The general assumption that social policy should be utilitarian--that society should be organized to yield the greatest level of welfare--leads inexorably to increased government interventions. Historically, however, the science of economics has advocated limits to these interventions for utilitarian reasons and because of the assumption that people know what is best for themselves. But more recently, behavioral economics has focused on biases and inconsistencies in individual behavior. Based on these developments, governments now prescribe the foods we eat, the apartments we rent, and the composition of our financial portfolios. The Tyranny of Utility takes on this rise of paternalism and its dangers for individual freedoms, and examines how developments in economics and the social sciences are leading to greater government intrusion in our private lives. Gilles Saint-Paul posits that the utilitarian foundations of individual freedom promoted by traditional economics are fundamentally flawed. When combined with developments in social science that view the individual as incapable of making rational and responsible choices, utilitarianism seems to logically call for greater governmental intervention in our lives. Arguing that this cannot be defended on purely instrumental grounds, Saint-Paul calls for individual liberty to be restored as a central value in our society. Exploring how behavioral economics is contributing to the excessive rise of paternalistic interventions, The Tyranny of Utility presents a controversial challenge to the prevailing currents in economic and political discourse.
Categories: Business & Economics

Handbook of Contemporary Behavioral Economics

Handbook of Contemporary Behavioral Economics

At a time when both scholars and the public demand explanations and answers to key economic problems that conventional approaches have failed to resolve, this groundbreaking handbook of original works by leading behavioral economists offers ...

Author: Morris Altman

Publisher: Routledge

ISBN: 9781317469162

Category: Business & Economics

Page: 784

View: 329

At a time when both scholars and the public demand explanations and answers to key economic problems that conventional approaches have failed to resolve, this groundbreaking handbook of original works by leading behavioral economists offers the first comprehensive articulation of behavioral economics theory. Borrowing from the findings of psychologists, sociologists, political scientists, legal scholars, and biologists, among others, behavioral economists find that intelligent individuals often tend not to behave as effectively or efficiently in their economic decisions as long held by conventional wisdom. The manner in which individuals actually do behave critically depends on psychological, institutional, cultural, and even biological considerations. "Handbook of Contemporary Behavioral Economics" includes coverage of such critical areas as the Economic Agent, Context and Modeling, Decision Making, Experiments and Implications, Labor Issues, Household and Family Issues, Life and Death, Taxation, Ethical Investment and Tipping, and Behavioral Law and Macroeconomics. Each contribution includes an extensive bibliography.
Categories: Business & Economics

Multidisciplinary Economics

Multidisciplinary Economics

Samuelson, P.A., W. Nordhaus (1995), Economics, Fifteenth Edition, New York: McGraw-Hill, Inc. Sanderson, S. K. (1999), ... Recent Developments in Behavioral Economics, The International Library of Critical Writings in Economics Series, ...

Author: Piet Keizer

Publisher: Oxford University Press, USA

ISBN: 9780199686490

Category: Economics

Page: 553

View: 260

"Offers a micro-foundation for multidisciplinary economic research. Presents the role of psychological and sociological factors in explaining important real-life economic phenomena, such as the global economic crisis 2008. An introduction into the basics of philosophy of science, including many examples of analyses relevant for an understanding of economic phenomena. Shows how psychology and sociology, can be used to improve the student's understanding of the functioning of persons, organisations, markets, and market economies."--Publisher's website.
Categories: Economics

How Behavior Spreads

How Behavior Spreads

There is a useful parallel here with recent developments in behavioral economics and their applications to public policy. A rapidly growing literature has identified how forces outside of people's control, such as exposure to regular ...

Author: Damon Centola

Publisher: Princeton University Press

ISBN: 9781400890095

Category: Social Science

Page: 312

View: 509

A new, counterintuitive theory for how social networks influence the spread of behavior New social movements, technologies, and public-health initiatives often struggle to take off, yet many diseases disperse rapidly without issue. Can the lessons learned from the viral diffusion of diseases be used to improve the spread of beneficial behaviors and innovations? In How Behavior Spreads, Damon Centola presents over a decade of original research examining how changes in societal behavior--in voting, health, technology, and finance—occur and the ways social networks can be used to influence how they propagate. Centola's startling findings show that the same conditions accelerating the viral expansion of an epidemic unexpectedly inhibit the spread of behaviors. While it is commonly believed that "weak ties"—long-distance connections linking acquaintances—lead to the quicker spread of behaviors, in fact the exact opposite holds true. Centola demonstrates how the most well-known, intuitive ideas about social networks have caused past diffusion efforts to fail, and how such efforts might succeed in the future. Pioneering the use of Web-based methods to understand how changes in people's social networks alter their behaviors, Centola illustrates the ways in which these insights can be applied to solve countless problems of organizational change, cultural evolution, and social innovation. His findings offer important lessons for public health workers, entrepreneurs, and activists looking to harness networks for social change. Practical and informative, How Behavior Spreads is a must-read for anyone interested in how the theory of social networks can transform our world.
Categories: Social Science

Advances in Behavioral Economics

Advances in Behavioral Economics

This book consists of representative recent articles in behavioral economics . ' Chapter 1 is intended to provide an introduction to the approach and methods of behavioral economics , and to some of its major findings , applications ...

Author: Colin F. Camerer

Publisher: Princeton University Press

ISBN: 9781400829118

Category: Business & Economics

Page: 768

View: 742

Twenty years ago, behavioral economics did not exist as a field. Most economists were deeply skeptical--even antagonistic--toward the idea of importing insights from psychology into their field. Today, behavioral economics has become virtually mainstream. It is well represented in prominent journals and top economics departments, and behavioral economists, including several contributors to this volume, have garnered some of the most prestigious awards in the profession. This book assembles the most important papers on behavioral economics published since around 1990. Among the 25 articles are many that update and extend earlier foundational contributions, as well as cutting-edge papers that break new theoretical and empirical ground. Advances in Behavioral Economics will serve as the definitive one-volume resource for those who want to familiarize themselves with the new field or keep up-to-date with the latest developments. It will not only be a core text for students, but will be consulted widely by professional economists, as well as psychologists and social scientists with an interest in how behavioral insights are being applied in economics. The articles, which follow Colin Camerer and George Loewenstein's introduction, are by the editors, George A. Akerlof, Linda Babcock, Shlomo Benartzi, Vincent P. Crawford, Peter Diamond, Ernst Fehr, Robert H. Frank, Shane Frederick, Simon Gächter, David Genesove, Itzhak Gilboa, Uri Gneezy, Robert M. Hutchens, Daniel Kahneman, Jack L. Knetsch, David Laibson, Christopher Mayer, Terrance Odean, Ted O'Donoghue, Aldo Rustichini, David Schmeidler, Klaus M. Schmidt, Eldar Shafir, Hersh M. Shefrin, Chris Starmer, Richard H. Thaler, Amos Tversky, and Janet L. Yellen.
Categories: Business & Economics

Current Debates in Tourism Development Studies

Current Debates in Tourism   Development Studies

It is our strong believe that these chapters will contribute to the understanding of current debates in tourism and development. Furthermore, each chapter in the book will make a significant platform for both tourism industry and academia.

Author: S. Emre Dilek

Publisher: IJOPEC

ISBN: 9781912503292

Category: Business & Economics

Page: 165

View: 463

The book entitled “Current Debates In Tourism & Development Studies” includes 10 chapters written by researchers in the field of tourism and development. It is divided into four themes, each theme exploring current tourism and development issues that are of critical importance. The key themes of the book concern transforming tourism-resident perception (theme 1), alternative tourism (theme 2), event tourism and destination image (theme 3), and development studies (theme 4). The book has following specific objectives: (a) to identify and analyze the current debates of tourism; (b) to examine current key tourism trends, issues and challenges; (c) to provide compherensive review of tourism and development over the years; (d) to implement rural development, behavioral economics and demographic divident and economic growth issues. It is our strong believe that these chapters will contribute to the understanding of current debates in tourism and development. Furthermore, each chapter in the book will make a significant platform for both tourism industry and academia.
Categories: Business & Economics

Traditionalism and Modernity

Traditionalism and Modernity

In recent years, the rise of Brazil, Russia, China, India and South Africa (BRICS) presents another chapter in the ... Recent developments in behavioral economics mark an important turning point in crossing disciplinary barriers.

Author: Dr. A.H.M Zehadul Karim

Publisher: Partridge Singapore

ISBN: 9781482891409

Category: Education

Page: 240

View: 654

This book has outlined many aspects of traditionalism and modernity, although the topics here are divergent; the consistent part of it is that all of the authors mostly come from the same disciplines of Sociology and Social Anthropology. The main concern is to find out the socio-cultural changes that have occurred due to modernization and development. From that perspective, the book is very useful to understand Sociology and Social Anthropology from diversities based on traditionalism and modernity. It contains eleven articles contributed by a few renowned sociologists and social anthropologists from a number of countries around the world, focusing on diversified issues on traditionalism and modernity. The papers are written on the basis of each author's expertise in their respective field which are compiled to make them a suitable document in the field of Sociology and Social Anthropology. The book seems to be very useful for the students seeking knowledge on traditionalism and modernity having based in Sociology and Social Anthropology. The concepts of traditionalism and modernity are very important and are related issues in Sociology and Social Anthropology that many theoretical discussions have been carried out in these areas and several theoretical paradigms have been conceptualized in this regard which have been highlighted in the book in the form of descriptive-analytic discussion.
Categories: Education

Building Financial Resilience

Building Financial Resilience

Consumerism as a Source for Innovation and Product Development. Economic Alternatives (2): 5–19. ... The Crash of 2008 and What It Means: The New Paradigm for Financial Markets. ... In Recent Developments in Behavioral Economics, ed.

Author: Jerry Buckland

Publisher: Springer

ISBN: 9783319724195

Category: Business & Economics

Page: 270

View: 774

This book examines how credit and finance schemes affect the financial lives of vulnerable people around the world. These schemes include payday lending, matched savings, and financial literacy in the Global North, and micro-credit and mobile banking in the Global South. Buckland sets these schemes within the context of financialization and seeks to identify strengths, weaknesses, and ways to enhance the well-being of vulnerable people. This book’s coverage of a wide range of financial products and geographic regions makes for a unique and innovative perspective on this topic. It presents a balanced critique of credit and finance schemes under the assumption that reform is the most practical means to improve human well-being.
Categories: Business & Economics

Routledge Handbook of Behavioral Economics

Routledge Handbook of Behavioral Economics

Post-war Changes in the Income of Identical Consumer Units. Studies in Income and Wealth, Vol. 13. New York: National Bureau of Economic Research, 1950. Psychological Analysis of Economic Behavior. New York: McGraw-Hill, 1951a; ...

Author: Roger Frantz

Publisher: Routledge

ISBN: 9781317589242

Category: Business & Economics

Page: 422

View: 521

There is no doubt that behavioral economics is becoming a dominant lens through which we think about economics. Behavioral economics is not a single school of thought but representative of a range of approaches, and uniquely, this volume presents an overview of them. The wide spectrum of international contributors each provides an exploration of a central approach, aspect or topic in behavorial economics. Taken together, the whole volume provides a comprehensive overview of the subject which considers both key developments and future possibilities. Part One presents several different approaches to behavioural economics, including George Katona, Ken Boulding, Harvey Leibenstein, Vernon Smith, Herbert Simon, Gerd Gigerenzer, Daniel Kahneman, and Richard Thaler. This section looks at the origins and development of behavioral economics and compares and contrasts the work of these scholars who have been so influential in making this area so prominent. Part Two presents applications of behavioural economics including nudging; heuristics; emotions and morality; behavioural political economy, education, and economic innovation. The Routledge Handbook of Behavioral Economics is ideal for advanced economics students and faculty who are looking for a complete state-of-the-art overview of this dynamic field.
Categories: Business & Economics