Microeconomics: Optimization, Experiments, and Behavior

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1 University Press Scholarship Online You are looking at 1-10 of 78 items for: keywords : behavioral economics Microeconomics: Optimization, Experiments, and Behavior John P. Burkett Published in print: 2006 Published Online: ISBN: eisbn: Item type: book acprof:oso/ This book presents microeconomics as an evolving science, interacting with mathematics, psychology, and other disciplines and offering solutions to a growing range of practical problems. It gives extensive and innovative coverage of recent research in cognitive psychology and behavioral economics. This research not only documents behavior inconsistent with some elements of traditional theory, but also advances positive theories with superior predictive power. The research covered includes studies of loss aversion, reference-dependent preferences, the context and framing of choice, hyperbolic discounting and inconsistent intertemporal choice, predictable errors in updating probabilities, nonlinear weighting of probabilities, and prospect theory. Covering results from behavioral and experimental economics along with traditional microeconomic doctrine involves re-balancing three key components of economics: issues, theory, and data. In comparison to traditional texts, this book places more emphasis on experimental data, both when they support received theory and when they reveal anomalies. Thus the book covers both feed-lot experiments that generate conventionally shaped isoquants and choice experiments that cast doubt on the predictive value of expected utility theory. This text offers many opportunities to apply high-school algebra in an economic context and to develop basic skills in linear programming and risk modeling. Through footnotes and parenthetical remarks, it also encourages readers to make good use of any calculus they know. Exercises appear where appropriate in the text; solutions and supplemental problems are collected at the ends of chapters. Page 1 of 6

2 Choice-Theoretic Foundations for Behavioral Welfare Economics B. DOUGLAS BERNHEIM and RANGLE ANTONIO in The Foundations of Positive and Normative Economics: A Hand Book Published in print: 2008 Published Online: ISBN: eisbn: Page 2 of 6 acprof:oso/ Because of the increasing amount of evidence that shows how the standard model of decision-making processes of consumers can provide a positive yet inadequate description about human behavior, behavioral economics has increasingly gained the attention of studies in recent years. Behavioral models that involve welfare analysis are thus being utilized more in more in evaluating policies. In order to rationalize choices and derive welfare relevance from novel arguments, one of the common strategies employed in behavioral economics attempts to include other arguments into the utility function. This approach, however, may cause certain challenges in terms of normative economic analysis. While the standard theory is based on the theory of choice, this chapter aims to explain the efforts in coming up with a unified framework for behavioral welfare economics that can be directly associated with standard theories. The Case for Mindful Economics COLIN CAMERER in The Foundations of Positive and Normative Economics: A Hand Book Published in print: 2008 Published Online: ISBN: eisbn: acprof:oso/ Economics, in this chapter, is defined as the study of institutions and variables that may affect certain economic choices that are relevant in ascertaining levels of wealth, health, material assets, and other possible sources of happiness. Mindful economics, or neuroeconomics which veers away from mindless economics or an approach that utilizes rational choice and revealed preferences attempts to make use of neural data in generating a neutral discipline and mathematical approach in dealing with economics. Such an approach would employ data from brain imaging, Transeranial Magnetic Stimulation (TMS), psychophysiological indicators, and other such measures. This chapter presents how behavioral economics, which integrates psychology and neuroeconomics which refers to neuroscience, can be considered in coming up with economic choice theories.

3 Mindless or Mindful Economics: A Methodological Evaluation DANIEL HAUSMAN in The Foundations of Positive and Normative Economics: A Hand Book Published in print: 2008 Published Online: ISBN: eisbn: Page 3 of 6 acprof:oso/ In the first chapter, Faruk Gul and Wolfgang Pesesndorfer present how accounting for psychological and neurological theory is important in dealing with normative and positive economics. Both Gul and Pesendorfer have been able to give comments regarding certain methodological claims of experimental, behavioral, and neuroeconomists. It is important to note that Economics, according to Gul and Pesendorfer's observations, is not readily affected, let alone enhanced, by how neurology sets what goes on in the human brain and by how psychology accounts for what goes on in people's minds when they are undergoing decision-making processes. Not considering the successes and failures of Gul and Pesendorfer's studies, this chapter attempts to look into the argument that neuroeconomics and behavioral economics cannot produce sufficient evidence for the support and rejection of models in positive economics. Also, such concepts are believed to be irrelevant in terms of normative economics. Rational People and Religion Witham Larry in Marketplace of the Gods: How Economics Explains Religion Published in print: 2010 Published Online: May 2010 ISBN: eisbn: acprof:oso/ Economics and cognitive psychology have long debated the nature of human rationality. One says humans have a capacity for rational calculation, while the other points to cognitive bias in people s judgments. Herbert Simon, a psychologist and Nobel Prize winner in economics, offers a consensus view that humans have objective and subjective rationality. The first rationality is consistent behavior toward a goal, while the second is having personal good reasons for beliefs and behavior. The historical idea of economic man was invented for use in theoretical models, so to end that stereotype, economist are providing richer definitions of rational behavior. Anthropologists have linked religion to the primitive mind, while critics of religion say it is irrational. However, not all anthropologists agree. Most people, including

4 the well-educated, adhere to religion, suggesting a rational choice for its personal and social usefulness and its explanations of reality. Expanding and Reorienting the Scope of Economic Thinking James Halteman and Edd Noell in Reckoning with Markets: The Role of Moral Reflection in Economics Published in print: 2012 Published Online: May 2012 ISBN: eisbn: acprof:oso/ This chapter traces efforts to expand the approach of economic thinking to political, legal, social, and religious institutions. Using rational choice analysis, these efforts move the discussion closer to valueladen areas of life. One important concern is the nature of the utility function, how it is formed, and what is utility or happiness?[ce1]social norms, cooperation models, game theory, behavioral economics, and neuroeconomics all have something to say about human behavior,and they also have important moral ramifications. While some claim that behavioral responses in these cases are merely self-interest disguised, outward behavior seems to work best in the long run if it is heartfelt. Character traits that signal trust are strongest when backed by moral commitments, and there is evidence that human brains are hardwired with some empathetic tendencies. The work of Dan Kahneman and AmartyaSen is highlighted in the closing vignettes. Lessons from Behavioral Finance for Retirement Plan Design Olivia S. Mitchell and Stephen P. Utkus in Pension Design and Structure: New Lessons from Behavioral Finance Published in print: 2004 Published Online: January 2005 ISBN: eisbn: This chapter evaluates new research on the behavioural aspects of retirement planning and how these can be used to design and manage retirement systems. It analyses how workers decide to save, how they manage retirement investments, and how they decide to draw down their assets in retirements. Plan design and policy responses are discussed. Page 4 of 6

5 Credit Cards Bar-Gill Oren in Seduction by Contract: Law, Economics, and Psychology in Consumer Markets Published in print: 2012 Published Online: September 2012 ISBN: eisbn: acprof:oso/ This chapter focuses on the credit card contract. It identifies two features common to most credit card contracts complexity and deferred costs. It presents a behavioural-economics theory of credit card contracts, and then argues that complexity and deferred costs represent a strategic response by sophisticated issuers to imperfectly rational cardholders. There is a behaviour market failure in the credit card industry that reduces efficiency and hurts cardholders. Regulatory intervention can help minimize the adverse effects of this market failure. As-If Behavioral Economics: Neoclassical Economics in Disguise? Gerd Gigerenzer in Simply Rational: Decision Making in the Real World Published in print: 2015 Published Online: April 2015 ISBN: eisbn: acprof:oso/ As-if arguments are frequently put forward in behavioral economics to justify psychological models that add new parameters to fit decision outcome data rather than specify more realistic or empirically supported psychological processes that genuinely explain these data. Both behavioral and neoclassical research programs refer to a common set of axiomatic norms without subjecting them to empirical investigation. Notably missing is investigation of whether people who deviate from axiomatic rationality face economically significant losses. Despite producing prolific documentation of deviations from neoclassical norms, behavioral economics has produced almost no evidence that deviations are correlated with lower earnings, lower happiness, impaired health, inaccurate beliefs, or shorter lives. The chapter argues for an alternative nonaxiomatic approach to normative analysis focused on veridical descriptions of decision process and a matching principle between behavioral strategies and the environments in which they are used referred to as ecological rationality. Page 5 of 6

6 The Law, Economics, and Psychology of Consumer Contracts Bar-Gill Oren in Seduction by Contract: Law, Economics, and Psychology in Consumer Markets Published in print: 2012 Published Online: September 2012 ISBN: eisbn: acprof:oso/ This chapter develops a general approach for analyzing consumer markets and, more specifically, consumer contracts. A behaviouraleconomics model was used to explain how consumer psychology interacts with market forces to influence the design of consumer contracts. The resulting behavioural market failure entails potentially significant welfare costs, which market solutions can reduce but not eliminate. Optimally designed disclosure mandates, while not a panacea, can enhance efficiency and help consumers. Page 6 of 6

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