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Author: Roger Frantz
Publisher: Academic Press
ISBN: 0128157054
Category : Business & Economics
Languages : en
Pages : 254
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Book Description
The Beginnings of Behavioral Economics: Katona, Simon, and Leibenstein's X-Efficiency Theory explores the mid-20th century roots of behavioral economics, placing the origin of this now-dominant approach to economic theory many years before the groundbreaking 1979 work on prospect theory by Daniel Kahneman and Amos Tversky. It discusses the work of Harvey Leibenstein, Herbert Simon, George Katona, and Frederick Hayek, reintroducing their contributions as founding pillars of the behavioral approach. It concentrates on the work of Leibenstein, reviewing his nuanced introduction of X-efficiency theory. Building from these foundations, the work explores the body of empirical research on market power and firm behavior – XE relationship. This book is a tremendous resource for graduate students and early career researchers in behavioral economics, experimental economics, organizational economics, social and organizational psychology, labor market economics and public policy. - Reviews the powerful, but neglected contributions of mid-20th century scholars, like Leibenstein and Katona in building the roots of behavioral economic theory - Amalgamates and reviews 50 years of empirical research and over 200 empirical papers on X-efficiency theory - Establishes how X-efficiency can aid modern behavioral economics in further developing firm theory and understanding efficiency wages
Author: Roger Frantz
Publisher: Academic Press
ISBN: 0128157054
Category : Business & Economics
Languages : en
Pages : 254
Get Book Here
Book Description
The Beginnings of Behavioral Economics: Katona, Simon, and Leibenstein's X-Efficiency Theory explores the mid-20th century roots of behavioral economics, placing the origin of this now-dominant approach to economic theory many years before the groundbreaking 1979 work on prospect theory by Daniel Kahneman and Amos Tversky. It discusses the work of Harvey Leibenstein, Herbert Simon, George Katona, and Frederick Hayek, reintroducing their contributions as founding pillars of the behavioral approach. It concentrates on the work of Leibenstein, reviewing his nuanced introduction of X-efficiency theory. Building from these foundations, the work explores the body of empirical research on market power and firm behavior – XE relationship. This book is a tremendous resource for graduate students and early career researchers in behavioral economics, experimental economics, organizational economics, social and organizational psychology, labor market economics and public policy. - Reviews the powerful, but neglected contributions of mid-20th century scholars, like Leibenstein and Katona in building the roots of behavioral economic theory - Amalgamates and reviews 50 years of empirical research and over 200 empirical papers on X-efficiency theory - Establishes how X-efficiency can aid modern behavioral economics in further developing firm theory and understanding efficiency wages
Author: Floris Heukelom
Publisher: Cambridge University Press
ISBN: 1139867857
Category : Business & Economics
Languages : en
Pages : 237
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Book Description
This book presents a history of behavioral economics. The recurring theme is that behavioral economics reflects and contributes to a fundamental reorientation of the epistemological foundations upon which economics had been based since the days of Smith, Ricardo, and Mill. With behavioral economics, the discipline has shifted from grounding its theories in generalized characterizations to building theories from behavioral assumptions directly amenable to empirical validation and refutation. The book proceeds chronologically and takes the reader from von Neumann and Morgenstern's axioms of rational behavior, through the incorporation of rational decision theory in psychology in the 1950s–70s, to the creation and rise of behavioral economics in the 1980s and 1990s at the Sloan and Russell Sage Foundations.
Author:
Publisher: UM Libraries
ISBN:
Category : Economics
Languages : en
Pages : 370
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Book Description
Author: David K. Levine
Publisher: Open Book Publishers
ISBN: 1906924929
Category : Business & Economics
Languages : en
Pages : 154
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Book Description
In this book, David K. Levine questions the idea that behavioral economics is the answer to economic problems. He explores the successes and failures of contemporary economics both inside and outside the laboratory, and asks whether popular behavioral theories of psychological biases are solutions to the failures. The book not only provides an overview of popular behavioral theories and their history, but also gives the reader the tools for scrutinizing them.
Author: Richard H. Thaler
Publisher: W. W. Norton & Company
ISBN: 0393246779
Category : Business & Economics
Languages : en
Pages : 502
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Book Description
Winner of the Nobel Prize in Economics Get ready to change the way you think about economics. Nobel laureate Richard H. Thaler has spent his career studying the radical notion that the central agents in the economy are humans—predictable, error-prone individuals. Misbehaving is his arresting, frequently hilarious account of the struggle to bring an academic discipline back down to earth—and change the way we think about economics, ourselves, and our world. Traditional economics assumes rational actors. Early in his research, Thaler realized these Spock-like automatons were nothing like real people. Whether buying a clock radio, selling basketball tickets, or applying for a mortgage, we all succumb to biases and make decisions that deviate from the standards of rationality assumed by economists. In other words, we misbehave. More importantly, our misbehavior has serious consequences. Dismissed at first by economists as an amusing sideshow, the study of human miscalculations and their effects on markets now drives efforts to make better decisions in our lives, our businesses, and our governments. Coupling recent discoveries in human psychology with a practical understanding of incentives and market behavior, Thaler enlightens readers about how to make smarter decisions in an increasingly mystifying world. He reveals how behavioral economic analysis opens up new ways to look at everything from household finance to assigning faculty offices in a new building, to TV game shows, the NFL draft, and businesses like Uber. Laced with antic stories of Thaler’s spirited battles with the bastions of traditional economic thinking, Misbehaving is a singular look into profound human foibles. When economics meets psychology, the implications for individuals, managers, and policy makers are both profound and entertaining. Shortlisted for the Financial Times & McKinsey Business Book of the Year Award
Author: Peter Diamond
Publisher: Princeton University Press
ISBN: 1400829143
Category : Business & Economics
Languages : en
Pages : 331
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Book Description
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.
Author: Christina A. Roberto
Publisher: Oxford University Press, USA
ISBN: 019939833X
Category : Business & Economics
Languages : en
Pages : 385
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Book Description
Behavioral economics has potential to offer novel solutions to some of today's most pressing public health problems: How do we persuade people to eat healthy and lose weight? How can health professionals communicate health risks in a way that is heeded? How can food labeling be modified to inform healthy food choices? Behavioral Economics and Public Health is the first book to apply the groundbreaking insights of behavioral economics to the persisting problems of health behaviors and behavior change. In addition to providing a primer on the behavioral economics principles that are most relevant to public health, this book offers details on how these principles can be employed to mitigating the world's greatest health threats, including obesity, smoking, risky sexual behavior, and excessive drinking. With contributions from an international team of scholars from psychology, economics, marketing, public health, and medicine, this book is a trailblazing new approach to the most difficult and important problems of our time.
Author: Philip J. Corr
Publisher:
ISBN: 9781138228917
Category : Consumer behavior
Languages : en
Pages : 0
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Book Description
What is behavioral economics and why is it important? -- The ascent and dissent of economics -- Econ: homo economicus -- Human: more homer (simpson) than homo economicus -- Manners, monkeys and moods -- Nudge: whys, ways and weasels -- Sell! the commercial (and political) world of persuasion
Author: Colin F. Camerer
Publisher: Princeton University Press
ISBN: 0691116822
Category : Business & Economics
Languages : en
Pages : 768
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Book Description
Today, behavioral economics has become virtually mainstream.
Author: Anne I. Harrington
Publisher: University of Georgia Press
ISBN: 0820355631
Category : Political Science
Languages : en
Pages : 231
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Book Description
Recent discoveries in psychology and neuroscience have improved our understanding of why our decision making processes fail to match standard social science assumptions about rationality. As researchers such as Daniel Kahneman, Amos Tversky, and Richard Thaler have shown, people often depart in systematic ways from the predictions of the rational actor model of classic economic thought because of the influence of emotions, cognitive biases, an aversion to loss, and other strong motivations and values. These findings about the limits of rationality have formed the basis of behavioral economics, an approach that has attracted enormous attention in recent years. This collection of essays applies the insights of behavioral economics to the study of nuclear weapons policy. Behavioral economics gives us a more accurate picture of how people think and, as a consequence, of how they make decisions about whether to acquire or use nuclear arms. Such decisions are made in real-world circumstances in which rational calculations about cost and benefit are intertwined with complicated emotions and subject to human limitations. Strategies for pursuing nuclear deterrence and nonproliferation should therefore, argue the contributors, account for these dynamics in a systematic way. The contributors to this collection examine how a behavioral approach might inform our understanding of topics such as deterrence, economic sanctions, the nuclear nonproliferation regime, and U.S. domestic debates about ballistic missile defense. The essays also take note of the limitations of a behavioral approach for dealing with situations in which even a single deviation from the predictions of any model can have dire consequences.
