A Model Of Intertemporal Choice With Rank Dependent Discounted Utility

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Handbook of Behavioral Economics - Foundations and Applications 1

Author :
Publisher : Elsevier
ISBN 13 : 0444633898
Total Pages : 749 pages
Book Rating : 4.4/5 (446 download)

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Book Synopsis Handbook of Behavioral Economics - Foundations and Applications 1 by :

Download or read book Handbook of Behavioral Economics - Foundations and Applications 1 written by and published by Elsevier. This book was released on 2018-09-27 with total page 749 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Behavioral Economics: Foundations and Applications presents the concepts and tools of behavioral economics. Its authors are all economists who share a belief that the objective of behavioral economics is to enrich, rather than to destroy or replace, standard economics. They provide authoritative perspectives on the value to economic inquiry of insights gained from psychology. Specific chapters in this first volume cover reference-dependent preferences, asset markets, household finance, corporate finance, public economics, industrial organization, and structural behavioural economics. This Handbook provides authoritative summaries by experts in respective subfields regarding where behavioral economics has been; what it has so far accomplished; and its promise for the future. This taking-stock is just what Behavioral Economics needs at this stage of its so-far successful career. - Helps academic and non-academic economists understand recent, rapid changes in theoretical and empirical advances within behavioral economics - Designed for economists already convinced of the benefits of behavioral economics and mainstream economists who feel threatened by new developments in behavioral economics - Written for those who wish to become quickly acquainted with behavioral economics

Pricing the Planet's Future

Author : Christian Gollier
Publisher : Princeton University Press
ISBN 13 : 0691148767
Total Pages : 244 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Pricing the Planet's Future by : Christian Gollier

Download or read book Pricing the Planet's Future written by Christian Gollier and published by Princeton University Press. This book was released on 2013 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: Today, the judge, the citizen, the politician, and the entrepreneur are concerned with the sustainability of our development.

The Foundations of Behavioral Economic Analysis

Author : Sanjit S. Dhami
Publisher : Oxford University Press
ISBN 13 : 0198715528
Total Pages : 1799 pages
Book Rating : 4.1/5 (987 download)

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Book Synopsis The Foundations of Behavioral Economic Analysis by : Sanjit S. Dhami

Download or read book The Foundations of Behavioral Economic Analysis written by Sanjit S. Dhami and published by Oxford University Press. This book was released on 2016 with total page 1799 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Beliefs, Interactions and Preferences

Author : Mark J. Machina
Publisher : Springer Science & Business Media
ISBN 13 : 1475745923
Total Pages : 373 pages
Book Rating : 4.4/5 (757 download)

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Book Synopsis Beliefs, Interactions and Preferences by : Mark J. Machina

Download or read book Beliefs, Interactions and Preferences written by Mark J. Machina and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beliefs, Interactions and Preferences in Decision Making mixes a selection of papers, presented at the Eighth Foundations and Applications of Utility and Risk Theory (`FUR VIII') conference in Mons, Belgium, together with a few solicited papers from well-known authors in the field. This book addresses some of the questions that have recently emerged in the research on decision-making and risk theory. In particular, authors have modeled more and more as interactions between the individual and the environment or between different individuals the emergence of beliefs as well as the specific type of information treatment traditionally called `rationality'. This book analyzes several cases of such an interaction and derives consequences for the future of decision theory and risk theory. In the last ten years, modeling beliefs has become a specific sub-field of decision making, particularly with respect to low probability events. Rational decision making has also been generalized in order to encompass, in new ways and in more general situations than it used to be fitted to, multiple dimensions in consequences. This book deals with some of the most conspicuous of these advances. It also addresses the difficult question to incorporate several of these recent advances simultaneously into one single decision model. And it offers perspectives about the future trends of modeling such complex decision questions. The volume is organized in three main blocks: The first block is the more `traditional' one. It deals with new extensions of the existing theory, as is always demanded by scientists in the field. A second block handles specific elements in the development of interactions between individuals and their environment, as defined in the most general sense. The last block confronts real-world problems in both financial and non-financial markets and decisions, and tries to show what kind of contributions can be brought to them by the type of research reported on here.

The Foundations of Behavioral Economic Analysis

Author : Sanjit Dhami
Publisher : Oxford University Press
ISBN 13 : 0192574655
Total Pages : 150 pages
Book Rating : 4.1/5 (925 download)

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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 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.

Prospect Theory

Author : Peter P. Wakker
Publisher : Cambridge University Press
ISBN 13 : 1139489100
Total Pages : 519 pages
Book Rating : 4.1/5 (394 download)

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Book Synopsis Prospect Theory by : Peter P. Wakker

Download or read book Prospect Theory written by Peter P. Wakker and published by Cambridge University Press. This book was released on 2010-07-22 with total page 519 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prospect Theory: For Risk and Ambiguity, provides a comprehensive and accessible textbook treatment of the way decisions are made both when we have the statistical probabilities associated with uncertain future events (risk) and when we lack them (ambiguity). The book presents models, primarily prospect theory, that are both tractable and psychologically realistic. A method of presentation is chosen that makes the empirical meaning of each theoretical model completely transparent. Prospect theory has many applications in a wide variety of disciplines. The material in the book has been carefully organized to allow readers to select pathways through the book relevant to their own interests. With numerous exercises and worked examples, the book is ideally suited to the needs of students taking courses in decision theory in economics, mathematics, finance, psychology, management science, health, computer science, Bayesian statistics, and engineering.

The Routledge Handbook of the Philosophy of Economics

Author : Conrad Heilmann
Publisher : Taylor & Francis
ISBN 13 : 1317578066
Total Pages : 533 pages
Book Rating : 4.3/5 (175 download)

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Book Synopsis The Routledge Handbook of the Philosophy of Economics by : Conrad Heilmann

Download or read book The Routledge Handbook of the Philosophy of Economics written by Conrad Heilmann and published by Taylor & Francis. This book was released on 2021-11-29 with total page 533 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most fundamental questions of economics are often philosophical in nature, and philosophers have, since the very beginning of Western philosophy, asked many questions that current observers would identify as economic. The Routledge Handbook of Philosophy of Economics is an outstanding reference source for the key topics, problems, and debates at the intersection of philosophical and economic inquiry. It captures this field of countless exciting interconnections, affinities, and opportunities for cross-fertilization. Comprising 35 chapters by a diverse team of contributors from all over the globe, the Handbook is divided into eight sections: I. Rationality II. Cooperation and Interaction III. Methodology IV. Values V. Causality and Explanation VI. Experimentation and Simulation VII. Evidence VIII. Policy The volume is essential reading for students and researchers in economics and philosophy who are interested in exploring the interconnections between the two disciplines. It is also a valuable resource for those in related fields like political science, sociology, and the humanities.

Advances in Behavioral Economics

Author : Colin F. Camerer
Publisher : Princeton University Press
ISBN 13 : 0691116822
Total Pages : 768 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Advances in Behavioral Economics by : Colin F. Camerer

Download or read book Advances in Behavioral Economics written by Colin F. Camerer and published by Princeton University Press. This book was released on 2004 with total page 768 pages. Available in PDF, EPUB and Kindle. Book excerpt: Today, behavioral economics has become virtually mainstream.

Generalized Expected Utility Theory

Author : John Quiggin
Publisher : Springer Science & Business Media
ISBN 13 : 9401121826
Total Pages : 208 pages
Book Rating : 4.4/5 (11 download)

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Book Synopsis Generalized Expected Utility Theory by : John Quiggin

Download or read book Generalized Expected Utility Theory written by John Quiggin and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic analysis of choice under uncertainty has been dominated by the expected utility (EU) model, yet the EU model has never been without critics. Psychologists accumulated evidence that individual choices under uncertainty were inconsistent with the predictions of the EU model. Applied work in areas such as finance was dominated by the simpler mean-variance analysis. In the 1980s this skepticism was dispelled as a number of generalizations of EU were proposed, most of which were capable of explaining evidence inconsistent with EU, while preserving transitivity and dominance. Generalized expected utility is now a flourishing subfield of economics, with dozens of competing models and considerable literature exploring their theoretical properties and comparing their empirical performance. But the EU model remains the principal tool for the analysis of choice under uncertainty. There is a view that generalized models are too difficult to handle or incapable of generating sharp results. This creates a need to show that the new models can be used in the kinds of economic analysis for which EU has been used, and that they can yield new and interesting results. This book meets this need by describing one of the most popular generalized models -- the rank-dependent expected utility model (RDEU), also known as anticipated utility, EU with rank-dependent preferences, the dual theory of choice under uncertainty, and simply as rank-dependent utility. As the many names indicate, the model has been approached in many ways by many scientists and for this reason, consideration of a single model sheds light on many of the concerns that have motivated the development of generalized utility models. The popularity of the RDEU model rests on its simplicity and tractability. The standard tools of analysis developed for EU theory may be applied to the RDEU model, but since RDEU admits behavior inconsistent with EU, the field of potential applications is widened. As such, the RDEU model is not as much a competitor to EU as an extension based on less restrictive assumptions.

Risk Aversion in Experiments

Author : G.W. Harrison
Publisher : Emerald Group Publishing
ISBN 13 : 0762313846
Total Pages : 449 pages
Book Rating : 4.7/5 (623 download)

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Book Synopsis Risk Aversion in Experiments by : G.W. Harrison

Download or read book Risk Aversion in Experiments written by G.W. Harrison and published by Emerald Group Publishing. This book was released on 2008-02-29 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents research utilizing laboratory experimental methods in economics.

The Utility of Wealth

Author : Harry Markowitz
Publisher :
ISBN 13 :
Total Pages : 12 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis The Utility of Wealth by : Harry Markowitz

Download or read book The Utility of Wealth written by Harry Markowitz and published by . This book was released on 1952 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Advances in Behavioral Economics

Author : Colin F. Camerer
Publisher : Princeton University Press
ISBN 13 : 1400829119
Total Pages : 769 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Advances in Behavioral Economics by : Colin F. Camerer

Download or read book Advances in Behavioral Economics written by Colin F. Camerer and published by Princeton University Press. This book was released on 2011-12-12 with total page 769 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Measuring Utility

Author : Ivan Moscati
Publisher :
ISBN 13 : 0199372764
Total Pages : 345 pages
Book Rating : 4.1/5 (993 download)

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Book Synopsis Measuring Utility by : Ivan Moscati

Download or read book Measuring Utility written by Ivan Moscati and published by . This book was released on 2019 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: Utility is a key concept in the economics of individual decision-making. However, utility is not measurable in a straightforward way. As a result, from the very beginning there has been debates about the meaning of utility as well as how to measure it. This book is an innovative investigation of how these arguments changed over time. Measuring Utility reconstructs economists' ideas and discussions about utility measurement from 1870 to 1985, as well as their attempts to measure utility empirically. The book brings into focus the interplay between the evolution of utility analysis, economists' ideas about utility measurement, and their conception of what measurement in general means. It also explores the relationships between the history of utility measurement in economics, the history of the measurement of sensations in psychology, and the history of measurement theory in general. Finally, the book discusses some methodological problems related to utility measurement, such as the epistemological status of the utility concept and its measures. The first part covers the period 1870-1910, and discusses the issue of utility measurement in the theories of Jevons, Menger, Walras and other early utility theorists. Part II deals with the emergence of the notions of ordinal and cardinal utility during the period 1900-1945, and discusses two early attempts to give an empirical content to the notion of utility. Part III focuses on the 1945-1955 debate on utility measurement that was originated by von Neumann and Morgenstern's expected utility theory (EUT). Part IV reconstructs the experimental attempts to measure the utility of money between 1950 and 1985 within the framework provided by EUT. This historical and epistemological overview provides keen insights into current debates about rational choice theory and behavioral economics in the theory of individual decision-making and the philosophy of economics.

The Cambridge Handbook of Psychology and Economic Behaviour

Author : Alan Lewis
Publisher : Cambridge University Press
ISBN 13 : 1139469762
Total Pages : 515 pages
Book Rating : 4.1/5 (394 download)

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Book Synopsis The Cambridge Handbook of Psychology and Economic Behaviour by : Alan Lewis

Download or read book The Cambridge Handbook of Psychology and Economic Behaviour written by Alan Lewis and published by Cambridge University Press. This book was released on 2008-04-17 with total page 515 pages. Available in PDF, EPUB and Kindle. Book excerpt: Psychologists have been observing and interpreting economic behaviour for at least fifty years, and the last decade, in particular, has seen an escalated interest in the interface between psychology and economics. The Cambridge Handbook of Psychology and Economic Behaviour is a valuable reference resource dedicated to improving our understanding of the economic mind and economic behaviour. Employing empirical methods – including laboratory experiments, field experiments, observations, questionnaires and interviews – the Handbook covers aspects of theory and method, financial and consumer behaviour, the environment and biological perspectives. With contributions from distinguished scholars from a variety of countries and backgrounds, the Handbook is an important step forward in the improvement of communications between the disciplines of psychology and economics. It will appeal to academic researchers and graduates in economic psychology and behavioural economics.

Handbook of Utility Theory

Author : Salvador Barbera
Publisher : Springer Science & Business Media
ISBN 13 : 9780792381747
Total Pages : 714 pages
Book Rating : 4.3/5 (817 download)

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Book Synopsis Handbook of Utility Theory by : Salvador Barbera

Download or read book Handbook of Utility Theory written by Salvador Barbera and published by Springer Science & Business Media. This book was released on 1998 with total page 714 pages. Available in PDF, EPUB and Kindle. Book excerpt: The standard rationality hypothesis implies that behaviour can be represented as the maximization of a suitably restricted utility function. This hypothesis lies at the heart of a large body of recent work in economics, of course, but also in political science, ethics, and other major branches of social sciences. Though the utility maximization hypothesis is venerable, it remains an area of active research. Moreover, some fundamental conceptual problems remain unresolved, or at best have resolutions that are too recent to have achieved widespread understanding among social scientists. The main purpose of the Handbook of Utility Theory is to make recent developments in the area more accessible. The editors selected a number of specific topics, and invited contributions from researchers whose work had come to their attention. Therefore, the list of topics and contributions is largely the editors' responsibility. Each contributor's chapter has been refereed, and revised according to the referees' remarks. This is the first volume of a two volume set, with the second volume focusing on extensions of utility theory.

The Elgar Companion to Consumer Research and Economic Psychology

Author : Peter E. Earl
Publisher : Edward Elgar Publishing
ISBN 13 : 1843768704
Total Pages : 671 pages
Book Rating : 4.8/5 (437 download)

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Book Synopsis The Elgar Companion to Consumer Research and Economic Psychology by : Peter E. Earl

Download or read book The Elgar Companion to Consumer Research and Economic Psychology written by Peter E. Earl and published by Edward Elgar Publishing. This book was released on 2002-01-01 with total page 671 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents over 100 specially commissioned entries on important topics in consumer research and economic psychology from behaviourism and brand loyalty to trust and the psychology of tourism. Leading scholars in the fields provide stimulating insights into the area as well as summarising existing knowledge.

Generalized Expected Utility Theory

Author : John Quiggin
Publisher : Springer Science & Business Media
ISBN 13 : 9780792393023
Total Pages : 234 pages
Book Rating : 4.3/5 (93 download)

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Book Synopsis Generalized Expected Utility Theory by : John Quiggin

Download or read book Generalized Expected Utility Theory written by John Quiggin and published by Springer Science & Business Media. This book was released on 1993 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic analysis of choice under uncertainty has been dominated by the expected utility (EU) model, yet the EU model has never been without critics. Psychologists accumulated evidence that individual choices under uncertainty were inconsistent with the predictions of the EU model. Applied work in areas such as finance was dominated by the simpler mean-variance analysis. In the 1980s this skepticism was dispelled as a number of generalizations of EU were proposed, most of which were capable of explaining evidence inconsistent with EU, while preserving transitivity and dominance. Generalized expected utility is now a flourishing subfield of economics, with dozens of competing models and considerable literature exploring their theoretical properties and comparing their empirical performance. But the EU model remains the principal tool for the analysis of choice under uncertainty. There is a view that generalized models are too difficult to handle or incapable of generating sharp results. This creates a need to show that the new models can be used in the kinds of economic analysis for which EU has been used, and that they can yield new and interesting results. This book meets this need by describing one of the most popular generalized models -- the rank-dependent expected utility model (RDEU), also known as anticipated utility, EU with rank-dependent preferences, the dual theory of choice under uncertainty, and simply as rank-dependent utility. As the many names indicate, the model has been approached in many ways by many scientists and for this reason, consideration of a single model sheds light on many of the concerns that have motivated the development of generalized utility models. The popularity of the RDEU model rests on its simplicity and tractability. The standard tools of analysis developed for EU theory may be applied to the RDEU model, but since RDEU admits behavior inconsistent with EU, the field of potential applications is widened. As such, the RDEU model is not as much a competitor to EU as an extension based on less restrictive assumptions.