The Psychology of Economic Decisions: Volume One: Rationality and Well-Being

Paperback | February 1, 2003

EditorIsabelle Brocas, Juan D. Carrillo

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Psychologists and economists often ask similar questions about human behaviour. This volume brings together contributions from leaders in both disciplines.The editorial introduction discusses methodological differences between the two which have until now limited the development of mutually beneficial lines of research. Psychologists have objected to what they see as an excessive formalism in economic modelling and an unrealistic degree ofsophistication in the behaviour of individuals, while economists criticize the absence of a general psychological framework into which most results can be fitted and the lack of welfare implications in their theories. The editors encourage scholars to exploit the strengths of each discipline - theability of psychologists to understand the feelings and motivation of individuals; and the experience of economists to develop normative frameworks.The editors then highlight the links between the contributions by grouping them according to central themes in the study of rationality and well-being:1. The causes and consequences of 'irrational behaviour';2. The role of anticipatory feelings and imperfect self-knowledge on decision-making; 3. The way in which memory of past events and cost of thinking affect current decisions;4. The interaction between anticipated and remembered utility and its effects on the welfare of individuals; 5. Experimental practice on how to perform controlled experiments to test hypotheses.This exciting volume provides an excellent point of entry for anyone interested in the interface between economics and psychology.

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Psychologists and economists often ask similar questions about human behaviour. This volume brings together contributions from leaders in both disciplines.The editorial introduction discusses methodological differences between the two which have until now limited the development of mutually beneficial lines of research. Psychologists h...

Isabelle Brocas is at the Department of Economics, Columbia University. She is also a research affiliate at CEPR, and co-editor of the Annals of the Marie Curie Fellows Association. Juan D. Carrillo is Associate Professor at Columbia University Graduate School of Business. He is also a research affiliate at CEPR, and Associate Editor ...
Format:PaperbackDimensions:354 pages, 9.21 × 6.14 × 0.74 inPublished:February 1, 2003Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199251088

ISBN - 13:9780199251087

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Table of Contents

Isabelle Brocas and Juan D. Carrillo: IntroductionPart I: The Causes and Consequences of 'Irrational' Conducts1. Roy F. Baumeister: The Psychology of Irrationality: Why people make foolish, self-defeating choices2. Kent Berridge: Irrational Pursuit: Hyper-incentives from a visceral brain3. Jonathan W. Schooler, Daniel Ariely, and George Loewenstein: The Pursuit and Assessment of Happiness May Be Self-DefeatingPart II: Imperfect Self-Knowledge and the Role of Information4. Andrew Caplin and John Leahy: Behavioral Policy5. Isabelle Brocas and Juan D. Carrillo: Information and Self-Control6. Ronit Bodner and Drazen Prelec: Self-Signaling and Diagnostic Utility in Everyday Decision-MakingPart III: Imperfect Memory and Limited Capacity to Process Information7. Itzhak Gilboa and Eva Gilboa-Schechtman: Mental Accounting and the Absentminded Driver8. Roland Benabou and Jean Tirole: Self-Knowledge and Self-Regulation: An economic approach9. Xavier Gabaix and David Laibson: A New Challenge for Economics: 'The frame problem'Part IV: Time and Utility10. Daniel Kahneman: Experienced Utility and Objective Happiness: A moment-based approach11. Timothy D. Wilson, Daniel Gilbert, and David B. Centerbar: Making Sense: The causes of emotional evanescence12. Yaacov Trope and Nira Liberman: Temporal Construal Theory of Time-Dependent PreferencesPart V: Experimental Practices in Psychology, Economics, and Finance13. Ralph Hertwig and Andreas Ortmann: Economists' and Psychologists' Experimental Practices: How they differ, why they differ, and how they could converge14. Denis Hilton: Psychology and the Financial Markets: Applications to understanding and remedying irrational decision-making15. Ernst Fehr and Jean-Robert Tyran: What Causes Nominal Inertia? Insights from experimental economics