The Psychology of Economic Decisions: Volume Two: Reasons and Choices

Paperback | August 4, 2004

EditorIsabelle Brocas, Juan D. Carrillo

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Psychologists have a long tradition of studying human behavior, strengths and weaknesses, biases and limitations. Economists have constructed normative frameworks that capture the most important elements of human decision-making and developed powerful tools to determine individual andstrategic choices in a variety of situations. Only recently have their strengths been combined and economic models enriched with key ingredients found in psychological studies.This volume covers four of the most important themes in this interdisciplinary field: feelings, inconsistencies, limitations and biases. Each chapter contributes to a more comprehensive and accurate modelling and description of human behavior. Its four parts cover: the origins, formation, andevolution of beliefs; consistency, commitment, and intertemporal separability of dynamic choices; attention, preference formation, and risk evaluation in limited cognition; and affective behaviour, specifically the role of emotions in decision making.

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Psychologists have a long tradition of studying human behavior, strengths and weaknesses, biases and limitations. Economists have constructed normative frameworks that capture the most important elements of human decision-making and developed powerful tools to determine individual andstrategic choices in a variety of situations. Only r...

Isabelle Brocas is Assistant Professor at the University of Southern California, and Assistant Professor (on leave) at the Free University of Brussels. She is also a research affiliate at CEPR, a research advisor at EERC (Russia), and co-editor of the 'Annals of Marie Curie Fellows Association'. Juan D. Carrillo is Associate Professor...
Format:PaperbackDimensions:272 pages, 9.21 × 6.14 × 0.61 inPublished:August 4, 2004Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199257221

ISBN - 13:9780199257225

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Table of Contents

0. Isabelle Brocas and Juan D. Carrillo: IntroductionPART I. BELIEFS: ORIGINS, FORMATION, AND EVOLUTION1. Jon Elster: Costs and constraints in the economy of the mind2. Cade Massey and George Wu: Understanding under- and over-reaction3. Barbara Mellers and A. Peter McGraw: Self-serving beliefs and the pleasure of outcomesPART II. DYNAMIC CHOICES: CONSISTENCY, COMMITMENT AND INTERTEMPORAL SEPARABILITY4. Isabelle Brocas, Juan D. Carrillo and Mathias Dewatripont: Commitment devices under self-control problems: an overview5. Ignacio Palacios-Huerta: Consistent intertemporal decision making through memory and anticipation6. Robin Cubitt, Chris Starmer and Robert Sugden: Dynamic decisions under uncertainty: some recent evidence from economics and psychologyPART III. LIMITED COGNITION: ATTENTION, PREFERENCE FORMATION AND RISK EVALUATION7. Colin F. Camerer and Eric Johnson: Thinking about attention in games: backward and forward induction8. Dan Ariely, George Loewenstein and Drazen Prelec: Arbitrarily coherent preferences9. Elke U. Weber: Perception matters: psychophysics for economistsPART IV. AFFECTIVE BEHAVIOR: THE ROLE OF EMOTIONS IN DECISION-MAKING10. Thane S. Pittman and Orit E. Tykocinski: The dark-side of opportunity: regret, disappointment and the cost of prospects11. Ralph Erber, Maureen Wang Erber and Jennifer Poe: Mood regulation and decision-making: is irrational exuberance really a problem?12. Jonathan J. Koehler: Which chance was lost? The psychology of damage awards under the loss of chance doctrine