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Behavioural Economic Analysis Of Decision Making
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Book Synopsis The Foundations of Behavioral Economic Analysis by : Sanjit Dhami
Download or read book The Foundations of Behavioral Economic Analysis written by Sanjit Dhami and published by Oxford University Press. This book was released on 2019-02-14 with total page 593 pages. Available in PDF, EPUB and Kindle. Book excerpt: This first volume of The Foundations of Behavioral Economic Analysis covers the opening topic found in this definitive introduction to the subject: the behavioral economics of risk, uncertainty, and ambiguity. It is an essential guide for advanced undergraduate and postgraduate students seeking a concise and focused text on this important subject, and examines how the decision maker chooses his optimal action in the presence of risk, uncertainty, and ambiguity. 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.
Book Synopsis Handbook of Behavioural Economics and Smart Decision-Making by : Morris Altman
Download or read book Handbook of Behavioural Economics and Smart Decision-Making written by Morris Altman and published by Edward Elgar Publishing. This book was released on 2017-05-26 with total page 607 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Real-World Decision Making by : Morris Altman
Download or read book Real-World Decision Making written by Morris Altman and published by Bloomsbury Publishing USA. This book was released on 2015-06-23 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first and only encyclopedia to focus on the economic and financial behaviors of consumers, investors, and organizations, including an exploration of how people make good—and bad—economic decisions. Traditional economic theories speculate how and when people should spend money. But consumers don't always behave as expected and often adopt strategies that might appear unorthodox yet are, at times, more effective than the rule prescribed by conventional wisdom. This groundbreaking text examines the ways in which people make financial decisions, whether it is because they are smart but atypical in their choices ... or just irrational decision makers. A leading authority on behavioral economics, Morris Altman and more than 150 expert contributors delve into key concepts in behavioral economics, economic psychology, behavioral finance, neuroeconomics, experimental economics, and institutional economics to help inform economic models based on reality, not theory. Through 250 informative entries, the book explores various aspects of the subject including decision making, economic analysis, and public policy. In addition to introducing concepts to readers new to the subject, the book sheds light on more advanced financial topics in a manner that is objective, comprehensive, and accessible.
Book Synopsis Escalation in Decision-Making by : Helga Drummond
Download or read book Escalation in Decision-Making written by Helga Drummond and published by CRC Press. This book was released on 2016-05-13 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: When a venture seems to be faltering, do you persist and hope that things will get better or do you cut your losses? This may be one of the most important decisions business or project owners may ever have to make. Persistence involves the risk of throwing good money (or resources) after bad, but owners may feel they have too much invested to quit now. Escalation in Decision-Making reveals why social scientists believe that owners may not respond rationally to such predicaments. Instead of exiting when the odds are clearly stacked against them, they re-invest and end up compounding their losses - a phenomenon known as escalation of commitment. The authors, Helga Drummond and Julia Hodgson, also introduce the concept of entrapment, a variation whereby decision-makers passively drift towards insolvency as the cost of changing direction becomes too high. So: · what drives escalation? · why do some owners quit whilst others persist until the bailiffs arrive? · what can we learn from owners' mistakes? · what makes newcomers believe they can succeed where others are conspicuously failing? These questions of behavioural economics are answered using a narrative that analyses decisions made by market traders facing economic extinction. Many highly successful entrepreneurs started their careers in markets - it was once an almost guaranteed route to prosperity - now market traders are struggling to survive. Although the market traders featured are small entrepreneurs, the ubiquitous phenomenon of escalation at the heart of these stories is widely relevant to practitioners such as project managers in large organizations and to those responsible for managing risk in many situations. Rich in case studies involving real business decisions and dilemmas, Escalation in Decision-Making provides an accessible introduction to the application of theory against a background of growing interest in behavioural economics, now being researched and taught in univ
Book Synopsis The Foundations of Behavioral Economic Analysis by : Sanjit Dhami
Download or read book The Foundations of Behavioral Economic Analysis written by Sanjit Dhami and published by Oxford University Press, USA. This book was released on 2020-01-02 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: This fifth volume of The Foundations of Behavioral Economic Analysis covers behavioral models of learning. It is an essential guide for advanced undergraduate and postgraduate students seeking a concise and focused text on this important subject, and examines heuristics and biases in judgment and decision making, mental accounting, and behavioral finance and bounded rationality. 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 behavioral economics.
Book Synopsis Behavioural Economic Analysis of Decision Making by : Yu Zhang
Download or read book Behavioural Economic Analysis of Decision Making written by Yu Zhang and published by . This book was released on 2007 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Foundations of Behavioral Economic Analysis by : Sanjit Dhami
Download or read book The Foundations of Behavioral Economic Analysis written by Sanjit Dhami and published by Oxford University Press, USA. This book was released on 2020-07-15 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: This seventh volume of The Foundations of Behavioral Economic Analysis covers a range of topics in behavioral economics. It is an essential guide for advanced undergraduate and postgraduate students seeking a concise and focused text that explores the key areas of emotions in economics, behavioral welfare economics, and neuroeconomics. 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 behavioral economics.
Book Synopsis The Foundations of Behavioral Economic Analysis by : Sanjit Dhami
Download or read book The Foundations of Behavioral Economic Analysis written by Sanjit Dhami and published by Oxford University Press. This book was released on 2016-12-01 with total page 2509 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first definitive introduction to behavioral economics aimed at advanced undergraduate and postgraduate students. Authoritative, cutting edge, yet accessible, it guides the reader through theory and evidence, providing engaging and relevant applications throughout. It is divided into nine parts and 24 chapters: Part I is on behavioral economics of risk, uncertainty, and ambiguity. The evidence against expected utility theory is examined, and the behavioral response is outlined; the best empirically supported theory is prospect theory. Part II considers other-regarding preferences. The evidence from experimental games on human sociality is given, followed by models and applications of inequity aversion, intentions based reciprocity, conditional cooperation, human virtues, and social identity. Part III is on time discounting. It considers the evidence against the exponential discounted utility model and describes several behavioral models such as hyperbolic discounting, attribute based models and the reference time theory. Part IV describes the evidence on classical game theory and considers several models of behavioral game theory, including level-k and cognitive hierarchy models, quantal response equilibrium, and psychological game theory. Part V considers behavioral models of learning that include evolutionary game theory, classical models of learning, experience weighted attraction model, learning direction theory, and stochastic social dynamics. Part VI studies the role of emotions; among other topics it considers projection bias, temptation preferences, happiness economics, and interaction between emotions and cognition. Part VII considers bounded rationality. The three main topics considered are judgment heuristics and biases, mental accounting, and behavioral finance. Part VIII considers behavioral welfare economics; the main topics are soft paternalism, and choice-based measures of welfare. Finally, Part IX gives an abbreviated taster course in neuroeconomics.
Book Synopsis Behavioral Law and Economics by : Eyal Zamir
Download or read book Behavioral Law and Economics written by Eyal Zamir and published by Oxford University Press. This book was released on 2018 with total page 641 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past few decades, economic analysis of law has been challenged by a growing body of experimental and empirical studies that attest to prevalent and systematic deviations from the assumptions of economic rationality. While the findings on bounded rationality and heuristics and biases were initially perceived as antithetical to standard economic and legal-economic analysis, over time they have been largely integrated into mainstream economic analysis, including economic analysis of law. Moreover, the impact of behavioral insights has long since transcended purely economic analysis of law: in recent years, the behavioral movement has become one of the most influential developments in legal scholarship in general. Behavioral Law and Economics offers a state-of-the-art overview of the field. Eyal Zamir and Doron Teichman survey the entire body of psychological research that lies at the basis of behavioral analysis of law, and critically evaluate the core methodological questions of this area of research. Following this, the book discusses the fundamental normative questions stemming from the psychological findings on bounded rationality, and explores their implications for setting the law's goals and designing the means to attain them. The book then provides a systematic and critical examination of the contributions of behavioral studies to all major fields of law including: property, contracts, consumer protection, torts, corporate, securities regulation, antitrust, administrative, constitutional, international, criminal, and evidence law, as well as to the behavior of key players in the legal arena: litigants and judicial decision-makers.
Book Synopsis Social and Economic Factors in Decision Making under Uncertainty by : Kinga Posadzy
Download or read book Social and Economic Factors in Decision Making under Uncertainty written by Kinga Posadzy and published by Linköping University Electronic Press. This book was released on 2017-11-16 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this thesis is to improve the understanding of human behavior that goes beyond monetary rewards. In particular, it investigates social influences in individual’s decision making in situations that involve coordination, competition, and deciding for others. Further, it compares how monetary and social outcomes are perceived. The common theme of all studies is uncertainty. The first four essays study individual decisions that have uncertain consequences, be it due to the actions of others or chance. The last essay, in turn, uses the advances in research on decision making under uncertainty to predict behavior in riskless choices. The first essay, Fairness Versus Efficiency: How Procedural Fairness Concerns Affect Coordination, investigates whether preferences for fair rules undermine the efficiency of coordination mechanisms that put some individuals at a disadvantage. The results from a laboratory experiment show that the existence of coordination mechanisms, such as action recommendations, increases efficiency, even if one party is strongly disadvantaged by the mechanism. Further, it is demonstrated that while individuals’ behavior does not depend on the fairness of the coordination mechanism, their beliefs about people’s behavior do. The second essay, Dishonesty and Competition. Evidence from a stiff competition environment, explores whether and how the possibility to behave dishonestly affects the willingness to compete and who the winner is in a competition between similarly skilled individuals. We do not find differences in competition entry between competitions in which dishonesty is possible and in which it is not. However, we find that due to the heterogeneity in propensity to behave dishonestly, around 20% of winners are not the best-performing individuals. This implies that the efficient allocation of resources cannot be ensured in a stiff competition in which behavior is unmonitored. The third essay, Tracing Risky Decision Making for Oneself and Others: The Role of Intuition and Deliberation, explores how individuals make choices under risk for themselves and on behalf of other people. The findings demonstrate that while there are no differences in preferences for taking risks when deciding for oneself and for others, individuals have greater decision error when choosing for other individuals. The differences in the decision error can be partly attributed to the differences in information processing; individuals employ more deliberative cognitive processing when deciding for themselves than when deciding for others. Conducting more information processing when deciding for others is related to the reduction in decision error. The fourth essay, The Effect of Decision Fatigue on Surgeons’ Clinical Decision Making, investigates how mental depletion, caused by a long session of decision making, affects surgeon’s decision to operate. Exploiting a natural experiment, we find that surgeons are less likely to schedule an operation for patients who have appointment late during the work shift than for patients who have appointment at the beginning of the work shift. Understanding how the quality of medical decisions depends on when the patient is seen is important for achieving both efficiency and fairness in health care, where long shifts are popular. The fifth essay, Preferences for Outcome Editing in Monetary and Social Contexts, compares whether individuals use the same rules for mental representation of monetary outcomes (e.g., purchases, expenses) as for social outcomes (e.g., having nice time with friends). Outcome editing is an operation in mental accounting that determines whether individuals prefer to first combine multiple outcomes before their evaluation (integration) or evaluate each outcome separately (segregation). I find that the majority of individuals express different preferences for outcome editing in the monetary context than in the social context. Further, while the results on the editing of monetary outcomes are consistent with theoretical predictions, no existing model can explain the editing of social outcomes.
Book Synopsis The Foundations of Behavioral Economic Analysis by : Sanjit Dhami
Download or read book The Foundations of Behavioral Economic Analysis written by Sanjit Dhami and published by Oxford University Press. This book was released on 2019-02-14 with total page 510 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taken from the first definitive introduction to behavioral economics, The Foundations of Behavioral Economic Analysis: Other-Regarding Preferences is an authoritative and cutting edge guide to this essential topic for advanced undergraduate and postgraduate students. It considers the evidence from experimental games on human sociality, and gives models and applications of inequity aversion, intention based reciprocity, conditional cooperation, human virtues, and social identity. 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.
Book Synopsis Behavioral Economics and Healthy Behaviors by : Yaniv Hanoch
Download or read book Behavioral Economics and Healthy Behaviors written by Yaniv Hanoch and published by Routledge. This book was released on 2017-05-18 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: The field of behavioural economics can tell us a great deal about cognitive bias and unconscious decision-making, challenging the orthodox economic model whereby consumers make rational and informed choices. But it is in the arena of health that it perhaps offers individuals and governments the most value. In this important new book, the most pernicious health issues we face today are examined through a behavioral economic lens. It provides an essential and timely overview of how this growing field of study can reframe and offer solutions to some of the biggest health issues of our age. The book opens with an overview of the core theoretical concepts, after which each chapter assesses how behavioral economic research and practice can inform public policy across a range of health issues. Including chapters on tobacco, alcohol and drug use, physical activity, dietary intake, cancer screening and sexual health, the book integrates the key insights from the field to both developed and developing nations. Also asking important ethical questions around paternalism and informed choice, this book will be essential reading for students and researchers across psychology, economics and business and management, as well as public health professionals wishing for a concise overview of the role behavioral economics can potentially play in allowing people to live healthier lives.
Book Synopsis Behavioral Decision Theory by : Kazuhisa Takemura
Download or read book Behavioral Decision Theory written by Kazuhisa Takemura and published by Springer. This book was released on 2014-07-08 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an overview of behavioral decision theory and related research findings. In brief, behavioral decision theory is a general term for descriptive theories to explain the psychological knowledge related to decision-making behavior. It is called a theory, but actually it is a combination of various psychological theories, for which no axiomatic systems, such as the utility theory widely used in economics, have been established; it is often limited to qualitative knowledge. However, as suggested in the studies of H. A. Simon, who won the Nobel Prize for Economics in 1978, and D. Kahneman, who won the prize in 2002, the psychological methodology and knowledge of behavioral decision theory have been applied widely in such fields as economics, business administration, and engineering, and are expected to become more useful in the future. This book explains various behavioral decision theories related to decision-making processes. Numerous models have been proposed to explain the psychological processes related to such a selection of decision strategies, and this book also introduces some new models that are useful to explain decision-making processes. The book concludes with speculation about the future of modern behavioral decision theories while referring to their relation to fields associated with neuroscience, such as neuroeconomics, that have been developed in recent years. In addition, each chapter includes a bibliography that can be referred to when studying more details related to behavioral decision theory. Reading this book requires no advanced expertise; nonetheless, an introductory knowledge of psychology, business administration, and economics, and approximately a high school graduate’s level of mathematics should facilitate the reader’s comprehension of the content.
Book Synopsis Smart Economic Decision-Making in a Complex World by : Morris Altman
Download or read book Smart Economic Decision-Making in a Complex World written by Morris Altman and published by Academic Press. This book was released on 2020-06-09 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: Smart Economic Decision-Making in a Complex World is a fresh and reality-based perspective on decision-making with significant implications for analysis, self-understanding and policy. The book examines the conditions under which smart people generate outcomes that improve their place of work, their household and society. Within this work, the curious reader will find interesting open questions on many fascinating areas of current economic debate, including, the role of realistic assumptions robust model building, understanding how and when non-neoclassical behavior is best practice, why the assumption of smart decision-makers is best to understand and explain our economies and societies, and under what conditions individuals can make the best possible choices for themselves and society at large. Additional sections cover when and how efficiency is achieved, why inefficiencies can persist, when and how consumer welfare is maximized, and what benchmarks should be used to determine efficiency and rationality. Makes the case for 'smart and rational' decision-making as a context-dependent rational process that is framed by socio-cultural environment and conditioned by institutional capacities Explains how incorporation of the 'smart' decision-maker concept into economic thought improves our understanding of how, why and when people generate certain outcomes Explores how economic efficiency can be achieved, individual preferences realized, and social welfare maximized through the use of 'smart and rational' approaches
Book Synopsis The Foundations of Behavioral Economic Analysis by : Sanjit Dhami
Download or read book The Foundations of Behavioral Economic Analysis written by Sanjit Dhami and published by Oxford University Press. This book was released on 2019-02-14 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taken from the first definitive introduction to behavioral economics, The Foundations of Behavioral Economic Analysis: Behavioral Time Discounting is an authoritative and cutting edge guide to this essential topic for advanced undergraduate and postgraduate students. It considers the evidence against the exponential discounted utility model and describes several behavioral models such as hyperbolic discounting, attribute based models, and the reference time 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.
Book Synopsis Behavioral Economics and Its Applications by : Peter Diamond
Download or read book Behavioral Economics and Its Applications written by Peter Diamond and published by Princeton University Press. This book was released on 2012-01-12 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Regulatory Policy and Behavioural Economics by : Lunn Pete
Download or read book Regulatory Policy and Behavioural Economics written by Lunn Pete and published by OECD Publishing. This book was released on 2014-01-10 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study offers an international review of the initial applications of behavioural economics to policy, with a particular focus on regulatory policy.
