Über die Autorin bzw. den Autor

Edited by Colin F. Camerer, George Loewenstein, & Matthew Rabin

Auszug. © Genehmigter Nachdruck. Alle Rechte vorbehalten.

Advances in Behavioral Economics

PRINCETON UNIVERSITY PRESS

Contents

LIST OF CONTRIBUTORS..........................................................................................................................................................xiPREFACE.......................................................................................................................................................................xxiACKNOWLEDGMENTS...............................................................................................................................................................xxvPART ONE: INTRODUCTION........................................................................................................................................................1CHAPTER ONE Behavioral Economics: Past, Present, Future Colin F. Camerer and George Loewenstein..............................................................................3PART TWO: BASIC TOPICS........................................................................................................................................................53CHAPTER TWO Experimental Tests of the Endowment Effect and the Coase Theorem Daniel Kahneman, Jack L. Knetsch, and Richard H. Thaler.........................................55CHAPTER THREE Mental Accounting Matters Richard H. Thaler....................................................................................................................75CHAPTER FOUR Developments in Nonexpected-Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk Chris Starmer................................................104CHAPTER FIVE Prospect Theory in the Wild: Evidence from the Field Colin F. Camerer...........................................................................................148CHAPTER SIX Time Discounting and Time Preference: A Critical Review Shane Frederick, George Loewenstein, and Ted O'Donoghue..................................................162CHAPTER SEVEN Doing It Now or Later Ted O'Donoghue and Matthew Rabin.........................................................................................................223CHAPTER EIGHT Fairness as a Constraint on Profit Seeking: Entitlements in the Market Daniel Kahneman, Jack L. Knetsch, and Richard H. Thaler.................................252CHAPTER NINE A Theory of Fairness, Competition, and Cooperation Ernst Fehr and Klaus M. Schmidt..............................................................................271CHAPTER TEN Incorporating Fairness into Game Theory and Economics Matthew Rabin..............................................................................................297CHAPTER ELEVEN Explaining Bargaining Impasse: The Role of Self-Serving Biases Linda Babcock and George Loewenstein...........................................................326CHAPTER TWELVE Theory and Experiment in the Analysis of Strategic Interaction Vincent P. Crawford............................................................................344CHAPTER THIRTEEN Behavioral Game Theory: Predicting Human Behavior in Strategic Situations Colin F. Camerer..................................................................374PART THREE: APPLICATIONS......................................................................................................................................................393CHAPTER FOURTEEN Mental Accounting, Saving, and Self-Control Hersh M. Shefrin and Richard H. Thaler..........................................................................395CHAPTER FIFTEEN Golden Eggs and Hyperbolic Discounting David Laibson.........................................................................................................429CHAPTER SIXTEEN The Fair Wage-Effort Hypothesis and Unemployment George A. Akerlof and Janet L. Yellen.......................................................................458CHAPTER SEVENTEEN Money Illusion Eldar Shafir, Peter Diamond, and Amos Tversky...............................................................................................483CHAPTER EIGHTEEN Fairness and Retaliation: The Economics of Reciprocity Ernst Fehr and Simon Gchter.........................................................................510CHAPTER NINETEEN Labor Supply of New York City Cab Drivers: One Day at a Time Colin F. Camerer, Linda Babcock, George Loewenstein, and Richard H. Thaler.....................533CHAPTER TWENTY Wages, Seniority, and the Demand for Rising Consumption Profiles Robert H. Frank and Robert M. Hutchens.......................................................548CHAPTER TWENTY-ONE Incentives, Punishment, and Behavior Uri Gneezy and Aldo Rustichini.......................................................................................572CHAPTER TWENTY-TWO Myopic Loss-Aversion and the Equity Premium Puzzle Shlomo Benartzi and Richard H. Thaler..................................................................590CHAPTER TWENTY-THREE Do Investors Trade Too Much? Terrance Odean.............................................................................................................606CHAPTER TWENTY-FOUR Loss-Aversion and Seller Behavior: Evidence from the Housing Market David Genesove and Christopher Mayer..................................................633PART FOUR: NEW FOUNDATIONS....................................................................................................................................................657CHAPTER TWENTY-FIVE Case-Based Decision Theory Itzhak Gilboa and David Schmeidler............................................................................................659CHAPTER TWENTY-SIX Out of Control: Visceral Influences on Behavior George Loewenstein........................................................................................689INDEX.........................................................................................................................................................................725

Chapter One

COLIN F. CAMERER AND GEORGE LOEWENSTEIN

Behavioral economics increases the explanatory power of economics by providing it with more realistic psychological foundations. This book consists of representative recent articles in behavioral economics. Chapter 1 is intended to provide an introduction to the approach and methods of behavioral economics, and to some of its major findings, applications, and promising new directions. It also seeks to fill some unavoidable gaps in the chapters' coverage of topics.

What Behavioral Economics Tries to Do

At the core of behavioral economics is the conviction that increasing the realism of the psychological underpinnings of economic analysis will improve the field of economics on its own terms-generating theoretical insights, making better predictions of field phenomena, and suggesting better policy. This conviction does not imply a wholesale rejection of the neoclassical approach to economics based on utility maximization, equilibrium, and efficiency. The neoclassical approach is useful because it provides economists with a theoretical framework that can be applied to almost any form of economic (and even noneconomic) behavior, and it makes refutable predictions. Many of these predictions are tested in the chapters of this book, and rejections of those predictions suggest new theories.

Most of the papers modify one or two assumptions in standard theory in the direction of greater psychological...