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Topic: Behavioral economics

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	Behavioral finance - Wikipedia, the free encyclopedia
		Behavioral finance and behavioral economics are closely related fields which apply scientific research on human and social cognitive and emotional biases to better understand economic decisions and how they affect market prices, returns and the allocation of resources.
		Behavioral analyses are mostly concerned with the effects of market decisions, but also those of public choice, another source of economic decisions with some similar biases.
		Models in behavioral economics are typically addressed to a particular observed market anomaly and modify standard neo-classical models by describing decision makers as using heuristics and being affected by framing effects.
	en.wikipedia.org /wiki/Behavioral_economics (1895 words)

	The University of Chicago Magazine
		The paper is a classic example of the growing literature in behavioral economics, a school of thought that, under Thaler’s leadership over the past 30 years, has been seeping into economics departments and academic journals.
		Behavioral economics, meanwhile, relies on cognitive-psychology research to relax those assumptions, teaching instead that humans have “bounded rationality”—a term coined in 1957 by economics Nobelist Herbert A. Simon, AB’36, PhD’43—and so make biased decisions that sometimes run counter to their best interests.
		His point is that behavioral economics’ roots go far deeper than the mid-1970s, when his doctoral work at the University of Rochester on the value of human life convinced him that something was missing from the standard theories.
	magazine.uchicago.edu /0502/features/economics.shtml (3628 words)

	Behavioral Economics page by Joe Pomykala (Site not responding. Last check: 2007-10-31)
		The normative assumptions in economics describing human behavior had become increasingly challenged by descriptive models and empirical evidence showing that behavior was inconsistent with the canonic model, such being labeled as “irrational.” For example, choices between identical states of the world depend upon reference points generating framing and endowment effects or inconsistent and non-transitive preferences.
		Experimental economics in a variety of games has repeatedly demonstrated that observed behavior deviates from what is naively predicted by the canonic model or that people do not play calculated Nash equilibrium strategies drawn from the normative assumptions forming the mainstay of economics.
		However, ideas once considered outside the realm of economics, or descriptive "anomalies" contradicting the neoclassical model, have become accepted into mainstream economics with cross-disciplinary explanations under the new heading of “behavioral economics,” also evidenced by the 2002 Nobel Prize in Economics being awarded to Kahneman and Smith.
	www.towson.edu /~jpomy/behavioralecon/behavioralecon.html (6311 words)

	Cambridge Center for Behavioral Studies: Behavioral Economics
		“Behavioral Economics” as studied and applied within behavior analysis is based on 4 decades of research and scholarship and has both important theoretical and applied implications.
		Clearly there is overlap between the interest that behavior analysts have had about the factors that determine the efficacy of reinforcers and the interests of economists who study the factors affecting demand and market dynamics in microeconomic theory.
		Because these researchers work in so many different areas, Behavioral Economics potentially may be a meta-theory that will unify these sometimes-divergent areas as well as providing a powerful way for advances in theory and practice to be presented to, understood, and appreciated by a wider audience.
	www.behavior.org /econ/beh-econ-home.cfm (556 words)

	[No title] (Site not responding. Last check: 2007-10-31)
		"Behavioral economics" replaces strong rationality assumptions used in economic modeling with assumptions that are consistent with evidence from psychology, while maintaining an emphasis on mathematical structure and explanation of naturally-occurring (field) data.
		Smith, for example, is famous in economics only for The Wealth of Nations, in which he suggests that people get their dinner "not from the benevolence of the butcher, the brewer, or the baker", but "from their regard to their own interest".
		A common concern among the economists who are skeptical about behavioral economics (who are increasingly few in number) is that the ideas are too informal and fragmented to serve as a basis for economic theory.
	www.cswep.org /camerer.html (1336 words)

	List of publications in economics - Wikipedia, the free encyclopedia
		Later it critiques the mercantilism and a synthesis of the emerging economic thinking of his time.
		Description: In this book, Keynes put forward a theory based upon the notion of aggregate demand to explain variations in the overall level of economic activity, such as were observed in the Great Depression.
		The total income in a society is defined by the sum of consumption and investment; and in a state of unemployment and unused production capacity, one can only enhance employment and total income by first increasing expenditures for either consumption or investment.
	en.wikipedia.org /wiki/List_of_publications_in_economics (970 words)

	Gene Expression: Why Behavioral Economics is the Future of Economics, Part I
		In neoclassical economic theory, it is assumed that decision makers, given their knowledge of utilities, alternatives, and outcomes, can compute which alternative will yield the greatest subjective (expected) utility.
		Marx, Rand, the Austrians, and the anarcho-capitalists (among others) produced airy economic models right out of their heads, models that were divorced from human nature and empirical data.
		Similarly, behavioral economics is dedicated to investigating the limitations of homo economicus.
	www.gnxp.com /MT2/archives/002543.html (1084 words)

	Behavioral Economics? - Mises Institute
		As The Times tells it, "Behavioral economists help to explain how booms persist while busts, like the one that the United States may now be entering, are difficult to reverse." This is accomplished by factoring in certain psychological elements of human behavior in the prediction of market trends.
		The idea in mainstream economics has been that, indeed, people would behave rationally and pursue their own interests - meaning, basically, follow their own goals - if only they had adequate information and if the cost of making decisions were negligible.
		Second, there is absolutely no reason to think that the understanding of economic life needs to "be amended and policies adopted to control irrational, sometimes destructive behavior." Government officials are by no stretch of the imagination less prone to act irrationally - one need but check the daily news to verify that fact.
	www.mises.org /fullstory.asp?control=608&FS=BehavioralEconomics (911 words)

	Behavioral Economics shows that people are not just selfish maximisers
		Behavioral Economics is a fast-emerging, cross-disciplinary alternative to neo-classical economics.
		Game theory assumes (as do most economic models) that individuals are self-maximising - that irrespective of all else, they seek the most for themselves.
		so we are developing altruistic economics to deal with this fact.
	www.altruists.org /ideas/economics/behavioral (664 words)

	Russell Sage Foundation (Site not responding. Last check: 2007-10-31)
		The Behavioral Economics program began in 1986 as a joint activity with the Alfred P. Sloan Foundation with the aim of strengthening the accuracy and empirical reach of economic theory by incorporating information from neighboring social science disciplines, especially psychology and sociology.
		The Behavioral Economics Roundtable, made up of prominent researchers in the field, sponsors two main activities: a two-week summer workshop taught by Roundtable members for graduate students and junior faculty interested in entering this new interdisciplinary field, and a small grants program for younger scholars undertaking behaviorally oriented research.
		The most recent behavioral finance conference was convened in 2004 by Robert Shiller of Yale and Richard H. Thaler of the University of Chicago, and included papers on price forecasting errors, earnings manipulation, and the ways in which the perception of firms' financial statements influence stock prices.
	www.russellsage.org /programs/other/behavioral (580 words)

	Misbehavioral Economics?
		A new school of economic thought, called "behavioral economics," is beginning to take hold in much of America's academic community.
		But, at present, applications of behavioral economics seem to be most prevalent in finance: already, prominent behaviorialists such as the University of Chicago's Richard Thaler are developing plans to help individuals increase their retirement account savings.
		Yet it is not utterly original; behavioral economics has roots in many other branches of the field, especially game theory and certain aspects of Public Choice theory.
	www.objectivistcenter.org /articles/dcooper_misbehavioral-economics.asp (825 words)

	Amazon.ca: Advances in Behavioral Economics: Books: Colin F. Camerer (Site not responding. Last check: 2007-10-31)
		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.
		George Loewenstein is Professor of Economics and Psychology at Carnegie Mellon University.
		Matthew Rabin, Professor of Economics at the University of California, Berkeley, received the John Bates Clark Medal of the American Economics Association for 2001.
	amazon.ca /Advances-Behavioral-Economics-Colin-Camerer/dp/0691116814 (367 words)

	Econlog, Behavioral Economics Archives: Library of Economics and Liberty
		In this essay, I explain 2004 economics Nobel Laureate Edward Prescott's views that the Bush tax cuts were too small.
		They use the term "behavioral economics," which I think of as looking at cognitive biases in decision making.
		I remember noticing at the very first get-together of (mostly male) first-year graduate students in economics how the guys all seemed to be trying to impress and intimidate one another.
	econlog.econlib.org /archives/cat_behavioral_economics.html (5350 words)

	Behavioral Economics (Site not responding. Last check: 2007-10-31)
		Behavioral economics is the application of economic principles to the behavior of individuals.
		The laws of supply and demand, basic economic principles, state that as the price of a commodity increases, the supply of the commodity will increase and the demand for the commodity will decrease.
		Economic theory would predict that demand for the food should decline as the price increases (the typical demand curve when demand is elastic).
	users.ipfw.edu /abbott/314/BehavioralEcon.html (814 words)

	Ars Mathematica » Blog Archive » Behavioral Economics (Site not responding. Last check: 2007-10-31)
		I spotted a survey article, Behavioral Economics: Past, Present, and Future, which gives a guide to this fairly-new field of economics.
		The axioms allowed precise predictions that (unlike most economics) could be tested in small-scale experiments with a few test subjects.
		This entry was posted on Tuesday, April 11th, 2006 at 10:03 pm and is filed under Economics.
	www.arsmathematica.net /archives/2006/04/11/behavioral-economics (220 words)

	A Foundation for Behavioral Economics
		The core theory of behavior in Economics, which structures inquiry and provides a framework for empirical analysis, is largely responsible for the success of the discipline.
		Behavioral Economics (BE) challenges this theory, but has failed to provide a coherent alternative.
		Its methods offer a way of generating theories of the origins of anomalous behaviors and of testing those theories.
	www.brookings.edu /views/papers/dickens/20011201.htm (214 words)

	2blowhards.com: Behavioral Economics 101
		Economics and the Case for "Asymmetric Paternalism" Camerer, Rabin et al.
		Posted by: Tracy on October 19, 2003 09:08 PM I've spoken with Thaler at length about behavioral economics and it does not take you where those who don't like neo-classical econ might hope (at least Thaler does not think so).
		Every irrational behavior that people seem to have exists whether the people are acting in a market or in a committee.
	www.2blowhards.com /archives/001129.html (1918 words)

	behavioral economics consulting group, llc (Site not responding. Last check: 2007-10-31)
		The Behavioral Economics Consulting Group, LLC is a full service management consulting firm with particular expertise in market strategy, innovation, and empirically based organizational development.
		Founded in 2003 by Dr. Sara Wedeman, BECG's approach draws not only on her 25 years of experience in consulting, research and clinical practice, but also on that of fellow 'explorers' in the nascent fields of economic psychology and behavioral economics.
		All of the above are results from rigorously conducted studies in the fields of economic psychology and behavioral economics.
	www.behavioraleconomics.net (261 words)

	MIT OpenCourseWare \| Economics
		The MIT Economics Department today is a vibrant collection of faculty and students.
		The Department's distinguished scholars have received numerous awards, including three Nobel Prizes (Franco Modigliani, Paul Samuelson, and Robert Solow), and many are Fellows of the National Academy of Sciences, the American Academy of Arts and Sciences, and the Econometric Society.
		Many faculty members have served in various elected offices of the American Economic Association and the Econometric Society.
	ocw.mit.edu /OcwWeb/Economics/index.htm (187 words)

	Brad DeLong's Semi-Daily Journal: Economics: Behavioral
		Efficient markets and behavioral economics can coexist in the same universe where markets, and the behavior of their participants, evolve.
		Preferences are shaped by the forces of natural selection operating in a given economic environment, so we shouldn't expect the investors of the 1930s to behave like the investors of the 1990s.
		Typically, inflation means that economic disasters that reduce stock values also reduce real bond values as well: the 1% disaster that removes half your capital stock and cuts real GDP in half also needs to leave the price level and the government's commitment to repaying its bonds unaffected.
	delong.typepad.com /sdj/economics_behavioral/index.html (14843 words)

	Ananish Chaudhuri's Behavioral (Experimental) Economics Page
		This page is intended to serve as a source of information about behavioral and experimental economics as well as a link to the pages of researchers involved in experimental work which includes not only economists, but political scientists and psychologists, among others.
		Does Studying Economics Inhibit Cooperation?", by Robert, Frank, Thomas Gilovich and Dennis Regan, Journal of Economics Perspectives, Vol.
		Andrew Schotter, of New York University, is the President of the Experimental Economics Group (Economic Science Association).
	www.tricity.wsu.edu /~achaudh/econ485.html (1158 words)

	Behavioral Economics!
		As this sleeping giant begins to awaken as an information powerhouse, company officials anticipate that the dissemination of information to the general public will cease in the near future, keeping their genie attached to the bottle.
		The applications of the information is mind boggling as the company has shown not only a behavioral relationship but also a physical correlation with professional athletes ranging from hockey players to NASCAR drivers to triple crown horse performance.
		The company actually had a call from an upper manager at Nortel who had been aware of the United Dynamics Corp. special alert but was unaware of the pending Nortel earnings warning, stating "if only they knew of the relationship this could have been averted!".
	www.superforce.com /email-releases/Volatility2000-2002.htm (1018 words)

	EconLog, Behavioral Economics Archives: Library of Economics and Liberty
		But the reason isn't that their policy preferences don't depend on their beliefs about which policies work; the reason is that their beliefs about which policies work are largely determined by their emotions and ideology rather than facts and logic.
		One theme of Learning Economics is that markets learn to eliminate errors, but governments do not.
		When I was in graduate school, the great fad sweeping economics was "rational expectations," which I considered to be a decent enough philosophical idea that was turned into an excuse for pointless mathematical masturbation.
	econlog.econlib.org /archives/behavioral_economics (6206 words)

	Behavioral Economics (Site not responding. Last check: 2007-10-31)
		Behavioral economics explores how actors in the economic arena actually behave, which is not necessarily rationally, and it considers factors, some of them highly subjective, that influence economic choices.
		Behavioral economics: Reunifying psychology and economics, by Colin Camerer, Proceedings of the National Academy of Sciences, Vol.
		A Foundation for Behavioral Economics, by Jessica L. Cohen abd William T. Dickens, December 2001.
	www.constitution.org /pd/be.htm (145 words)

	Amazon.com: Advances in Behavioral Economics (The Roundtable Series in Behavioral Economics): Books: Colin F. ... (Site not responding. Last check: 2007-10-31)
		Behavioral Game Theory: Experiments in Strategic Interaction (The Roundtable Series in Behavioral Economics) by Colin F. Camerer
		Advances in Behavioral Finance, Volume II (The Roundtable Series in Behavioral Economics) by Richard H. Thaler
		Microeconomics: Behavior, Institutions, and Evolution (The Roundtable Series in Behavioral Economics) by Samuel Bowles
	www.amazon.com /Advances-Behavioral-Economics-Roundtable/dp/0691116822 (850 words)

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