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El. knyga: Behavioural Economics and Experiments

3.00/5 (1 ratings by Goodreads)
  • Formatas: 458 pages
  • Išleidimo metai: 13-May-2021
  • Leidėjas: Routledge
  • Kalba: eng
  • ISBN-13: 9781000375718
Kitos knygos pagal šią temą:
Behavioural Economics and ExperimentsDidesnis paveikslėlis
  • Formatas: 458 pages
  • Išleidimo metai: 13-May-2021
  • Leidėjas: Routledge
  • Kalba: eng
  • ISBN-13: 9781000375718
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Behavioural Economics and Experiments addresses key topics within behavioural economics, exploring vital questions around decision-making and human nature. Assuming no prior knowledge of economics, the book features wide-ranging examples from literature, film, sport, neuroscience and beyond.

Ananish Chaudhuri explores the complex relationships between human behaviour, society and decision-making, introducing readers to the latest work on heuristics, framing and anchoring, as well as ideas around fairness, trust and social norms. The book offers a fresh perspective on issues such as:











Decision-making under uncertainty





Firms pricing decisions





Employment contracts





Coordination failures in organizations





Preventing bubbles in financial markets

This is an ideal introduction for students of behavioural economics, experimental economics and economic decision-making on economics, public policy, psychology and business-related programmes, and will also be accessible to policymakers and curious laymen.

Recenzijos

"Filled with real world examples ranging from sports to politics and backed by experimental evidence, this book takes the reader on a wonderful journey examining human behavior, individual and collective decision making, trust, fairness, cooperation and competition. Chaudhuri is a gifted writer, and the book will be treasured by experts in the field as well as those who would like to learn more about behavioural economics."

Iris Bohnet, Albert Pratt Professor of Business and Government, Academic Dean, Harvard Kennedy School, Author of "What Works: Gender Equality by Design"

"I strongly recommend this clear, lively and engaging book to all readers, including those without any training in economics, who want to understand how real people decide how much to trust others in everyday life."

Paul Seabright, Director, Institute of Advanced Study in Toulouse, Author of "The Company of Strangers" and "The War of the Sexes"

"This is an extremely absorbing book covering key topics in behavioural and experimental economics, but with applications and anecdotes that go far beyond economics. The book provides an excellent overview of the field and its most recent developments. It is an indispensable source of inspiration for the researcher and a treasure trove of examples for the teacher."

Martin Kocher, Federal Minister for Labour, Family and Youth, Government of Austria

"Chaudhuri has written an extremely readable introduction to experimental economics. This is perfect for advanced undergrads or graduate students who want to learn about state-of-the-art research without being smothered by technical details."

David J. Cooper, Brim Eminent Scholar in Economics and Director of XS/FS, Florida State University, Former Co-Editor, Experimental Economics

"This book is a perfect introduction to behavioral and experimental economics and fills a much needed niche for the classroom. Ananish Chaudhuri is a gifted author whose conversational writing style is easily accessible for undergraduates, yet detailed enough to use as an introduction for graduate students. He motivates each topic with engaging real-world examples before discussing related research. Its a fun book to read and students will certainly enjoy it. Highly recommended."

James Murphy, Rasmuson Chair in Economics, University of Alaska, Anchorage, Affiliate Faculty, Economic Science Institute, Chapman University

List of figures
xiv
List of tables
xviii
Acknowledgements xix
Preface xxi
1 How We Decide
1(29)
Introduction
2(3)
Descartes's error?
5(1)
How do economists and psychologists approach decision making?
6(2)
Infusing psychology into economics: the guessing game
8(4)
Types of decision making
12(1)
Ana's problem of choice
13(1)
Ana cannot buy everything she wants; her choices are constrained
13(3)
Ana knows what she can afford, but how does she choose among these?
16(5)
Ana knows what she can afford and how she should choose. What should she buy?
21(1)
Two examples of how to use this tool
22(1)
How realistic is this "normative" model? Let's look inside the brain
23(3)
Concluding remarks
26(1)
Notes
27(3)
2 Experiments In Behavioural Economics
30(20)
Introduction
30(2)
The rise of experimental economics
32(3)
Elements of experimental design
35(1)
A brief history of experimental economics
36(4)
Experiments in economics and psychology: similarities and differences
40(1)
Criticisms of experimental economics
41(6)
In lieu of a conclusion: experimental economics: the path forward
47(1)
Notes
48(2)
3 Gut Feelings And Effortful Thinking
50(39)
Introduction
50(3)
The power of gut feelings, or System 1 thinking
53(4)
Limits to System 1 thinking and the need to engage System 2
57(5)
Why do we need to worry about Systems 1 and 2?
62(14)
Choice over time: smaller-sooner versus larger-later rewards
76(9)
Concluding remarks
85(2)
Notes
87(2)
4 Expected Utility Theory And Prospect Theory
89(28)
Introduction
89(2)
Risk neutrality and risk aversion
91(10)
The Allais Paradox
101(5)
Prospect theory
106(4)
Explaining the paradoxical behaviour in Allais and elsewhere
110(1)
Loss aversion, mental accounting and the endowment effect
111(1)
Loss aversion and overconfidence
112(2)
Concluding remarks
114(1)
Notes
115(2)
5 Probabilistic Thinking
117(28)
Introduction
117(4)
Probabilities are dicey and often hard to get our heads around
121(2)
One further detour on the way to the jury decision-making problem
123(3)
Back to the jury decision-making problem
126(2)
Michael Bloomberg's stop-and-frisk policy
128(1)
Indira, the mature mother
129(2)
Dependent or independent? Connected or unconnected? Conjunctive and disjunctive fallacies
131(6)
Regression to the mean
137(5)
Concluding remarks
142(1)
Notes
143(2)
6 Thinking Strategically
145(27)
Introduction
145(4)
The prisoner's dilemma
149(3)
Yossarian and Nately's choices revisited
152(3)
Prisoner's dilemma in the animal world
155(1)
Tit-for-tat strategies in prisoner's dilemma games
156(2)
Let us talk of Yossarian and Nately one last time
158(2)
Men are from Mars, women are from Venus: battle of the sexes
160(1)
Battle of the sexes: the game played by Delia and Jim
161(1)
Hunt a stag or a rabbit? The stag hunt game and pay-off-ranked equilibria
162(3)
Please, why don't you go first? Games where players move in sequence
165(5)
Concluding remarks
170(1)
Notes
171(1)
7 The Ultimatum Game
172(31)
Introduction
172(1)
The ultimatum game
173(6)
Intentions, as well as outcomes, matter
179(3)
Criticisms of the findings of Guth and his colleagues
182(1)
Behaviour in the ultimatum game: fairness or altruism?
183(1)
Raising the monetary stakes in the ultimatum game
184(4)
Fear of punishment or fear of embarrassment?
188(7)
Do norms of fairness differ across cultures?
195(3)
An even more ambitious cross-cultural study
198(3)
Concluding remarks
201(1)
Notes
201(2)
8 Market Implications Of The Ultimatum Game
203(14)
Introduction
203(1)
Fairness as a constraint on profit-making
204(3)
Economic consequences of norms of fairness
207(2)
Fairness and inequality
209(6)
Concluding remarks
215(1)
Note
216(1)
9 Trust And Trustworthiness In Everyday Life
217(24)
Trusting strangers
217(6)
Is trust nothing but altruism? How about reciprocity?
223(2)
The role of expectations in the decision to trust
225(3)
Is a trusting decision analogous to a risky one?
228(3)
Do trust and trustworthiness go together?
231(2)
Does trust pay?
233(6)
Concluding remarks
239(1)
Notes
240(1)
10 Trust And Trustworthiness In Markets
241(23)
Introduction
241(1)
Trust and trustworthiness in agency relationships
242(10)
Further economic implications of fairness and trust
252(1)
The Grameen Bank experience
253(1)
Extrinsic incentives can crowd out intrinsic motivations
254(2)
Intrinsic motivations, sustainability and climate change
256(2)
Extrinsic incentives and crowding out of intrinsic motivations
258(2)
Trust and growth
260(2)
Concluding remarks
262(1)
Notes
263(1)
11 Cooperation In Social Dilemmas
264(23)
An example of a social dilemma
264(4)
Are smaller groups better at addressing collective action problems?
268(2)
Are contributions caused by confusion on the part of the participants?
270(3)
Looking for alternative explanations
273(4)
Do participants display a herd mentality?
277(1)
Turning the prisoner's dilemma into a stag hunt game
278(4)
Concluding remarks
282(3)
Notes
285(2)
12 The Carrot Or The Stick: Sustaining Cooperation In Social Dilemmas
287(22)
Introduction
287(1)
Sustaining social norms by punishing free-riders
287(3)
On the cost effectiveness of costly punishments
290(3)
The possibility of "perverse" punishments
293(2)
Are punishments more effective in the long run?
295(1)
The "verdict" on costly punishments
296(1)
Sustaining cooperation via means other than punishment?
297(1)
Sustaining cooperation in non-sorted groups
298(4)
Cooperation in sorted groups
302(3)
An intergenerational approach to cooperation
305(1)
Concluding remarks
306(1)
Notes
307(2)
13 I Will If You Will: Resolving Coordination Failures In Organizations
309(33)
Coordination failures in real life
309(4)
Experimental evidence on coordination failures
313(3)
The minimum effort coordination game
316(5)
Talk is cheap; or is it? Using communication to resolve coordination failures
321(4)
Money talks: the role of incentives
325(5)
When in Rome ... creating culture in the laboratory
330(5)
From the laboratory to the real world: do these interventions work? The story of Continental Airlines
335(2)
From the real world, back to the laboratory: are you partners or strangers?
337(3)
Concluding remarks
340(1)
Notes
341(1)
14 Behavioural Analyses Of Markets
342(31)
Introduction
342(1)
Demand
343(2)
Supply
345(2)
The theory of competitive equilibrium
347(3)
Consumer and producer surplus
350(2)
But ... does it work in real life?
352(5)
Robustness of the market equilibration process
357(3)
Posted offer markets
360(2)
Posted offer markets and matket power
362(1)
Fairness in posted offer markets revisited
363(2)
Policy interventions in markets
365(3)
Concluding remarks
368(2)
Notes
370(3)
15 Asset Bubbles In Markets
373(30)
Introduction
373(3)
Studying asset bubbles in the lab
376(4)
I don't understand why the fundamental value is declining!
380(3)
Rational speculation and the role of expectations
383(4)
Unleashing (and leashing) our animal spirits
387(6)
Passions within reason: the role of experience in curbing bubbles
393(5)
Concluding remarks
398(2)
Notes
400(3)
References 403(16)
Index 419
Ananish Chaudhuri is Professor of Experimental Economics at the University of Auckland. He has taught at Harvard Kennedy School, Wellesley College, Rutgers University and Washington State University.
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