By Colin F. Camerer, George Loewenstein, Matthew Rabin
I've got often assigned this publication because the fundamental textual content in behavioral economics classes at Harvard and at Duke. It bargains a very good number of the superior expert articles during this box, with quite stable insurance on utilized articles.
As the name indicates, it doesn't contain a number of the seminal papers in behavioral economics, and particularly readers must also ensure that you do locate Tversky and Kahneman's seminar 1979 paper on prospect thought, released within the magazine Econometrica. this text, and lots of different seminal papers of behavioral economics, are accumulated in Kahneman and Tversky's edited quantity offerings, Values, and Frames. (I additionally often assign elements of Colin Camerer's very good Behavioral video game Theory.) whereas scholars of behavioral economics should still make some degree of examining the 1979 article, i like to recommend doing so basically after examining Camerer's very good evaluation of a few purposes in bankruptcy five of Advances in Behavioral Economics; it's also possible to locate a very good presentation of the most important suggestions for those who obtain the video of Daniel Kahneman's Nobel Prize lecture from the Nobel web site.
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67 (for raspberry juice) to 20 or higher (for density of trees in a park and health risks). Loss aversion has already proved to be a useful phenomenon for making sense of field data (see Camerer 2000 and in this volume). Asymmetries in demand elasticities after price increases and decreases (Hardie, Johnson, and Fader 1993), the tendency for New York City cab drivers to quit early after reaching a daily income target, producing surprising upward-sloping labor supply curves (see Camerer et al. 1997 and in this volume), and the large gap between stock and bond returns—the “equity premium” (see Benartzi and Thaler 1995 and in this volume) can all be explained by models in which agents have reference-dependent preferences and take a short planning horizon, so that losses are not integrated against past or future gains.
Thus, Lucas (1986) noted that rational expectations allow for multiple inflationary and asset price paths in dynamic models, while adaptive expectations pin down one path. The same is true in game theory: Models based on cognitive algorithms (Camerer, Ho, and Chong 2003) often generate precise predictions in those games where the mutual consistency requirement of Nash permits multiple equilibria. The realism, generality, and tractability of behavioral economics can be illustrated with the example of loss-aversion.
Choosers are in precisely the same wealth position as sellers—they choose between a mug or money. The only difference is that sellers are “giving up” a mug they “own,” whereas choosers are merely giving up the right to have a mug. Any difference between the two groups cannot be attributed to wealth effects. ’s work was motivated in part by survey evidence from “contingent valuation” studies that attempt to establish the dollar value of goods that are not routinely traded. Contingent valuation is often used to do government cost-benefit analysis or establish legal penalties from environmental damage.
Advances in Behavioral Economics by Colin F. Camerer, George Loewenstein, Matthew Rabin