Wolfgang Pesendorfer (2006) “Behavioral economics comes of age: A review essay on advances in behavioral economics."
Journal of Economic Literature,Volume 44, Number 3, September 2006 , pp. 712-721(10).
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Noted by Yi-Nung
Behavioral economics is organized around experimental findings that suggest inadequacies of standard economic theories.
行為 (指以實驗為主的研究) 經濟主要的發現是指出標準經濟理論之不適當處;
主要可分為 4 點
(1) failures of expected utility theory;
(2) the endowment effect;
(3) hyperbolic discounting and
(4) social preferences.
… the experimenter may frame a lottery L as (i) x with probability p and y with probability 1 − p; or, alternatively, as (ii) a payment of z and a subsequent lottery of x − z > 0 with probability p and the lottery y − z < 0 with probability 1 − p. The difference in the two lotteries is interpreted as a manipulation of the reference point.
first-order risk aversion
people place a higher value on objects they own than objects that they do not
Hyperbolic Discounting (immediacy effect)
subjects have a tendency to choose earlier, smaller rewards over later, larger rewards
Advances in Behavioral Economics contains influential second-generation contributions to behavioral economics. Building on the seminal work by Kahnemann, Strotz, Thaler, Tversky, and others, these contributions have established behavioral economics as an important field of study in economics. In this essay, I discuss aspects of the research strategy and methodology of behavioral economics, as exemplified by the contributions to Advances.