ISBN-10: 1400829119

ISBN-13: 9781400829118

Publish yr note: First released in 2003

Twenty years in the past, behavioral economics didn't exist as a box. so much economists have been deeply skeptical--even antagonistic--toward the belief of uploading insights from psychology into their box. this present day, behavioral economics has develop into nearly mainstream. it truly is good represented in widespread journals and most sensible economics departments, and behavioral economists, together with numerous individuals to this quantity, have garnered essentially the most prestigious awards within the profession.

This e-book assembles an important papers on behavioral economics released due to the fact round 1990. one of the 25 articles are many who replace and expand prior foundational contributions, in addition to state-of-the-art papers that holiday new theoretical and empirical ground.

Advances in Behavioral Economics"will function the definitive one-volume source in the event you are looking to familiarize themselves with the recent box or continue up to date with the newest advancements. it is going to not just be a center textual content for college students, yet may be consulted extensively by means of specialist economists, in addition to psychologists and social scientists with an curiosity in how behavioral insights are being utilized in economics.

The articles, which stick with Colin Camerer and George Loewenstein's creation, are by means of the editors, George A. Akerlof, Linda Babcock, Shlomo Benartzi, Vincent P. Crawford, Peter Diamond, Ernst Fehr, Robert H. Frank, Shane Frederick, Simon Gachter, 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.

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Additional info for Advances in Behavioral Economics (Roundtable Series in Behavioral Economics)

Sample text

We jam our roads with cars. We poison our rivers and pollute the atmosphere. We fell the rainforests. We have plundered our fishing areas until some fish stocks have reached a level from which they may never recover. What is to be done about the Tragedy of the Commons? Nobody likes where the logic of the game theory argument leads, but it doesn’t help to insist that the logic must therefore be wrong. One might as well complain that arithmetic must be wrong because seven loaves and two fishes won’t feed a multitude.

Since you can change the game by imposing fines on one or both of the players, it would be easy to achieve your objective if you were fully informed of everything that matters. You could simply impose a heavy fine on any player who chooses hawk. Your problem is that you never get to see the payoff table, and the labeling of the strategies has gotten jumbled up, with the result that you don’t know whether the cooperative strategy is hawk or dove. Can you think of a way of creating a game in which it is a Nash equilibrium for Adam and Eve to cooperate, without the need for you to know which strategy is which?

Game theory is neutral on moral and psychological issues. The basic concept of game theory is called a Nash equilibrium. It arises when all players choose a strategy that is a best reply to the strategies chosen by the other players. It is important for two reasons. The first is that a great book of game theory that listed the ‘‘rational solutions’’ of all games would never list a strategy profile that isn’t a Nash equilibrium. If it did, at least one player would have an incentive to deviate from the book’s advice, and so its advice wouldn’t be authoritative.

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Advances in Behavioral Economics (Roundtable Series in Behavioral Economics)

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