Behavioral economics

1581:. It complements "rationality as optimization", which views decision-making as a fully rational process of finding an optimal choice given the information available. Simon used the analogy of a pair of scissors, where one blade represents human cognitive limitations and the other the "structures of the environment", illustrating how minds compensate for limited resources by exploiting known structural regularity in the environment. Bounded rationality implicates the idea that humans take shortcuts that may lead to suboptimal decision-making. Behavioral economists engage in mapping the decision shortcuts that agents use in order to help increase the effectiveness of human decision-making. Bounded rationality finds that actors do not assess all available options appropriately, in order to save on search and deliberation costs. As such decisions are not always made in the sense of greatest self-reward as limited information is available. Instead agents shall choose to settle for an acceptable solution. One approach, adopted by 2692:

followed by an explicit exploration of its theoretical implications for Behavioral Economic theory, then illustrated via examples in several different industries including banking, hospitality, and transportation, in the 2014 paper "Uncertainty, Evolution, and Behavioral Economic Theory," by Manne and Zywicki. And the argument made in Becker's 1962 paper, that that a 'pure' increase in the (relative) price (or terms of trade) of good X must reduce the amount of X demanded in the market for good X, is explained in greater detail in chapters (or as he calls them, "Lectures" because this textbook is more or less a transcription of his lectures given in his Price Theory course taught to 1st year PhD students several years earlier) 4 (called The Opportunity Set) and 5 (called Substitution Effects) of Gary Becker's graduate level textbook Economic Theory, originally published in 1971.

1637:, that used cognitive psychology to explain various divergences of economic decision making from neo-classical theory. Kahneman and Tversky utilising prospect theory determined three generalisations; gains are treated differently than losses, outcomes received with certainty are overweighed relative to uncertain outcomes and the structure of the problem may affect choices. These arguments were supported in part by altering a survey question so that it was no longer a case of achieving gains but averting losses and the majority of respondents altered their answers accordingly. In essence proving that emotions such as fear of loss, or greed can alter decisions, indicating the presence of an irrational decision-making process. Prospect theory has two stages: an editing stage and an evaluation stage. In the editing stage, risky situations are simplified using various 2184:(EMH). Modern portfolio theory is based on a stock or portfolio's expected return, standard deviation, and its correlation with the other assets held within the portfolio. With these three concepts, an efficient portfolio can be created for any group of assets. An efficient portfolio is a group of assets that has the maximum expected return given the amount of risk. The efficient-market hypothesis states that all public information is already reflected in a security's price. The proponents of the traditional theories believe that "investors should just own the entire market rather than attempting to outperform the market". Behavioral finance has emerged as an alternative to these theories of traditional finance and the behavioral aspects of psychology and sociology are integral catalysts within this field of study. 1620: 1207: 53: 1554: 12326: 9649: 2051:. It is the belief that an event that has occurred often in the past is less likely to occur in the future, despite the probability remaining constant. For example, if a coin had been flipped three times and turned up heads every single time, a person influenced by the gambler's fallacy would predict that the next one ought to be tails because of the abnormal number of heads flipped in the past, even though the probability of a heads occurring is still 50%. 12352: 12339: 2214:

sociology to the field of finance. The foundation of behavioral finance is an area based on an interdisciplinary approach including scholars from the social sciences and business schools. From the liberal arts perspective, this includes the fields of psychology, sociology, anthropology, economics and behavioral economics. On the business administration side, this covers areas such as management, marketing, finance, technology and accounting.

880: 2947:. Behavioral economics emerged to account for these anomalies by integrating social, cognitive, and emotional factors in understanding economic decisions. Neuroeconomics adds another layer by using neuroscientific methods in understanding the interplay between economic behavior and neural mechanisms. By using tools from various fields, some scholars claim that neuroeconomics offers a more integrative way of understanding decision making. 2280:. (One characteristic of overreaction is that average returns following announcements of good news is lower than following bad news. In other words, overreaction occurs if the market reacts too strongly or for too long to news, thus requiring an adjustment in the opposite direction. As a result, outperforming assets in one period is likely to underperform in the following period. This also applies to customers' irrational purchasing 2249:(both practical and psychological) and that the equity premium should reduce as electronic resources open up the stock market to more traders. In response, others contend that most personal investment funds are managed through superannuation funds, minimizing the effect of these putative entry barriers. In addition, professional investors and fund managers seem to hold more bonds than one would expect given return differentials. 9638: 868: 1711:

which is a decision-making process that undertakes shortcuts, and rules of thumb to provide an immediate but often irrational and imperfect solution. Kahneman proposed that the result of the shortcuts is the occurrence of a number of biases such as hindsight bias, confirmation bias and outcome bias among others. A key example of fast thinking and the resultant irrational decisions is the 2008 financial crisis.

2527:'s Center for Health Incentives & Behavioral Economics (CHIBE) looks at how behavioral economics can improve health outcomes. CHIBE researchers have found evidence that many behavioral economics principles (incentives, patient and clinician nudges, gamification, loss aversion, and more) can be helpful to encourage vaccine uptake, smoking cessation, medication adherence, and physical activity, for example. 2684:, stochastic processes, probability theory, and several other lines of reasoning to justify many of the results derived from standard supply analysis assuming firms which maximizing their profits, are certain about the future, and have accurate foresight without having to assume any of those things. Becker's 1962 paper shows that downward sloping market demand curves (the most important implication of 2840:, test the validity of economic theories, and illuminate market mechanisms. Economic experiments usually use cash to motivate subjects, in order to mimic real-world incentives. Experiments are used to help understand how and why markets and other exchange systems function as they do. Experimental economics have also expanded to understand institutions and the law (experimental law and economics). 2241:" equilibrium. It is observed that, the problem with the general area of behavioral finance is that it only serves as a complement to general economics. Similarly, for an anomaly to violate market efficiency, an investor must be able to trade against it and earn abnormal profits; this is not the case for many anomalies. A specific example of this criticism appears in some explanations of the 1607:. Sunstein and Thaler recommend that choice architectures are modified in light of human agents' bounded rationality. A widely cited proposal from Sunstein and Thaler urges that healthier food be placed at sight level in order to increase the likelihood that a person will opt for that choice instead of less healthy option. Some critics of 2163:

It also includes the subsequent effects on the markets. Behavioral Finance attempts to explain the reasoning patterns of investors and measures the influential power of these patterns on the investor's decision making. The central issue in behavioral finance is explaining why market participants make

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Whereas satisficing and directed cognition compare choices, elimination by aspects compares certain qualities. A person using the elimination by aspects heuristic first chooses the quality that they value most in what they are searching for and sets an aspiration level. This may be repeated to refine

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Kahneman delved into two forms of thought, fast thinking which he considered "operates automatically and quickly, with little or no effort and no sense of voluntary control". Conversely, slow thinking is the allocation of cognitive ability, choice and concentration. Fast thinking utilises heuristics,

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in the ancestral environment, but not necessarily in the current one. Thus, when living at subsistence level where a reduction of resources may result in death, it may have been rational to place a greater value on preventing losses than on obtaining gains. It may also explain behavioral differences

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The status of behavioral economics as a subfield of economics is a fairly recent development; the breakthroughs that laid the foundation for it were published through the last three decades of the 20th century. Behavioral economics is still growing as a field, being used increasingly in research and

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making the case in favor of nudging against charges that nudges diminish autonomy, threaten dignity, violate liberties, or reduce welfare. Ethicists have debated this rigorously. These charges have been made by various participants in the debate from Bovens to Goodwin. Wilkinson for example charges

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that alters people's behavior in a predictable way without forbidding any options or significantly changing their economic incentives. To count as a mere nudge, the intervention must be easy and cheap to avoid. Nudges are not mandates. Putting fruit at eye level counts as a nudge. Banning junk food

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conducted an investigation into the proliferation of behavioral economics. Geiger's research looked at studies that had quantified the frequency of references to terms specific to behavioral economics, and how often influential papers in behavioral economics were cited in journals on economics. The

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of economic agents. A fundamental critique is provided by Maialeh (2019) who argues that no behavioral research can establish an economic theory. Examples provided on this account include pillars of behavioral economics such as satisficing behavior or prospect theory, which are confronted from the

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was the youngest of the chosen MacArthur Fellows in 2002, receiving a fellowship grant of $ 500,000 in 2003. Mullainathan was praised by the MacArthur Foundation as working on economics and psychology as an aggregate. Mullainathan's research focused on the salaries of executives on Wall Street; he

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assumes that agents derive utility from adopting personal and social norms in addition to conditional expected utility. According to Aggarwal, in addition to behavioral deviations from rational equilibrium, markets are also likely to suffer from lagged responses, search costs, externalities of the

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Directed cognition is a search heuristic in which a person treats each opportunity to research information as their last. Rather than a contingent plan that indicates what will be done based on the results of each search, directed cognition considers only if one more search should be conducted and

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To boost the ability of economics to predict accurately, economists started looking to tangible phenomena rather than theories based on human psychology. Psychology was seen as unreliable to many of these economists as it was a new field, not regarded as sufficiently scientific. Though a number of

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reflects the human tendency to want rewards sooner. It describes people who are more likely to forego a greater payoff in the future in favour of receiving a smaller benefit sooner. An example of this is a smoker who is trying to quit. Although they know that in the future they will suffer health

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describes when people have a mental reference point with which they compare results to. For example, a person who anticipates that the weather on a particular day would be raining, but finds that on the day it is actually clear blue skies, would gain more utility from the pleasant weather because

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Behavioral economics aims to improve or overhaul traditional economic theory by studying failures in its assumptions that people are rational and selfish. Specifically, it studies the biases, tendencies and heuristics of people's economic decisions. It aids in determining whether people make good

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Nudging techniques aim to capitalise on the judgemental heuristics of people. In other words, a nudge alters the environment so that when heuristic, or System 1, decision-making is used, the resulting choice will be the most positive or desired outcome. An example of such a nudge is switching the

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The lines of reasoning and argumentation used in these two papers is re-expressed and expanded upon in (at least) one other professional economic publication for each of them. As for Alchian's evolutionary economics via natural selection by way of environmental adoption thesis, it is summarized,

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were awarded the Nobel Memorial Prize in Economic Sciences. Kahneman was awarded the prize "for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty", while Smith was awarded the prize "for having

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refers to the tendency to place greater weight on losses compared to equivalent gains. In other words, this means that when an individual receives a loss, this will cause their utility to decline more so than the same-sized gain. This means that they are far more likely to try to assign a higher

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The hot hand fallacy is the opposite of the gambler's fallacy. It is the belief that an event that has occurred often in the past is more likely to occur again in the future such that the streak will continue. This fallacy is particularly common within sports. For example, if a football team has

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discuss the significance of Gary Becker's 1962 paper cited in the first paragraph in this section as an argument against any implications which can be drawn from one shot psychological experiments on market level outcomes outside of laboratory settings, i.e. in the real world. Others argue that

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was awarded the Nobel Memorial Prize in Economic Sciences for "his contributions to behavioral economics and his pioneering work in establishing that people are predictably irrational in ways that defy economic theory." Thaler was especially recognized for presenting inconsistencies in standard

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was one of the first to apply the field of psychology directly to the stock market. This classic discusses the emotional and psychological forces at work on investors and traders in the financial markets. These three works along with several others form the foundation of applying psychology and

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is the idea that there is some minimum requirement from the search and once that has been met, stop searching. After satisficing, a person may not have the most optimal option (i.e. the one with the highest utility), but would have a "good enough" one. This heuristic may be problematic if the

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A further argument of Behavioural Economics relates to the impact of the individual's cognitive limitations as a factor in limiting the rationality of people's decisions. Sloan first argued this in his paper 'Bounded Rationality' where he stated that our cognitive limitations are somewhat the

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According to some researchers, when studying the mechanisms that form the basis of decision-making, especially financial decision-making, it is necessary to recognize that most decisions are made under stress because, "Stress is the nonspecific body response to any demands presented to it."

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dismisses these criticisms, countering that consistent results typically are obtained in multiple situations and geographies and can produce good theoretical insight. Behavioral economists, however, responded to these criticisms by focusing on field studies rather than lab experiments. Some

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priority on avoiding losses than making investment gains. As a result, some investors might want a higher payout to compensate for losses. If the high payout is not likely, they might try to avoid losses altogether even if the investment's risk is acceptable from a rational standpoint.

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and Evan Hurwitz in their book, studied the utility of behavioral economics in such situations and concluded that these intelligent machines reduce the impact of bounded rational decision making. In particular, they observed that these intelligent machines reduce the degree of

2765:, strategic behavior and lack of incentive compatibility. Some researchers point out that participants of experiments conducted by behavioral economists are not representative enough and drawing broad conclusions on the basis of such experiments is not possible. An acronym 2556:"for his pioneering research into the decision-making process within economic organizations". Simon earned his Bachelor of Arts and his Ph.D. in Political Science from the University of Chicago before going on to teach at Carnegie Tech. Herbert was praised for his work on 2637:

received the "genius" award from the MarArthur Foundation in 2000. The American Economic Association chose Rabin as the recipient of the 2001 John Bates Clark medal. Rabin's awards were given to him primarily on the basis of his work on fairness and reciprocity, and on

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There was also a fear among economists that the involvement of psychology in shaping economic models was inordinate and a departure from accepted principles. They feared that an increased emphasis on psychology would undermine the mathematic components of the field.

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began to compare their cognitive models of decision-making under risk and uncertainty to economic models of rational behavior. These developments spurred economists to reconsider how psychology could be applied to economic models and theories. Concurrently, the

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theories, which saw pursuance of maximum benefit as an essential aspect in understanding human economic behavior. Hedonic analysis had shown little success in predicting human behavior, leading many to question its viability as a reliable source for prediction.

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refers to the propensity to allocate resources for specific purposes. Mental accounting is a behavioral bias that causes one to separate money into different categories known as mental accounts either based on the source or the intention of the money.

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neoclassical perspective of utility maximization and expected utility theory respectively. The author shows that behavioral findings are hardly generalizable and that they do not disprove typical mainstream axioms related to rational behavior.

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is the belief that of a particular outcome is more probably simply because it had just occurred. For example, if the previous one or two flips were heads, a person affected by recency bias would continue to predict that heads would be flipped.

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Familiarity bias simply describes the tendency of people to return to what they know and are comfortable with. Familiarity bias discourages affected people from exploring new options and may limit their ability to find an optimal solution.

1676:. The new theory eliminated the editing phase in prospect theory and focused just on the evaluation phase. Its main feature was that it allowed for non-linear probability weighting in a cumulative manner, which was originally suggested in 2035:

consequences, the immediate gain from the nicotine hit is more favourable to a person affected by present bias. Present bias is commonly split into people who are aware of their present bias (sophisticated) and those who are not (naive).

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of searching for information. While each heuristic is not wholistic in its explanation of the search process alone, a combination of these heuristics may be used in the decision-making process. There are three primary search heuristics.

1648:: When evaluating outcomes, the decision maker considers a "reference level". Outcomes are then compared to the reference point and classified as "gains" if greater than the reference point and "losses" if less than the reference point. 1654:: Losses are avoided more than equivalent gains are sought. In their 1992 paper, Kahneman and Tversky found the median coefficient of loss aversion to be about 2.25, i.e., losses hurt about 2.25 times more than equivalent gains reward. 1901:

There exists an anticipation and, simultaneously, implicit criticism of the nudge theory in works of Hungarian social psychologists who emphasize the active participation in the nudge of its target (Ferenc Merei and Laszlo Garai).

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People tend to choose differently depending on how the options are presented to them. People tend to have little control over their susceptibility to the framing effect, as often their choice-making process is based on intuition.

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The foundations of behavioral finance can be traced back over 150 years. Several original books written in the 1800s and early 1900s marked the beginning of the behavioral finance school. Originally published in 1841, MacKay's

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models began to gain acceptance. In challenging the accuracy of generic utility, these concepts established a practice foundational in behavioral economics: Building on standard models by applying psychological knowledge.

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within economics, models of study dependent on psychological insights became rare. Economists instead conceptualized humans as purely rational and self-interested decision makers, illustrated in the concept of

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than females. While unsuccessful risk-seeking may limit reproductive success for both sexes, males may potentially increase their reproductive success from successful risk-seeking much more than females can.

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the search. i.e. identify the second most valued quality and set an aspiration level. Using this heuristic, options will be eliminated as they fail to meet the minimum requirements of the chosen qualities.

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by James Wilk before 1995 and described by Brunel University academic D. J. Stewart as "the art of the nudge" (sometimes referred to as micronudges). It also drew on methodological influences from clinical

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Despite a great deal of rhetoric, no unified behavioral theory has yet been espoused: behavioral economists have proposed no alternative unified theory of their own to replace neoclassical economics with.

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and behavioral economics, but prominent behavioral and experimental economists tend to share techniques and approaches in answering common questions. For example, behavioral economists are investigating

2715:, not generalized economic behavior, and are only applicable to the sort of once-off decision problems presented to experiment participants or survey respondents. It is noteworthy that in the episode of 2688:) do not actually require an assumption that the consumers in that market are rational, as is claimed by behavioral economists and they also follow from a wide variety of irrational behavior as well. 2728:, that have been widely accepted by behavioral economists may be erroneously established as a consequence of poor experimental design practices that do not adequately control subject misconceptions. 1797:

brought nudge theory to prominence. It also gained a following among US and UK politicians, in the private sector and in public health. The authors refer to influencing behavior without coercion as

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consistently won the last few games they have participated in, then it is often said that they are 'on form' and thus, it is expected that the football team will maintain their winning streak.

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presents a chronological timeline of the various panics and schemes throughout history. This work shows how group behavior applies to the financial markets of today. Le Bon's important work,

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Behavioral economics proposes search heuristics as an aid for evaluating options. It is motivated by the fact that it is costly to gain information about options and it aims to maximise the

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Non-linear probability weighting: Decision makers overweigh small probabilities and underweigh large probabilities—this gives rise to the inverse-S shaped "probability weighting function".

2160:. For example, behavioral law and economics scholars studying the growth of financial firms' technological capabilities have attributed decision science to irrational consumer decisions. 6134: 2793:

The epistemological, ontological, and methodological components of behavioral economics are increasingly debated, in particular by historians of economics and economic methodologists.

2475:, and calculates the probabilities of external events and hence their utility as a function of their own action, even when they have no causal ability to affect those external events. 2395:

The use of AI machines in the market in applications such as online trading and decision making has changed major economic theories. Other theories where AI has had impact include in

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and Fisch, and Bill O'Hanlon. In this variant, the nudge is a microtargeted design geared towards a specific group of people, irrespective of the scale of intended intervention.

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Narrative fallacy refers to when people use narratives to connect the dots between random events to make sense of arbitrary information. The term stems from Nassim Taleb's book

5992: 5765: 1876:) justice; Lepenies & Malecka have questioned whether nudges are compatible with the rule of law. Similarly, legal scholars have discussed the role of nudges and the law. 1815:

placement of junk food in a store, so that fruit and other healthy options are located next to the cash register, while junk food is relocated to another part of the store.

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Neuroeconomics studies decision making by using a combination of tools from these fields so as to avoid the shortcomings that arise from a single-perspective approach. In

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A rejection and elimination of psychology from economics in the early 1900s brought on a period defined by a reliance on empiricism. There was a lack of confidence in

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MÉREI, Ferenc (1987). "A perem-helyzet egyik változata: a szociálpszichológiai kontúr" [A variant of the edge-position: the contour social psychological].

7666: 4488: 4009: 1593:, was to view firms as coalitions of groups whose targets were based on satisficing rather than optimizing behaviour. Another treatment of this idea comes from 8673: 7612: 7290:"The Willingness to Pay-Willingness to Accept Gap, the 'Endowment Effect,' Subject Misconceptions, and Experimental Procedures for Eliciting Valuations: Reply" 7686: 3400: 10482: 2753:

Traditional economists are skeptical of the experimental and survey-based techniques that behavioral economics uses extensively. Economists typically stress

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Much of the decisions are more and more made either by human beings with the assistance of artificial intelligent machines or wholly made by these machines.

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Early classical economists included psychological reasoning in much of their writing, though psychology at the time was not a recognized field of study. In

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describes the tendency of people to keep things as they are. It is a particular aversion to change in favor of remaining comfortable with what is known.

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perspective states that many of the perceived limitations in rational choice can be explained as being rational in the context of maximizing biological

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has been coined in order to describe the studies participants—as those who come from Western, Educated, Industrialized, Rich, and Democratic societies.

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quantitative study found that there was a significant spread in behavioral economics after Kahneman and Tversky's work in the 1990s and into the 2000s.

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Taken together, two landmark papers in economic theory which were published before the field of Behavioral Economics emerged, the first is the paper "

11022: 2892:, the ability to process multiple alternatives and to follow a course of action. It studies how economic behavior can shape our understanding of the 6014: 2136:, a theory that people value things more if they own them - they require more to give up an object than they would be willing to pay to acquire it. 7893: 1660:

Diminishing sensitivity to gains and losses: As the size of the gains and losses relative to the reference point increase in absolute value, the

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Maialeh, Robin (2019). "Generalization of results and neoclassical rationality: unresolved controversies of behavioural economics methodology".

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This is a relatively simple bias that reflects the tendency of people to mimic what everyone else is doing and follow the general consensus.

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Behavioral economics began as a distinct field of study in the 1970s and 1980s, but can be traced back to 18th-century economists, such as

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Yesudian, R. I.; Yesudian, P. D. (November 27, 2020). "Case reports and narrative fallacies: the enigma of black swans in dermatology".

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established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms."

1856:(HSE) and human resources. Regarding its application to HSE, one of the primary goals of nudge is to achieve a "zero accident culture". 7563: 5323:

O'Donoghue, Ted, and Matthew Rabin. 2015. "Present Bias: Lessons Learned and to Be Learned." American Economic Review, 105 (5): 273-79.

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Lepenies, Robert; Małecka, Magdalena (September 1, 2015). "The Institutional Consequences of Nudging – Nudges, Politics, and the Law".

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psychology. As research into decision-making behavior becomes increasingly computational, it has also incorporated new approaches from

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people behave the way they do. Understanding why behavior occurs is necessary for the creation of generalizable knowledge, the goal of

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Schubert, Christian (October 12, 2015). On the Ethics of Public Nudging: Autonomy and Agency (unpublished manuscript). Rochester, NY.

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The accepted theories of finance are referred to as traditional finance. The foundation of traditional finance is associated with the

11898: 10475: 9519: 5569: 2553: 2209:) and group behavior as they apply to the fields of behavioral finance, social psychology, sociology and history. Selden's 1912 book 8926: 6874: 5769: 5357:

Croson, R., Sundali, J. The Gambler's Fallacy and the Hot Hand: Empirical Data from Casinos. J Risk Uncertainty 30, 195–209 (2005).

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algorithms in order to generate the content and conditional rules (counterfactuals) that capture customer's behaviors and beliefs."

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proposed by Alchourrón, Gärdenfors, and Makinson—the formalization of the concepts of beliefs and change for rational entities—in a

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Thaler's model of price reactions to information, with three phases (underreaction, adjustment, and overreaction), creating a price

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While heuristics are tactics or mental shortcuts to aid in the decision-making process, people are also affected by a number of

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Other branches of behavioral economics enrich the model of the utility function without implying inconsistency in preferences.

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contrary to assumption of rational market participants. Such errors affect prices and returns, creating market inefficiencies.

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The resurgence of psychology within economics, which facilitated the expansion of behavioral economics, has been linked to the

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of groups or individuals—in other words, it's "a way to manipulate people's choices to lead them to make specific decisions".

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choices and whether they could be helped to make better choices. It can be applied both before and after a decision is made.

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Applications of behavioral economics also exist in other disciplines, for example in the area of supply chain management.

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Wilk, J. (1999), "Mind, Nature and the Emerging Science of Change: An Introduction to Metamorphology", in G. Cornelis;

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Applications for behavioral economics include the modeling of the consumer decision-making process for applications in

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Behavioral economists such as Bob Sugden have pointed out that the underlying normative benchmark of nudging is still

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Citation Frequency in Economic Journals for Kahneman and Tversky's Studies on Behavioral Economics by 5-Year Periods

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are distinct from social biases; the former can be averaged out by the market, while the other can create positive

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Tversky, Amos; Kahneman, Daniel (1992). "Advances in Prospect Theory: Cumulative Representation of Uncertaintly".

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is the tendency to prefer information consistent with one's beliefs and discount evidence inconsistent with them.

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Aggarwal, Raj (2014). "Animal Spirits in Financial Economics: A Review of Deviations from Economic Rationality".

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as a product of psychology. Other economists who incorporated psychological explanations in their works included

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Hansen, Kristian Bondo; Presskorn-Thygesen, Thomas (July 2022). "On Some Antecedents of Behavioural Economics".

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and the effects of limited attention are now part of the theory. Other developments include a conference at the

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have lodged attacks that modifying choice architectures will lead to people becoming worse decision-makers.

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is limited by the tractability of the decision problem, their cognitive limitations and the time available.

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has argued that many of these issues stem from behavioral economics being too concerned with understanding

2676: 2023:. Behavioral economics identifies a number of these biases that negatively affect decision making such as: 1834: 9916: 12384: 12357: 11923: 11158: 10944: 10859: 10832: 10719: 10650: 10573: 10491: 9873: 9858: 9504: 9456: 9144: 6557: 6403: 6034: 3353: 2932: 2695:

Besides the three critical aforementioned articles, critics of behavioral economics typically stress the

2615: 2358: 2294: 2181: 1312: 1100: 852: 72: 62: 8961: 7564:"The Economist as Engineer: Game Theory, Experimentation, and Computation as Tools for Design Economics" 11818: 11688: 11668: 11447: 11192: 10864: 10852: 10114: 9838: 9166: 9154: 9149: 9139: 8829: 8097: 4563:"Motivating sustainable food choices: the role of nudges, value orientation, and information provision" 3328: 2524: 2468:

commons, and other frictions making it difficult to disentangle behavioral effects in market behavior.

1986: 1891: 1673: 1121: 1095: 896: 846: 376: 366: 8723:

Sent, E.M. (2004). "Behavioral economics: How psychology made its (limited) way back into economics".

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Sent, E.M. (2004). "Behavioral economics: How psychology made its (limited) way back into economics".

1818:

In 2008, the United States appointed Sunstein, who helped develop the theory, as administrator of the

12238: 12209: 12096: 12010: 11918: 11893: 11718: 11683: 11459: 9979: 9584: 9109: 9060: 8439: 6245: 5861: 3111: 2944: 2345:. Experiments include testing deviations from typical simplifications of economic theory such as the 1872:

Some, such as Hausman & Welch have inquired whether nudging should be permissible on grounds of (

1826: 1706:

further expanded upon the effect cognitive ability and processes have on decision making in his book

1012: 256: 8476: 6711: 6301: 6099: 5934:; Ho, Teck-Hua (March 1994). "Violations of the betweenness axiom and nonlinearity in probability". 12404: 12131: 12015: 11888: 11708: 11641: 11503: 11476: 11331: 11106: 11069: 10869: 10786: 10724: 10505: 10449: 9250: 9119: 6514:

Shafir E, Tversky A (1992). "Thinking through uncertainty: nonconsequential reasoning and choice".

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Ainslie, G. (1975). "Specious Reward: A Behavioral /Theory of Impulsiveness and Impulse Control".

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and that these anomalies are either quickly priced out of the market or explained by appealing to

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Kemmerer, Alexandra; Möllers, Christoph; Steinbeis, Maximilian; Wagner, Gerhard (July 15, 2016).

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between groups, such as males being less risk-averse than females since males have more variable

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aspiration level is set at such a level that no products exist that could meet the requirements.

1869:

nudges for being manipulative, while others such as Yeung question their scientific credibility.

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consequence of our limited ability to foresee the future, hampering the rationality of decision.

1335: 1323: 1194:, who deliberated how the economic behavior of individuals could be influenced by their desires. 1080: 528: 336: 326: 286: 276: 183: 106: 8763: 7617:"Punishment despite reasonable doubt—a public goods experiment with sanctions under uncertainty" 6183:. New York, New York Princeton, New Jersey: Russell Sage Foundation Princeton University Press. 6047: 12394: 12253: 12248: 12223: 12171: 12166: 12006: 11998: 11989: 11984: 11953: 11845: 11631: 11568: 11321: 11240: 10774: 10744: 10712: 10655: 10565: 10419: 10217: 9843: 9763: 9678: 9569: 9529: 9524: 9306: 9277: 9134: 9056: 8956: 8471: 8234: 6825: 6779: 6408: 6341:. Handbook of Game Theory with Economic Applications. Vol. 3. Elsevier. pp. 2327–51. 6296: 6240: 6094: 2962: 2939:

are still being used. Many economic behaviors are not fully explained by these models, such as

2901: 2811: 2782: 2681: 2619: 2484: 2412: 2326: 2316: 2277: 1741: 698: 543: 281: 221: 178: 125: 8857: 8591: 7982: 6337:(2002). "Chapter 62 Game theory and experimental gaming". In Aumann and, R.; Hart, S. (eds.). 5087: 4785: 4197: 3488: 2654:

also has looked at the implications of racial discrimination in markets in the United States.

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Levallois, Clement; Clithero, John A.; Wouters, Paul; Smidts, Ale; Huettel, Scott A. (2012).

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from 1950 and the second is the paper "Irrational Behavior and Economic Theory" from 1962 by

2451:. This work is particularly applicable to wage setting. The work on "intrinsic motivation by 2400: 2389: 2299: 2242: 2226: 1689: 1681: 1232:

Adam Smith wrote on concepts later popularized by modern Behavioral Economic theory, such as

1114: 832: 513: 488: 473: 331: 271: 251: 246: 7586: 4754: 3066: 1326:

reflects a longstanding interest in preference transitivity and the measurement of utility.

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Belief Systems, Religion, and Behavioral Economics: Marketing in Multicultural Environments

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Metcalfe, R; Dolan, P (2012). "Behavioural economics and its implications for transport".

7941: 7378: 6661:"The human factor in SCM: Introducing a meta-theory of behavioral supply chain management" 2478:

Behavioral economics caught on among the general public with the success of books such as

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began to shed more light on the brain as an information processing device (in contrast to

8: 12300: 12065: 11850: 11768: 11309: 11253: 11180: 10969: 10764: 10697: 10667: 10593: 10588: 10555: 10388: 10298: 10293: 10283: 10273: 10197: 10094: 9896: 9778: 9773: 9579: 9406: 9255: 9198: 9041: 8901: 8699: 7320: 7289: 7266: 3348: 3190: 2913: 2885: 2754: 2557: 2472: 2444: 2408: 2269: 1845: 1806: 1619: 1564: 1164: 1157: 1085: 809: 618: 440: 381: 306: 296: 266: 193: 101: 10237: 10169: 9828: 6370:

Plott, Charles R.; Smith, Vernon l (2002). "45–66". In Aumann and, R.; Hart, S. (eds.).

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and the influencers as choice architects. Thaler and Sunstein defined their concept as:

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Hausman, Daniel M.; Welch, Brynn (March 1, 2010). "Debate: To Nudge or Not to Nudge*".

4906: 4863: 4582: 4306: 4297: 4185: 4119: 3899: 3861: 3820: 3747: 3691: 3430: 3383: 3373: 3363: 3180: 3076: 2863: 2362: 2149: 1729: 1316: 1184: 837: 793: 598: 435: 430: 410: 361: 301: 291: 236: 231: 203: 198: 168: 36: 8782: 8085: 6379: 6372:

Game Theory and Experimental Gaming#Handbook of Game Theory with Economic Applications

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Dufwenberg, Martin; Kirchsteiger, Georg (2004). "A Theory of Sequential reciprocity".

1577:

proposed bounded rationality as an alternative basis for the mathematical modeling of

1156:

of individuals or institutions, and how these decisions deviate from those implied by

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Choice Architecture in Democracies: Exploring the Legitimacy of Nudging - Preface

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Boyd, Richard (Summer 2020). "The Early Modern Origins of Behavioral Economics".

3654:"Behavioral Economics: How Psychology Made Its (Limited) Way Back into Economics" 3550: 3269: 3264: 3215: 3200: 3165: 3106: 3096: 3031: 3001: 2936: 2889: 2712: 2708: 2611: 2573: 2569: 2456: 2396: 2369:. As a research program, the subject is a development of the last three decades. 2288: 2265: 2261: 2126: 1966:

and other cognitive effects that affect people's decision making. These include:

1962:

Besides searching, behavioral economists and psychologists have identified other

1773: 1769: 1765: 1749: 1703: 1632: 1623: 1578: 1307: 1283: 1253: 1153: 1037: 979: 950: 872: 783: 748: 713: 648: 573: 558: 445: 420: 415: 391: 163: 158: 9788: 8565:

Utility of Gains and Losses: Measurement-theoretical and Experimental Approaches

8542:

Private Truths, Public Lies: The Social Consequences of Preference Falsification

8340: 8331:(December 1, 2016). "Identity Economics: "An Alternative Economic Psychology"". 7840:

Paul H. Rubin and C. Monica Capra. The evolutionary psychology of economics. In

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Grafstein R (1995). "Rationality as Conditional Expected Utility Maximization".

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Practitioners of the discipline have studied quasi-public policy topics such as

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Proceedings of the National Academy of Sciences of the United States of America

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Lin, Tom C. W. (April 16, 2012). "A Behavioral Framework for Securities Risk".

3445: 3388: 3378: 3368: 3284: 3210: 3185: 3121: 3041: 3006: 2996: 2879: 2787: 2758: 2742:

behavior deviates from standard economic models rather than with understanding

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Cunningham, Lawrence A. (2002). "Behavioral Finance and Investor Governance".

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in the market, improve decision making and thus making markets more rational.

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A History of Behavioural Finance / Economics in Published Research: 1944–1988

8889: 8669: 8417: 8213: 7776: 7559: 7405: 7336: 7106: 7089: 7071: 7046: 7023: 6990: 6803: 6756: 6334: 6208: 6174: 6010: 5931: 5909: 5836: 5819: 5128: 5064: 5015: 4980: 4945: 4902: 4826: 4679: 4578: 4293: 4213:"Free to Err?: Behavioral Law and Economics and its Implications for Liberty" 4158: 3977: 3968: 3743: 3687: 3338: 3289: 3279: 3220: 3205: 3195: 3155: 3116: 3091: 3061: 3021: 2833: 2777: 2762: 2685: 2667: 2634: 2354: 2322: 2234: 2082: 1841:

is the world's first behavioral design team embedded within a health system.

1788: 1777: 1761: 1755:

The first formulation of the term and associated principles was developed in

1651: 1594: 1553: 1257: 1233: 955: 768: 758: 733: 673: 668: 663: 643: 633: 603: 593: 498: 401: 8258: 7582: 7248:"EconTalk: Nassim Nicholas Taleb on Rationality, Risk, and Skin in the Game" 7120: 6609: 5862:"U.S. Equity Market Structure: Making Our Markets Work Better for Investors" 5818:

Woo, Kai-Yin; Mai, Chulin; McAleer, Michael; Wong, Wing-Keung (March 2020).

5722:"Harry Markowitz's Modern Portfolio Theory [The Efficient Frontier]" 5596:"Limited attention and status quo bias. Journal of Economic Theory pp93-127" 5358: 4621: 3856: 3839: 52: 12075: 11376: 11353: 10600: 10545: 10353: 10343: 10187: 10159: 10134: 9999: 9926: 9901: 9798: 9509: 9341: 9336: 9070: 8905: 8845: 8459: 8328: 7827: 7784: 7503: 7413: 7305: 6811: 5416: 5337:(Third ed.). Abingdon, Oxon: Taylor & Francis Group. p. 216. 4630: 4513: 4138: 3995: 3415: 3309: 3304: 3294: 3254: 3249: 3141: 3131: 3086: 3071: 2897: 2720: 2704: 2639: 2513: 2094: 2031: 1793: 1720: 1677: 1603: 1303: 1176: 1065: 960: 931: 884: 798: 743: 638: 628: 623: 548: 96: 11000: 9663: 8540: 8519:

Technical Analysis: The Complete Resource for Financial Market Technicians

8036: 6535: 5172:"A nudge in the right direction? How we can harness behavioural economics" 5055: 5038: 3653: 3509: 1825:

Notable applications of nudge theory include the formation of the British

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J. DiNardo, 2008. "natural experiments and quasi-natural experiments,"

6981: 6964: 6668:

International Journal of Physical Distribution & Logistics Management

6254: 6030: 5208:

Garai, Laszlo (2017). "The Double-Storied Structure of Social Identity".

4435: 4181: 3450: 3299: 3274: 3136: 2921: 2837: 2825: 2821: 2790:, which is entirely experimental and has not been verified in the field. 2696: 2671: 2614:

focused on behavioral finance and made observations on the limits of the

2448: 2404: 2334: 2330: 1932: 1756: 1568: 1299: 1241: 1168: 1075: 994: 773: 763: 553: 188: 8205: 7267:"Against Endowment Theory: Experimental Economics and Legal Scholarship" 7037:

Pais, Arthur J. (2002). "Economist Mullainathan is MacArthus 'Genius'".

6634: 6262: 5846: 5620: 3735: 2512:

to create a "machine learning and deduction engine that uses the latest

12161: 12156: 11873: 11608: 11148: 10805: 10707: 10540: 10044: 10029: 9959: 9294: 9046: 8493: 8359: 8176: 8149: 7987:

Scientific Method: How science works, fails to work or pretends to work

7012:

Uchitelle, Louis (2001). "Economist Is Honored For Use Of Psychology".

6998: 6500: 5947: 4602:"Nudging healthy food choices: a field experiment at the train station" 4285: 3425: 3314: 3239: 3056: 3046: 3026: 2940: 2817: 2479: 2452: 2432: 2428: 2238: 2145: 1963: 1277: 1210: 1191: 1145: 683: 483: 8745: 7484: 5408: 5039:"Nudging legally: On the checks and balances of behavioral regulation" 4844:. Theory and Decision Library. Springer, Dordrecht. pp. 207–219. 4509:"Speak 'Nudge': The 10 key phrases from David Cameron's favorite book" 4172:

Thaler, Richard H.; Sunstein, Cass R.; Balz, John P. (April 2, 2010).

4114: 3865: 3838:

Brown, Stephen J.; Goetzmann, William N.; Kumar, Alok (January 1998).

3678: 11823: 10954: 10149: 9969: 9605: 9372: 9289: 9284: 9097: 8764:"Behavioral decision making, forecasting, game theory, and role-play" 8360:"Loss Aversion and Seller Behavior: Evidence from the Housing Market" 8028: 6130: 4650: 3244: 3175: 2735: 2020: 1887: 1737: 1638: 1149: 533: 464: 44: 8942: 8485: 8168: 7768: 7616: 6731:"Herbert Alexander Simon: 15th June, 1916–9th February, 2001 A Life" 6492: 4756:

The Ethics of Influence: Government in the Age of Behavioral Science

3840:"The Dow Theory: William Peter Hamilton's Track Record Reconsidered" 2156:, have limits to their self-control and are influenced by their own 12275: 12035: 11740: 10979: 10615: 9397: 9392: 9267: 8136: 7084:

Alchian, A. (1950). 'Uncertainty, Evolution, and Economic Theory',

6965:"In Honor of Andrei Shleifer: Winner of the John Bates Clark Medal" 4472:

Shifting contexts : The generation of effective psychotherapy.

2716: 2517: 2350: 2153: 1264: 8629:

International Encyclopedia of the Social & Behavioral Sciences

8239:"Investor Psychology and Security Market Under- and Overreactions" 6659:

Schorsch, Timm; Marcus Wallenburg, Carl; Wieland, Andreas (2017).

5747: 5439:"Narrative Fallacy - Definition, Overview and Examples in Finance" 1175:. Behavioral models typically integrate insights from psychology, 12176: 9451: 9350: 9262: 8996: 7060:

Lee, Felicia R. (2002). "Winners of MacArthus Grants Announced".

6425:

Artificial Intelligence and Economic Theory: Skynet in the Market

2747: 2560:, a challenge to the assumption that humans are rational actors. 2272:, likewise, incorporate behavioral finance parameters. Examples: 2222: 1920: 1245: 1187:

decisions are made and the mechanisms that drive public opinion.

7468:"Novelty, Stress, and Biological Roots in Human Market Behavior" 6658: 6570:... Sara Wedeman's awful experience with this is instructive.... 6286:"Theory and Experiment in the Analysis of Strategic Interaction" 5519:, Institute for Management Consultants, #721, December 19, 2011" 5103:"Do people really want to be nudged towards healthy lifestyles?" 2217:

Critics contend that behavioral finance is more a collection of

9637: 9426: 8462:(1979). "Prospect Theory: An Analysis of Decision under Risk". 7806:

Loewenstein, G.; Rick, S.; Cohen, J. (2008). "Neuroeconomics".

6293:

Advances in Economics and Econometrics: Theory and Applications

5700:"Helping Buyers Beware: The Need for Supervision of Big Retail" 2757:

over stated preferences (from surveys) in the determination of

2504:. The Silicon Valley–based start-up Singularities is using the 2016: 1838: 1680:'s rank-dependent utility theory. Psychological traits such as 867: 8582:

McGaughey, E. (2014), "Behavioural Economics and Labour Law",

8419:

Rational Choice: The Contrast between Economics and Psychology

7750: 7101:

Becker, G. (1962). 'Irrational Behavior and Economic Theory',

5077: 4538:

Nudge: Improving Decisions about Health, Wealth, and Happiness

4140:

Nudge: Improving Decisions about Health, Wealth, and Happiness

2563: 2365:

side, the method has been applied to interactive learning and

2268:

used in money management and asset valuation, as well as more

1794:

Nudge: Improving Decisions About Health, Wealth, and Happiness

9311: 9193: 9173: 6231:(2006). "Advancing Beyond Advances in Behavioral Economics". 5666: 4881:

Goodwin, Tom (June 1, 2012). "Why We Should Reject 'Nudge'".

3720:"The Rise of Behavioral Economics: A Quantitative Assessment" 3576:

Ashraf, Nava; Camerer, Colin F.; Loewenstein, George (2005).

2893: 2862:

Variants of the subject outside such formal confines include

2766: 2281: 1829:

in 2010. It is often called the "Nudge Unit", at the British

1664:

effect on the decision maker's utility or satisfaction falls.

8307:

Eatwell, John; Milgate, Murray; Newman, Peter, eds. (1988).

8069: 6902:"Richard H. Thaler: A Nobel Prize for Behavioural Economics" 6180:

Behavioral game theory: experiments in strategic interaction

5888:"Why People Won't Buy Your Product Even Though It's Awesome" 5648:

Glaser, Markus and Weber, Martin and Noeth, Markus. (2004).

4646:"Why Barack Obama and David Cameron are keen to 'nudge' you" 4410:"What is behavioral economics? | University of Chicago News" 3918:"What is behavioral economics? | University of Chicago News" 3778:

Camerer, Colin; Loewenstein, George; Rabin, Matthew (2004).

2260:

uses mathematical and statistical methodology to understand

1302:

models). Psychologists in this field, such as Ward Edwards,

9468: 8927:"Behavioral economics in U.S. (antitrust) scholarly papers" 8054:

Behavioural economics: a very short introduction (Vol. 505)

7716: 7714: 7377:

Henrich, Joseph; Heine, Steven J.; Norenzayan, Ara (2010).

4045: 4043: 3944:"Behavioral economics: Reunifying psychology and economics" 8796:

Inefficient Markets: An Introduction to Behavioral Finance

7610: 6780:"Herbert A. Simon: Nobel Prize in Economic Sciences, 1978" 6295:. Cambridge: Cambridge University Press. pp. 206–42. 5570:"10 cognitive biases that can lead to investment mistakes" 5548:(Third ed.). Abingdon, Oxon: Routledge. p. 213. 5374:(Third ed.). Abingdon, Oxon: Routledge. p. 217. 4250: 1864:

Cass Sunstein has responded to critiques at length in his

8987:, MSc in Behavioural Economics at the University of Essex 5467:(Third ed.). Abingdon, Oxon: Routledge. p. 47. 5303:(Third ed.). Abingdon, Oxon: Routledge. p. 45. 5144:"NUDGING AND CHOICE ARCHITECTURE: ETHICAL CONSIDERATIONS" 2196:

Extraordinary Popular Delusions and the Madness of Crowds

1152:, emotional, cultural and social factors involved in the 7879:"Behavioural economics is also useful in macroeconomics" 7711: 7121:"Uncertainty, Evolution, and Behavioral Economic Theory" 4799:

Barton, Adrien; Grüne-Yanoff, Till (September 1, 2015).

4599: 4560: 4469: 4311: 4040: 3802: 3575: 1567:

is the idea that when individuals make decisions, their

8335:. New York, NY: Palgrave Macmillan US. pp. 35–40. 7428: 6728: 4211:

Wright, Joshua; Ginsberg, Douglas (February 16, 2012).

4137:

Thaler, Richard H.; Sunstein, Cass R. (April 8, 2008).

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A nudge, as we will use the term, is any aspect of the

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Velupillai, K. Vela; Venkatachalam, Ragupathy (2021).

6639:

Center for Health Initiatives and Behavioral Economics

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In 2017, Niels Geiger, a lecturer in economics at the

1329: 8517:

Kirkpatrick, Charles D.; Dahlquist, Julie R. (2007).

8395: 7459: 7170:

Myagkov, Mikhail; Plott, Charles R. (December 1997).

5820:"Review on Efficiency and Anomalies in Stock Markets" 4442:, vol. 6, Springer Netherlands, pp. 71–87, 1163:

Behavioral economics is primarily concerned with the

8962:

Society for the Advancement of Behavioural Economics

8516: 8150:"Myopic Loss Aversion and the Equity Premium Puzzle" 7805: 6875:"Richard Thaler y el auge de la Economía Conductual" 5275:"Anchoring Bias - Definition, Overview and Examples" 4801:"From Libertarian Paternalism to Nudging—and Beyond" 2144:

Behavioral finance is the study of the influence of

8567:. Mahwah, New Jersey: Lawrence Erlbaum Publishers. 6872: 6513: 5674:"Behavioral Finance - Overview, Examples and Guide" 4262: 3837: 3510:"Research Handbook on Behavioral Law and Economics" 2447:, weakening the neoclassical assumption of perfect 2071:

The Black Swan: The Impact of the Highly Improbable

1957: 8852: 8618: 8416: 8358:Genesove, David; Mayer, Christopher (March 2001). 7799: 4924:Yeung, Karen (January 1, 2012). "Nudge as Fudge". 4798: 4233:Going to Extremes: How Like Minds Unite and Divide 4171: 2252: 2237:that drive the market further and further from a " 8830:"Behavioral Economics: Past, Present, and Future" 8521:. Upper Saddle River, NJ: Financial Times Press. 8506:Well-being: the foundations of hedonic psychology 8282: 6849:"Nobel in Economics is Awarded to Richard Thaler" 6584:"Connectivity, the Five Freedoms, and Prosperity" 6214:Advances in Behavioral Economics 1986–2003 papers 5817: 4600:Kroese, F.; Marchiori, D.; de Ridder, D. (2016). 1883:, despite the proponents' claim to the contrary. 1183:. The study of behavioral economics includes how 12371: 8955:, of the Stirling Behavioural Science Centre at 7877:Grauwe, Paul De; Ji, Yuemei (November 1, 2017). 7842:Roberts, S. C. (2011). Roberts, S. Craig (ed.). 7447:Kersting, Felix; Obst, Daniel (April 10, 2016). 7392:(2–3). Cambridge University Press (CUP): 61–83. 6291:. In Kreps, David M.; Wallis, Kenneth F (eds.). 6203: 5766:"Fama on Market Efficiency in a Volatile Market" 5394: 4561:Campbell-Arvai, V; Arvai, J.; Kalof, L. (2014). 4049: 4028: 3890:(1). Oxford: Cambridge University Press: 30–54. 3504: 2205:, discusses the role of "crowds" (also known as 1692:, a special behavioral economics edition of the 10490: 6873:Carrasco-Villanueva, Marco (October 18, 2017). 4993: 4271: 3620:(3rd ed.). Red Globe Press. pp. 2–4. 2703:Others, such as the essayist and former trader 8500: 8143: 7891: 7659:, 2008a. "experimental methods in economics," 6422: 6418: 6416: 4535: 4506: 4256: 4210: 4136: 3542: 3401:Important publications in behavioral economics 2836:collected in experiments are used to estimate 2645: 11016: 10476: 9679: 9012: 8597: 6818: 5036: 4672: 3549:Minton, Elizabeth A.; Kahle, Lynn R. (2013). 2816:Experimental economics is the application of 1626:, winner of the 2002 Nobel Prize in economics 1122: 904: 8423:. Chicago, IL: University of Chicago Press. 8414: 8393: 8118:"Crime and Punishment: An Economic Approach" 7519:Biologija Povedenija, Gumoral'nye Mehanizmy 7446: 7245: 7169: 7118: 6582:Cook, Gordon; Wedeman, Sara (July 1, 2009). 6558:"US National Broadband Plan: good in theory" 5752:Business, Education & Technology Journal 5235:"Elimination by aspects: A theory of choice" 5141: 4958: 4675:"Nudge, nudge: meet the Cameroons' new guru" 4317: 3782:. Princeton University Press. pp. 4–6. 2781:economists see a fundamental schism between 1886:It has been remarked that nudging is also a 1820:Office of Information and Regulatory Affairs 11030: 9693: 8967:Behavioral Economics: Past, Present, Future 8820:The New Palgrave: A Dictionary of Economics 8444:Australasian Journal of Economics Education 8310:The New Palgrave: A Dictionary of Economics 7892:Bernheim, Douglas; Rangel, Antonio (2008). 7260: 7246:Roberts, Russ; Taleb, Nassim (March 2018). 6581: 6478: 6413: 5043:International Journal of Constitutional Law 4840:Bovens, Luc (2009). "The Ethics of Nudge". 4643: 4050:Gigerenzer, Gerd; Selten, Reinhard (2002). 3548: 2719:in which Taleb said this, he and the host, 2664:Uncertainty, Evolution, and Economic Theory 2590:Economic theory and for his formulation of 2564:2002 –- Daniel Kahneman and Vernon L. Smith 2152:. It assumes that investors are not always 11023: 11009: 10483: 10469: 9686: 9672: 9019: 9005: 8661:Handbook of Experimental Economics Results 8654: 8394:Hens, Thorsten; Bachmann, Kremena (2008). 8191: 7525: 7107:https://www.jstor.org/stable/1827018?seq=1 7090:https://www.jstor.org/stable/1827159?seq=1 6689:10398/d02a90cf-5378-436e-94f3-7aa7bee3380e 6550: 6454:International Review of Financial Analysis 6423:Marwala, Tshilidzi; Hurwitz, Evan (2017). 6369: 5543: 5462: 5369: 5363: 5332: 5298: 5247: 4076: 3474: 3472: 2950: 2422: 2372: 1129: 1115: 911: 897: 8991:Behavioral Economics of Shipping Business 8969:– Colin F. Camerer and George Loewenstein 8744: 8698: 8581: 8545:. Harvard University Press. pp. 7–. 8475: 8289:Behavioral Economics and Its Applications 8257: 7854:10.1093/acprof:oso/9780199586073.001.0001 7493: 7483: 7466:Sarapultsev, A.; Sarapultsev, P. (2014). 7352:"Why Is Behavioral Economics So Popular?" 7011: 6980: 6962: 6917: 6846: 6746: 6687: 6300: 6244: 6227: 6098: 5930: 5845: 5835: 5745: 5619: 5359:https://doi.org/10.1007/s11166-005-1153-2 5118: 5054: 5037:Alemanno, A.; Spina, A. (April 1, 2014). 4816: 4620: 4385:. Farrar, Straus and Giroux. p. 22. 4113: 4053:Bounded Rationality: The Adaptive Toolbox 3985: 3967: 3855: 3677: 2805: 2761:. Experiments and surveys are at risk of 2605: 2554:Nobel Memorial Prize in Economic Sciences 2310: 12187:Transgenerational epigenetic inheritance 8789: 8051: 7876: 7703:The New Palgrave Dictionary of Economics 7681:Relevant subcategories are found at the 7673:The New Palgrave Dictionary of Economics 7671:_____, 2008b. "experimental economics," 7662:The New Palgrave Dictionary of Economics 7078: 6608:. Singular Me, LLC. 2017. Archived from 6575: 6451: 6283: 6217:. Princeton: Princeton University Press. 5654:Handbook of Judgment and Decision Making 4779: 4752: 4536:Thaler, Richard; Sunstein, Cass (2008). 4502: 4500: 4433: 4380: 4323: 4229: 4077:Cyert, Richard; March, James G. (1963). 2580: 1630:In 1979, Kahneman and Tversky published 1618: 1552: 1244:philosopher in the 1700s conceptualized 1205: 8896: 8761: 8397:Behavioural Finance for Private Banking 7980: 7841: 7210: 7095: 6847:Appelbaum, Binyamin (October 9, 2017). 6173: 6151: 6135:"Behavioural economics and game theory" 6009: 5697: 5232: 4880: 4081:. Prentice-Hall, Englewood Cliffs, N.J. 3941: 3508:; Teitelbaum, Joshua (March 30, 2018). 3469: 2843:A fundamental aspect of the subject is 2629: 2543: 2010: 1990:they anticipated that it would be bad. 1945:what alternative should be researched. 1276:scholars expressed concern towards the 14: 12372: 10415:English historical school of economics 10369:Structure–conduct–performance paradigm 8827: 8112: 7820:10.1146/annurev.psych.59.103006.093710 7516: 7318: 7287: 7144: 7125:Journal of Law, Economics & Policy 6777: 6333: 5517:Use Cognitive Biases to Your Advantage 5100: 4839: 4012:. Archival Collections. Archived from 3717: 2851:or in laboratory settings, whether of 2847:. Experiments may be conducted in the 2707:note that cognitive theories, such as 2674:, both of which were published in the 2202:The Crowd: A Study of the Popular Mind 2171: 1844:Nudge theory has also been applied to 1548: 11679:Psychological effects of Internet use 11004: 10646:Marxian critique of political economy 10464: 9667: 9000: 8813: 8799:. New York: Oxford University Press. 8668: 8535: 8415:Hogarth, R. M.; Reder, M. W. (1987). 8327: 7531: 7434: 5704:University of Pennsylvania Law Review 5397:Clinical and Experimental Dermatology 5207: 5201: 5188: 4923: 4753:Sunstein, Cass R. (August 24, 2016). 4723: 4497: 4404: 4402: 4355: 4130: 3942:Camerer, Colin (September 14, 1999). 3877: 3875: 3773: 3771: 3769: 3767: 3765: 3763: 3761: 3713: 3711: 3709: 3707: 3705: 3647: 3645: 3643: 3641: 3639: 3637: 3615: 3611: 3609: 3607: 3605: 3603: 2139: 8914:. Stanford, CA: Stanford University. 8771:International Journal of Forecasting 8722: 8559: 8437: 7834: 7558: 7036: 6969:The Journal of Economic Perspectives 6899: 6015:"Progress in behavioral game theory" 5968: 5885: 5593: 5254:BehavioralEconomics.com | The BE Hub 4540:. Yale University Press. p. 6. 4486:Dr. Jennifer Lunt and Malcolm Staves 4091: 4034: 4002: 3881: 3651: 3500: 3498: 2724:decision-making models, such as the 2533: 2321:Behavioral game theory, invented by 1914: 1744:and indirect suggestions as ways to 1635:: An Analysis of Decision Under Risk 11659:Digital media use and mental health 8948:The Institute of Behavioral Finance 8911:Stanford Encyclopedia of Philosophy 8100:from the original on April 20, 2008 7615:; Nicklisch, A.; Thöni, C. (2010). 7379:"The weirdest people in the world?" 7349: 7319:Zeiler, Kathryn (January 1, 2005). 7288:Zeiler, Kathryn (January 1, 2011). 7059: 6339:Game Theory and Experimental Gaming 6129: 4996:Review of Philosophy and Psychology 4805:Review of Philosophy and Psychology 4337:from the original on April 10, 2008 3478: 1330:Development of Behavioral Economics 1019:Social and Behavioral Sciences Team 24: 11290:Automatic and controlled processes 9575:Microfoundations of macroeconomics 9026: 8157:The Quarterly Journal of Economics 7621:Journal of Empirical Legal Studies 6065: 5782: 5746:Ricciardi, Victor (January 2000). 5487: 5082:. Rochester, NY: Hart Publishing. 4507:Andrew Sparrow (August 22, 2008). 4399: 3872: 3796: 3758: 3702: 3634: 3600: 3578:"Adam Smith, Behavioral Economist" 2888:field that seeks to explain human 1614: 985:Affordable Care Act tax provisions 25: 12416: 11699:Smartphones and pedestrian safety 8953:Stirling Behavioural Science Blog 8919: 8867:Concise Encyclopedia of Economics 7726:Duke Institute for Brain Sciences 5987: 5908: 5107:International Review of Economics 4474:, New York, N.Y.: Guilford Press. 4360:. Palgrave Macmillan. p. 2. 3569: 3495: 2984: 2873: 2800: 2329:decisions and behavior using the 2305: 2245:. It is argued that the cause is 2132:Connected to this concept is the 12350: 12337: 12325: 12324: 11724:Mobile phones and driving safety 10950:History of macroeconomic thought 10775:Neoclassical–Keynesian synthesis 9648: 9647: 9636: 8872:Library of Economics and Liberty 8856:; Mullainathan, Sendhil (2008). 8817:(1987). "Behavioral Economics". 8626:(2001). "Behavioral Economics". 8440:"Behavioral indifference curves" 8333:Reconsidering Identity Economics 8125:The Journal of Political Economy 7974: 7948: 7934: 7904: 7885: 7870: 7695: 7647: 7633:10.1111/j.1740-1461.2010.01197.x 7604: 7552: 7510: 7440: 7370: 7343: 7312: 7281: 7254: 7239: 7204: 7163: 7138: 7112: 7088:, 58(1), 211-221. Available at: 7053: 7030: 7005: 6956: 6934: 6893: 6866: 6840: 6771: 6722: 6704: 6652: 6627: 6598: 6507: 6472: 6445: 6396: 6019:Journal of Economic Perspectives 5212:. New York: Palgrave Macmillan. 5210:Reconsidering Identity Economics 4973:10.1111/j.1467-9760.2009.00351.x 4938:10.1111/j.1468-2230.2012.00893.x 4895:10.1111/j.1467-9256.2012.01430.x 3780:Advances in Behavioral Economics 3618:A course in Behavioral Economics 3582:Journal of Economic Perspectives 2682:the Evolutionary Landscape model 2148:on the behavior of investors or 1958:Heuristics and cognitive effects 878: 866: 51: 11627:Computer-mediated communication 8823:. Vol. 1. pp. 221–24. 8584:LSE Legal Studies Working Paper 8194:Washington & Lee Law Review 8070:"A Model of Investor Sentiment" 7845:Applied Evolutionary Psychology 7521:. St. Petersburg, Russia: Rech. 7119:Manne, G.; Zywicki, T. (2014). 6363: 6327: 6277: 6221: 6197: 6167: 6145: 6123: 6078: 6059: 6003: 5981: 5962: 5936:Journal of Risk and Uncertainty 5924: 5902: 5879: 5854: 5811: 5802: 5776: 5758: 5739: 5714: 5698:Van Loo, Rory (April 1, 2015). 5691: 5642: 5628: 5587: 5562: 5537: 5507: 5490:"Behavioral Finance Definition" 5481: 5456: 5431: 5388: 5351: 5326: 5317: 5292: 5267: 5241: 5226: 5182: 5164: 5135: 5101:Sugden, Robert (June 1, 2017). 5094: 5071: 5030: 4987: 4961:Journal of Political Philosophy 4952: 4917: 4874: 4833: 4792: 4773: 4746: 4717: 4699: 4673:James Forsyth (July 16, 2009). 4666: 4637: 4593: 4554: 4529: 4478: 4470:O'Hanlon, B.; Wilk, J. (1987), 4463: 4427: 4374: 4349: 4274:Journal of Risk and Uncertainty 4223: 4204: 4165: 4085: 4079:A Behavioral Theory of the Firm 4070: 3935: 3910: 3831: 2832:, to study economic questions. 2600: 2258:Quantitative behavioral finance 2253:Quantitative behavioral finance 2229:arguments. However, individual 1768:, including contributions from 1714: 1670:Journal of Risk and Uncertainty 1591:A Behavioral Theory of the Firm 153:Concepts, theory and techniques 11904:Empathising–systemising theory 11207:female intrasexual competition 11144:Evolutionarily stable strategy 10435:Historical school of economics 8943:Overview of Behavioral Finance 8938:The Behavioral Economics Guide 8870:(2nd ed.). Indianapolis: 8705:Micromotives and Macrobehavior 8681:Journal of Economic Literature 8638:10.1016/B0-08-043076-7/02247-6 8612:10.1016/j.jtrangeo.2012.01.019 8600:Journal of Transport Geography 8367:Quarterly Journal of Economics 8292:. Princeton University Press. 8074:Journal of Financial Economics 7894:"Behavioural public economics" 7683:Journal of Economic Literature 7350:Gal, David (October 6, 2018). 6586:. Community Broadband Networks 6233:Journal of Economic Literature 6068:"Individual learning in games" 5808:See Freeman, 2004 for a review 4759:. Cambridge University Press. 3884:Social Philosophy & Policy 3520: 3344:Behavioral operations research 2904:and behavioral economics, and 2538: 2211:Psychology of The Stock Market 1854:health, safety and environment 1695:Quarterly Journal of Economics 1228:The Theory of Moral Sentiments 1219:The Theory of Moral Sentiments 13: 1: 12264:Standard social science model 11317:Cognitive tradeoff hypothesis 10940:Critique of political economy 8783:10.1016/S0169-2070(02)00021-3 8306: 8086:10.1016/S0304-405X(98)00027-0 7899: 7386:Behavioral and Brain Sciences 7105:, 70(1), 1–13. Available at: 6919:10.1080/09538259.2018.1513236 6380:10.1016/S1574-0722(07)00121-7 6347:10.1016/S1574-0005(02)03025-4 6284:Crawford, Vincent P. (1997). 6162: 6140: 6073: 5998: 5976: 5969:Andreoni, James; et al. 5919: 5785:"Equity Premium Puzzle (EPP)" 5748:"What is Behavioral Finance?" 4711:The Behavioural Insights Team 4644:Carol Lewis (July 22, 2009). 3805:History of the Human Sciences 3537: 3481:Seattle University Law Review 3457: 3227: 2624:American Economic Association 2618:. Shleifer received the 1999 1859: 12112:Missing heritability problem 11704:Social aspects of television 11327:Evolution of nervous systems 11295:Computational theory of mind 10848:Rational expectations theory 10379:Theory of two-level planning 9874:New institutional economists 8725:History of Political Economy 8286:; Vartiainen, Hannu (2012). 7958:. Dan Ariely. Archived from 7535:Stress in Health and Disease 7185:(5): 801–828. Archived from 7179:The American Economic Review 7103:Journal of Political Economy 7086:Journal of Political Economy 6528:10.1016/0010-0285(92)90015-T 4850:10.1007/978-90-481-2593-7_10 4217:Library of Law & Liberty 4094:History of Political Economy 3658:History of Political Economy 3652:Sent, Esther-Mirjam (2004). 3462: 3411:Methodological individualism 2989: 2772: 2677:Journal of Political Economy 2657: 2187: 7: 12358:Evolutionary biology portal 10945:History of economic thought 10492:Schools of economic thought 9859:Edward Lawrence Wheelwright 9520:Civil engineering economics 9505:Statistical decision theory 9145:Income elasticity of demand 8658:; Smith, Vernon L. (2008). 8341:10.1057/978-1-137-52561-1_3 7848:. Oxford University Press. 7808:Annual Review of Psychology 7757:Nature Reviews Neuroscience 6963:Blanchard, Olivier (2001). 6906:Review of Political Economy 6680:10.1108/IJPDLM-10-2015-0268 6606:"Singluarities Our Company" 6560:. Telco 2.0. March 17, 2010 6404:Games and Economic Behavior 6087:Games and Economic Behavior 5886:Tang, David (May 6, 2013). 5678:Corporate Finance Institute 5544:Cartwright, Edward (2018). 5463:Cartwright, Edward (2018). 5443:Corporate Finance Institute 5370:Cartwright, Edward (2018). 5333:Cartwright, Edward (2018). 5299:Cartwright, Edward (2018). 5279:Corporate Finance Institute 5233:Tversky, A (May 16, 2023). 4724:Marsh, Tim (January 2012). 4448:10.1007/978-94-017-2245-2_6 4236:. Oxford University Press. 3354:Big Five personality traits 3321: 2646:2003 – Sendhil Mullainathan 2616:efficient market hypothesis 2295:Artificial financial market 2182:efficient-market hypothesis 1905: 1313:Expected utility hypothesis 1101:Design for behaviour change 10: 12421: 12319:Evolutionary psychologists 12192:Trivers–Willard hypothesis 12107:Human–animal communication 11819:Ovulatory shift hypothesis 11669:Imprinted brain hypothesis 11637:Human–computer interaction 10865:New neoclassical synthesis 10853:Real business-cycle theory 10354:Penalty of taking the lead 9155:Price elasticity of supply 9150:Price elasticity of demand 9140:Cross elasticity of demand 8978:November 12, 2020, at the 8828:Thaler, Richard H (2016). 8687:(1): 11–46. Archived from 8674:"Psychology and Economics" 8379:10.1162/003355301753265561 8056:. Oxford University Press. 8007: 7225:10.1007/s11135-019-00837-1 7149:. Transaction Publishers. 6796:10.1037/0003-066X.58.9.753 6778:Leahey, Thomas H. (2003). 6466:10.1016/j.irfa.2013.07.018 5600:Journal of Economic Theory 4438:; J. Van Bendegem (eds.), 4257:Kahneman & Diener 2003 3594:10.1257/089533005774357897 3329:Adaptive market hypothesis 3148: 2960: 2954: 2877: 2809: 2525:University of Pennsylvania 2376: 2314: 1892:psychological manipulation 1718: 1674:cumulative prospect theory 1201: 1096:IT-backed authoritarianism 12313: 12239:Environmental determinism 12210:Cultural selection theory 12202: 12097:Evolutionary epistemology 12084: 12011:evolutionary neuroscience 11973: 11966: 11864: 11739: 11684:Rank theory of depression 11607: 11531: 11433: 11239: 11232: 11186:Parent–offspring conflict 11095: 11038: 10932: 10676: 10564: 10531: 10524: 10498: 10397: 10261: 10178: 9945: 9872: 9701: 9631: 9598: 9477: 9034: 8985:MSc Behavioural Economics 8737:10.1215/00182702-36-4-735 7983:"6: Behavioral Economics" 7398:10.1017/s0140525x0999152x 7109:(Accessed: June 9, 2021). 7092:(Accessed: June 9, 2021). 6748:10.1007/s10614-018-9811-z 6311:10.1017/CCOL521580110.007 6109:10.1016/j.geb.2003.06.003 5971:"Altruism in experiments" 5612:10.1016/j.jet.2017.01.009 5120:10.1007/s12232-016-0264-1 5008:10.1007/s13164-015-0243-6 4818:10.1007/s13164-015-0268-x 4381:Kahneman, Daniel (2011). 4143:. Yale University Press. 4106:10.1215/00182702-36-4-735 3896:10.1017/S0265052520000035 3817:10.1177/09526951211000950 3698:– via Project MUSE. 3670:10.1215/00182702-36-4-735 3555:. Business Expert Press. 2868:quasi-natural experiments 1852:, such as in relation to 1827:Behavioural Insights Team 1158:classical economic theory 1013:Behavioural Insights Team 12132:Cultural group selection 12016:Biocultural anthropology 11709:Societal impacts of cars 11642:Media naturalness theory 11332:Fight-or-flight response 10450:Post-Keynesian economics 10430:French historical school 9702:Institutional economists 9211:Income–consumption curve 8834:American Economic Review 8664:. Vol. 1. Elsevier. 8400:. Wiley Finance Series. 7956:"Predictably Irrational" 7685:classification codes at 7337:10.1257/0002828054201387 7325:American Economic Review 7294:American Economic Review 6157:"Behavioral game theory" 5837:10.3390/economies8010020 5574:Magellan Financial Group 4609:Journal of Public Health 4579:10.1177/0013916512469099 4567:Environment and Behavior 4318:Hogarth & Reder 1987 3969:10.1073/pnas.96.19.10575 3421:Observational techniques 3406:List of cognitive biases 2935:(EU) and the concept of 1839:Penn Medicine Nudge Unit 1032:Nudge theory in business 141:JEL classification codes 12332:Evolutionary psychology 12296:Sociocultural evolution 12137:Dual inheritance theory 11594:Personality development 11055:Theoretical foundations 11032:Evolutionary psychology 10975:Post-autistic economics 10425:Evolutionary psychology 10289:Conspicuous consumption 9695:Institutional economics 9545:Industrial organization 8762:Shefrin, Hersh (2002). 8510:Russell Sage Foundation 8259:10.1111/0022-1082.00077 7583:10.1111/1468-0262.00335 6900:Earl, Peter E. (2018). 6735:Computational Economics 5656:, Blackwell Publishers 4383:Thinking, Fast and Slow 4358:Utility and Probability 4356:Simon, Herbert (1990). 4230:Sunstein, Cass (2009). 3857:10.1111/0022-1082.00054 3334:Animal Spirits (Keynes) 2969:evolutionary psychology 2957:Evolutionary psychology 2951:Evolutionary psychology 2726:endowment effect theory 2596:Libertarian paternalism 2498:artificial intelligence 2423:Other areas of research 2417:counterfactual thinking 2379:Artificial intelligence 2373:Artificial intelligence 2343:experimental psychology 2325:, analyzes interactive 2178:modern portfolio theory 1866:The Ethics of Influence 1799:libertarian paternalism 1708:Thinking, Fast and Slow 1336:University of Hohenheim 1324:Mathematical psychology 1081:Libertarian paternalism 327:Industrial organization 184:Computational economics 12254:Social constructionism 12249:Psychological nativism 12224:Biological determinism 12172:Recent human evolution 12167:Punctuated equilibrium 11990:Behavioral epigenetics 11985:evolutionary economics 11954:Variability hypothesis 11899:Emotional intelligence 11632:Engineering psychology 11322:Evolution of the brain 10713:Modern Monetary Theory 10420:Evolutionary economics 10262:Key concepts and ideas 10218:Donald Angus MacKenzie 9844:George W. Stocking Sr. 9764:John Kenneth Galbraith 8957:University of Stirling 8858:"Behavioral Economics" 8846:10.1257/aer.106.7.1577 8694:on September 27, 2011. 8632:. pp. 1094–1100. 8017:Psychological Bulletin 7981:Staddon, John (2017). 7449:"Behavioral Economics" 7306:10.1257/aer.101.2.1012 7213:Quality & Quantity 5636:"The Endowment Effect" 4440:Metadebates on Science 4331:"Nobel Laureates 2002" 3844:The Journal of Finance 3724:Social Science History 3718:Geiger, Niels (2017). 2963:Evolutionary economics 2812:Experimental economics 2806:Experimental economics 2783:experimental economics 2620:John Bates Clark Medal 2606:1999 – Andrei Shleifer 2568:In 2002, psychologist 2485:Predictably Irrational 2413:portfolio optimization 2339:experimental economics 2317:Behavioral game theory 2311:Behavioral game theory 2221:than a true branch of 1949:Elimination by aspects 1812: 1742:positive reinforcement 1627: 1561: 1222: 179:Experimental economics 12281:Multilineal evolution 12244:Nature versus nurture 12203:Theoretical positions 12051:Functional psychology 12046:Evolutionary medicine 12021:Biological psychiatry 11729:Texting while driving 11719:Lead–crime hypothesis 11579:Cognitive development 11564:Caregiver deprivation 11075:Gene selection theory 10797:Keynes–Marx synthesis 10410:Development economics 10319:Hiding hand principle 10309:Effective competition 10180:Economic sociologists 9947:Behavioral economists 9809:Wesley Clair Mitchell 9515:Engineering economics 9110:Cost–benefit analysis 8902:"Bounded Rationality" 8504:; Diener, Ed (2003). 8068:; Vishny, R. (1998). 8052:Baddeley, M. (2017). 7517:Zhukov, D.A. (2007). 7145:Becker, Gary (2008). 6784:American Psychologist 6407:(journal), Elsevier. 6053:May 31, 2012, at the 4926:The Modern Law Review 4622:10.1093/pubmed/fdv096 3530:behavioural economics 2961:Further information: 2884:Neuroeconomics is an 2845:design of experiments 2581:2017 – Richard Thaler 2401:rational expectations 2390:information asymmetry 2300:Market microstructure 2243:equity premium puzzle 2227:market microstructure 1803: 1690:University of Chicago 1622: 1556: 1215:The Wealth of Nations 1209: 12380:Behavioral economics 12234:Cultural determinism 12041:Evolutionary biology 12026:Cognitive psychology 11974:Academic disciplines 11622:Cognitive ergonomics 11589:Language acquisition 11569:Childhood attachment 11382:Wason selection task 11276:Behavioral modernity 11065:Cognitive revolution 11048:Evolutionary thought 10985:World-systems theory 10965:Mainstream economics 10905:Technocracy movement 10885:Saltwater/freshwater 10339:Market concentration 10304:Countervailing power 10110:Sendhil Mullainathan 9937:Oliver E. Williamson 9769:Walton Hale Hamilton 9714:Clarence Edwin Ayres 9332:Price discrimination 9226:Intertemporal choice 8931:Le Concurrentialiste 8700:Schelling, Thomas C. 8586:, no. 20/2014, 7922:on February 25, 2017 7538:. Elsevier Science. 7532:Selye, Hans (2013). 7192:on December 22, 2015 6982:10.1257/jep.15.1.189 6612:on November 12, 2017 6516:Cognitive Psychology 6481:Political Psychology 6255:10.1257/jel.44.3.694 6066:Ho, Teck H. (2008). 6037:on December 23, 2017 6031:10.1257/jep.11.4.167 5650:"Behavioral Finance" 5546:Behavioral economics 5465:Behavioral economics 5372:Behavioral economics 5335:Behavioral economics 5301:Behavioral economics 4742:on October 10, 2017. 4333:. Nobel Foundation. 4182:10.2139/ssrn.1583509 4010:"Ward Edward Papers" 3616:Agner, Erik (2021). 3082:Sendhil Mullainathan 2978:reproductive success 2929:mainstream economics 2818:experimental methods 2755:revealed preferences 2651:Sendhil Mullainathan 2630:2001 – Matthew Rabin 2544:1978 – Herbert Simon 2435:, and Rabin studied 2049:law of small numbers 2011:Biases and fallacies 1646:Reference dependence 1589:in their 1963 book 1296:cognitive psychology 1292:cognitive revolution 1181:microeconomic theory 1144:is the study of the 1142:Behavioral economics 1061:Behavioral economics 990:Social Credit System 406:Social choice theory 12390:Financial economics 12301:Unilineal evolution 12066:Population genetics 11851:Sexy son hypothesis 11789:Hormonal motivation 11769:Concealed ovulation 11310:Dual process theory 11181:Parental investment 10970:Heterodox economics 10698:Capability approach 10574:American (National) 10556:School of Salamanca 10389:Veblenian dichotomy 10299:Conventional wisdom 10294:Conspicuous leisure 10284:Bounded rationality 10274:Administered prices 10095:Brigitte C. Madrian 9897:Steven N. S. Cheung 9779:Albert O. Hirschman 9774:Orris C. Herfindahl 9643:Business portal 9580:Operations research 9407:Substitution effect 8206:10.2139/ssrn.255778 7592:on January 12, 2012 7472:Behavioral Sciences 7453:Exploring Economics 7265:(January 1, 2013). 6205:Loewenstein, George 5525:on October 24, 2020 5250:"Mental accounting" 5178:. December 1, 2015. 5056:10.1093/icon/mou033 4687:on January 24, 2009 4174:Choice Architecture 3960:1999PNAS...9610575C 3954:(19): 10575–10577. 3736:10.1017/ssh.2017.17 3349:Behavioral Strategy 3191:Richard L. Peterson 2914:theoretical biology 2585:In 2017, economist 2558:bounded rationality 2473:illusion of control 2445:reciprocal altruism 2409:Lewis turning point 2172:Traditional finance 1846:business management 1837:. In addition, the 1807:choice architecture 1565:Bounded rationality 1549:Bounded rationality 1344: 1086:Choice architecture 1007:Government agencies 974:Government programs 926:Part of a series on 873:Business portal 194:Operations research 174:National accounting 27:Academic discipline 18:Economic psychology 12385:Behavioral finance 12259:Social determinism 12142:Fisher's principle 12102:Great ape language 12092:Cultural evolution 12061:Philosophy of mind 11894:Division of labour 11856:Westermarck effect 11804:Mating preferences 11714:Distracted driving 11448:Literary criticism 11305:Domain specificity 11285:modularity of mind 10606:English historical 10405:Cultural economics 10269:Accelerator effect 10085:George Loewenstein 10025:Catherine C. Eckel 9744:John Maurice Clark 9709:Werner Abelshauser 9221:Indifference curve 9189:Goods and services 9130:Economies of scope 9125:Economies of scale 8862:David R. Henderson 8854:Thaler, Richard H. 8246:Journal of Finance 8146:Thaler, Richard H. 8144:Benartzi, Shlomo; 7356:The New York Times 7063:The New York Times 7015:The New York Times 6944:. Nobel Foundation 6853:The New York Times 6828:. Nobel Foundation 5948:10.1007/bf01065371 5772:on March 24, 2010. 5142:Cass R. Sunstein. 4491:2012-04-30 at the 4286:10.1007/BF00122574 3431:Priority heuristic 3384:Fuzzy-trace theory 3374:Economic sociology 3364:Cultural economics 3181:Michael Mauboussin 3077:George Loewenstein 3067:Louis Lévy-Garboua 2459:and "identity" by 2367:social preferences 2347:independence axiom 2270:theoretical models 2150:financial analysts 2140:Behavioral finance 1940:Directed cognition 1896:social engineering 1730:behavioral science 1628: 1562: 1342: 1317:discounted utility 1223: 1091:Social engineering 204:Industrial complex 199:Middle income trap 12367: 12366: 12345:Psychology portal 12309: 12308: 12152:Hologenome theory 12122:Unit of selection 12117:Primate cognition 12031:Cognitive science 11962: 11961: 11833:Sexual attraction 11809:Mating strategies 11574:Cinderella effect 11504:Moral foundations 11408:Visual perception 11300:Domain generality 11269:Facial expression 11217:Sexual dimorphism 11176:Natural selection 11122:Hamiltonian spite 10998: 10997: 10960:Political economy 10928: 10927: 10860:New institutional 10833:Neo-Schumpeterian 10641:Marxist economics 10621:German historical 10458: 10457: 10279:Barriers to entry 10145:Robert J. Shiller 10105:Matteo Motterlini 9849:Lars Pålsson Syll 9661: 9660: 9623:Political economy 9422:Supply and demand 9302:Pareto efficiency 8881:978-0-86597-665-8 8815:Simon, Herbert A. 8806:978-0-19-829228-9 8715:978-0-393-06977-8 8656:Plott, Charles R. 8574:978-0-8058-3460-4 8552:978-0-674-70758-0 8528:978-0-13-153113-0 8438:John, K. (2015). 8430:978-0-226-34857-5 8407:978-0-470-77999-6 8320:978-0-935859-10-2 8299:978-1-4008-2914-9 7996:978-1-351-58689-4 7962:on March 13, 2008 7545:978-1-4831-9221-5 7485:10.3390/bs4010053 7437:, pp. 11–46. 7156:978-0-202-30980-4 6438:978-3-319-66104-9 6389:978-0-444-82642-8 6190:978-0-691-09039-9 6153:Camerer, Colin F. 5662:978-1-405-10746-4 5652:, pp. 527-546 in 5594:Dean, M. (2017). 5409:10.1111/ced.14504 5219:978-1-137-52561-1 4842:Preference Change 4766:978-1-107-14070-7 4547:978-0-14-311526-7 4457:978-90-481-5242-1 4414:news.uchicago.edu 4367:978-1-349-20568-4 4150:978-0-14-311526-7 4063:978-0-262-57164-7 4016:on April 16, 2008 3922:news.uchicago.edu 3627:978-1-352-01080-0 3562:978-1-60649-704-3 3359:Confirmation bias 3260:Djuradj Caranovic 3171:David Hirshleifer 3161:Nicholas Barberis 3037:Tshilidzi Marwala 2886:interdisciplinary 2686:the law of demand 2592:mental accounting 2534:Honors and awards 2491:broadband mapping 2441:inequity aversion 2385:Tshilidzi Marwala 2262:behavioral biases 2166:systematic errors 2107:Confirmation bias 2102:Confirmation bias 2064:Narrative fallacy 2045:gambler's fallacy 2039:Gambler's fallacy 1975:Mental accounting 1970:Mental accounting 1915:Search heuristics 1850:corporate culture 1748:the behavior and 1546: 1545: 1250:Francis Edgeworth 1139: 1138: 940:Social scientists 921: 920: 16:(Redirected from 12412: 12354: 12341: 12328: 12327: 11971: 11970: 11967:Related subjects 11754:Adult attachment 11281:Cognitive module 11237: 11236: 11224:Social selection 11198:Costly signaling 11193:Sexual selection 11080:Modern synthesis 11025: 11018: 11011: 11002: 11001: 10990:Economic systems 10529: 10528: 10511:Medieval Islamic 10485: 10478: 10471: 10462: 10461: 10364:Shortage economy 10349:Market structure 10314:Herfindahl index 10238:Laurent Thévenot 10233:Richard Swedberg 10228:Lynette Spillman 10213:Mark Granovetter 10198:James S. Coleman 10170:Georg Weizsäcker 10165:Robert W. Vishny 10130:Klaus M. Schmidt 10080:Jeffrey R. Kling 9975:Douglas Bernheim 9864:Erich Zimmermann 9854:Thorstein Veblen 9834:Herbert A. Simon 9829:François Simiand 9804:Jesse W. Markham 9784:Geoffrey Hodgson 9724:Shimshon Bichler 9688: 9681: 9674: 9665: 9664: 9651: 9650: 9641: 9640: 9383:Returns to scale 9241:Market structure 9021: 9014: 9007: 8998: 8997: 8934: 8915: 8898:Wheeler, Gregory 8893: 8849: 8840:(7): 1577–1600. 8824: 8810: 8791:Shleifer, Andrei 8786: 8768: 8758: 8748: 8719: 8708:. W. W. Norton. 8695: 8693: 8678: 8665: 8651: 8620:Mullainathan, S. 8615: 8594: 8578: 8556: 8532: 8513: 8502:Kahneman, Daniel 8497: 8479: 8456:Kahneman, Daniel 8451: 8434: 8422: 8411: 8390: 8373:(4): 1233–1260. 8364: 8354: 8324: 8303: 8279: 8261: 8243: 8235:Subrahmanyam, A. 8225: 8188: 8154: 8140: 8122: 8109: 8107: 8105: 8057: 8048: 8029:10.1037/h0076860 8001: 8000: 7978: 7972: 7971: 7969: 7967: 7952: 7946: 7945: 7938: 7932: 7931: 7929: 7927: 7918:. 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Babcock 2933:expected utility 2918:computer science 2711:, are models of 2552:was awarded the 2502:machine learning 2266:financial models 2231:cognitive biases 2207:crowd psychology 2134:endowment effect 2113:Familiarity bias 2055:Hot hand fallacy 1894:as practiced in 1764:tracing back to 1734:political theory 1728:is a concept in 1668:In 1992, in the 1583:Richard M. Cyert 1575:Herbert A. Simon 1558:Herbert A. Simon 1527:Total Citations 1345: 1341: 1294:. 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Holt 10035:Urs Fischbacher 10020:Stephen Duneier 10010:Werner De Bondt 9941: 9868: 9819:Jonathan Nitzan 9759:Robert H. Frank 9749:John R. Commons 9729:Robert A. Brady 9697: 9692: 9662: 9657: 9635: 9627: 9594: 9473: 9115:Deadweight loss 9052:Consumer choice 9030: 9025: 8995: 8980:Wayback Machine 8925: 8922: 8882: 8807: 8766: 8716: 8691: 8676: 8648: 8575: 8553: 8529: 8486:10.2307/1914185 8477:10.1.1.407.1910 8454: 8431: 8408: 8362: 8357: 8351: 8321: 8300: 8241: 8231:Hirshleifer, D. 8228: 8169:10.2307/2118511 8152: 8120: 8114:Becker, Gary S. 8103: 8101: 8060: 8014: 8010: 8005: 8004: 7997: 7979: 7975: 7965: 7963: 7954: 7953: 7949: 7942:"Robert Sugden" 7940: 7939: 7935: 7925: 7923: 7910: 7909: 7905: 7890: 7886: 7875: 7871: 7864: 7839: 7835: 7804: 7800: 7769:10.1038/nrn3354 7763:(11): 789–797. 7749: 7745: 7735: 7733: 7732:on May 25, 2019 7720: 7719: 7712: 7705:, 2nd Edition. 7700: 7696: 7692: 7675:, 2nd Edition. 7665:, 2nd Edition, 7657:Vernon L. 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Smith 2570:Daniel Kahneman 2566: 2546: 2541: 2536: 2457:Aldo Rustichini 2425: 2397:rational choice 2381: 2375: 2359:framing effects 2349:and neglect of 2319: 2313: 2308: 2255: 2190: 2174: 2142: 2127:Status quo bias 2122:Status quo bias 2013: 2002:Framing effects 1960: 1917: 1908: 1881:homo economicus 1862: 1770:Milton Erickson 1766:Gregory Bateson 1750:decision making 1740:which proposes 1723: 1717: 1704:Daniel Kahneman 1686:projection bias 1633:Prospect Theory 1624:Daniel Kahneman 1617: 1615:Prospect theory 1579:decision-making 1551: 1332: 1308:Daniel Kahneman 1284:homo economicus 1254:Vilfredo Pareto 1204: 1173:economic agents 1135: 1106: 1105: 1056: 1048: 1047: 1038:Loyalty program 1033: 1025: 1024: 1008: 1000: 999: 980:Race to the Top 975: 967: 966: 965: 951:Shlomo Benartzi 941: 917: 879: 877: 865: 858: 857: 828: 818: 817: 816: 815: 579:von Böhm-Bawerk 467: 456: 455: 217: 209: 208: 164:Economic growth 154: 146: 145: 87: 85:classifications 28: 23: 22: 15: 12: 11: 5: 12418: 12408: 12407: 12402: 12400:Microeconomics 12397: 12392: 12387: 12382: 12365: 12364: 12362: 12361: 12348: 12335: 12322: 12314: 12311: 12310: 12307: 12306: 12304: 12303: 12298: 12293: 12288: 12283: 12278: 12273: 12268: 12267: 12266: 12261: 12256: 12251: 12246: 12241: 12236: 12231: 12226: 12212: 12206: 12204: 12200: 12199: 12197: 12196: 12195: 12194: 12189: 12184: 12179: 12174: 12169: 12164: 12159: 12154: 12149: 12144: 12139: 12134: 12129: 12119: 12114: 12109: 12104: 12099: 12094: 12088: 12086: 12082: 12081: 12079: 12078: 12073: 12068: 12063: 12058: 12053: 12048: 12043: 12038: 12033: 12028: 12023: 12018: 12013: 11996: 11987: 11977: 11975: 11968: 11964: 11963: 11960: 11959: 11957: 11956: 11951: 11946: 11941: 11936: 11931: 11926: 11921: 11916: 11911: 11906: 11901: 11896: 11891: 11886: 11881: 11876: 11870: 11868: 11862: 11861: 11859: 11858: 11853: 11848: 11835: 11826: 11821: 11816: 11811: 11806: 11801: 11796: 11791: 11786: 11781: 11776: 11771: 11766: 11761: 11756: 11751: 11745: 11743: 11737: 11736: 11734: 11733: 11732: 11731: 11726: 11721: 11716: 11706: 11701: 11696: 11691: 11686: 11681: 11676: 11674:Mind-blindness 11671: 11666: 11661: 11656: 11651: 11650: 11649: 11644: 11639: 11634: 11629: 11618: 11616: 11605: 11604: 11602: 11601: 11596: 11591: 11586: 11581: 11576: 11571: 11566: 11561: 11548: 11543: 11537: 11535: 11529: 11528: 11526: 11525: 11520: 11519: 11518: 11508: 11507: 11506: 11496: 11495: 11494: 11489: 11484: 11474: 11469: 11468: 11467: 11457: 11456: 11455: 11450: 11439: 11437: 11431: 11430: 11428: 11427: 11426: 11425: 11420: 11415: 11405: 11400: 11395: 11386: 11385: 11384: 11379: 11369: 11367:theory of mind 11360: 11351: 11350: 11349: 11344: 11339: 11329: 11324: 11319: 11314: 11313: 11312: 11307: 11302: 11297: 11292: 11278: 11273: 11272: 11271: 11266: 11261: 11250: 11248: 11234: 11230: 11229: 11227: 11226: 11221: 11220: 11219: 11214: 11209: 11200: 11190: 11189: 11188: 11178: 11173: 11168: 11163: 11162: 11161: 11151: 11146: 11141: 11136: 11134:Baldwin effect 11131: 11130: 11129: 11124: 11119: 11109: 11103: 11101: 11093: 11092: 11090: 11089: 11084: 11083: 11082: 11077: 11072: 11067: 11062: 11052: 11051: 11050: 11039: 11036: 11035: 11028: 11027: 11020: 11013: 11005: 10996: 10995: 10993: 10992: 10987: 10982: 10977: 10972: 10967: 10962: 10957: 10952: 10947: 10942: 10936: 10934: 10930: 10929: 10926: 10925: 10923: 10922: 10917: 10912: 10907: 10902: 10897: 10892: 10887: 10882: 10877: 10872: 10870:Organizational 10867: 10862: 10857: 10856: 10855: 10850: 10840: 10835: 10830: 10825: 10820: 10818:Neo-Malthusian 10815: 10814: 10813: 10803: 10802: 10801: 10800: 10799: 10794: 10784: 10779: 10778: 10777: 10762: 10757: 10752: 10747: 10742: 10737: 10735:Disequilibrium 10732: 10727: 10725:Constitutional 10722: 10717: 10716: 10715: 10705: 10700: 10695: 10690: 10684: 10682: 10674: 10673: 10671: 10670: 10665: 10664: 10663: 10653: 10648: 10643: 10638: 10633: 10628: 10623: 10618: 10613: 10611:French liberal 10608: 10603: 10598: 10597: 10596: 10586: 10581: 10576: 10570: 10568: 10562: 10561: 10559: 10558: 10553: 10548: 10543: 10537: 10535: 10526: 10522: 10521: 10519: 10518: 10513: 10508: 10502: 10500: 10496: 10495: 10488: 10487: 10480: 10473: 10465: 10456: 10455: 10453: 10452: 10447: 10445:Microeconomics 10442: 10437: 10432: 10427: 10422: 10417: 10412: 10407: 10401: 10399: 10398:Related fields 10395: 10394: 10392: 10391: 10386: 10381: 10376: 10371: 10366: 10361: 10356: 10351: 10346: 10341: 10336: 10334:Kuznets cycles 10331: 10326: 10321: 10316: 10311: 10306: 10301: 10296: 10291: 10286: 10281: 10276: 10271: 10265: 10263: 10259: 10258: 10256: 10255: 10250: 10248:Harrison White 10245: 10243:Carlo Trigilia 10240: 10235: 10230: 10225: 10220: 10215: 10210: 10205: 10200: 10195: 10190: 10184: 10182: 10176: 10175: 10173: 10172: 10167: 10162: 10157: 10155:Richard Thaler 10152: 10147: 10142: 10137: 10132: 10127: 10125:Howard Rachlin 10122: 10117: 10115:Michael Norton 10112: 10107: 10102: 10097: 10092: 10087: 10082: 10077: 10072: 10067: 10062: 10057: 10052: 10047: 10042: 10040:Herbert Gintis 10037: 10032: 10027: 10022: 10017: 10012: 10007: 10002: 9997: 9995:David Cesarini 9992: 9987: 9982: 9977: 9972: 9967: 9962: 9957: 9955:George Ainslie 9951: 9949: 9943: 9942: 9940: 9939: 9934: 9929: 9924: 9922:Douglass North 9919: 9914: 9909: 9907:Harold Demsetz 9904: 9899: 9894: 9889: 9887:Armen Alchian 9884: 9882:Daron Acemoglu 9878: 9876: 9870: 9869: 9867: 9866: 9861: 9856: 9851: 9846: 9841: 9839:Frank Stilwell 9836: 9831: 9826: 9824:Warren Samuels 9821: 9816: 9811: 9806: 9801: 9796: 9791: 9786: 9781: 9776: 9771: 9766: 9761: 9756: 9754:Richard T. Ely 9751: 9746: 9741: 9736: 9734:Daniel Bromley 9731: 9726: 9721: 9716: 9711: 9705: 9703: 9699: 9698: 9691: 9690: 9683: 9676: 9668: 9659: 9658: 9656: 9655: 9645: 9632: 9629: 9628: 9626: 9625: 9620: 9618:Macroeconomics 9615: 9614: 9613: 9602: 9600: 9596: 9595: 9593: 9592: 9587: 9582: 9577: 9572: 9567: 9562: 9557: 9552: 9547: 9542: 9537: 9532: 9527: 9522: 9517: 9512: 9507: 9502: 9497: 9492: 9487: 9481: 9479: 9475: 9474: 9472: 9471: 9466: 9465: 9464: 9459: 9449: 9444: 9443: 9442: 9433: 9419: 9414: 9409: 9404: 9395: 9390: 9385: 9380: 9375: 9370: 9365: 9360: 9355: 9354: 9353: 9348: 9339: 9334: 9329: 9324: 9319: 9317:Price controls 9309: 9304: 9299: 9298: 9297: 9292: 9287: 9282: 9281: 9280: 9275: 9265: 9260: 9259: 9258: 9253: 9238: 9236:Market failure 9233: 9228: 9223: 9218: 9213: 9208: 9203: 9202: 9201: 9196: 9186: 9181: 9176: 9171: 9170: 9169: 9159: 9158: 9157: 9152: 9147: 9142: 9132: 9127: 9122: 9117: 9112: 9107: 9106: 9105: 9100: 9095: 9090: 9089: 9088: 9078: 9073: 9063: 9054: 9049: 9044: 9038: 9036: 9032: 9031: 9028:Microeconomics 9024: 9023: 9016: 9009: 9001: 8994: 8993: 8988: 8982: 8970: 8964: 8959: 8950: 8945: 8940: 8935: 8921: 8920:External links 8918: 8917: 8916: 8894: 8880: 8850: 8825: 8811: 8805: 8787: 8777:(3): 375–382. 8759: 8731:(4): 735–760. 8720: 8714: 8696: 8670:Rabin, Matthew 8666: 8652: 8646: 8616: 8595: 8579: 8573: 8561:Luce, R Duncan 8557: 8551: 8533: 8527: 8514: 8498: 8452: 8435: 8429: 8412: 8406: 8391: 8355: 8349: 8325: 8319: 8304: 8298: 8284:Diamond, Peter 8280: 8252:(6): 1839–85. 8226: 8189: 8141: 8137:10.1086/259394 8131:(2): 169–217. 8110: 8058: 8049: 8011: 8009: 8006: 8003: 8002: 7995: 7973: 7947: 7933: 7903: 7884: 7869: 7862: 7833: 7798: 7743: 7710: 7694: 7691: 7690: 7679: 7669: 7653: 7646: 7627:(4): 847–867. 7603: 7560:Roth, Alvin E. 7551: 7544: 7524: 7509: 7458: 7439: 7427: 7369: 7342: 7331:(3): 530–545. 7311: 7280: 7253: 7238: 7203: 7162: 7155: 7137: 7111: 7094: 7077: 7052: 7029: 7004: 6975:(1): 189–204. 6955: 6933: 6912:(2): 107–125. 6892: 6865: 6839: 6817: 6790:(9): 753–755. 6770: 6741:(3): 795–797. 6721: 6716:NobelPrize.org 6703: 6651: 6626: 6597: 6574: 6549: 6506: 6471: 6444: 6437: 6412: 6395: 6388: 6362: 6355: 6335:Shubik, Martin 6326: 6319: 6276: 6239:(3): 694–711. 6220: 6209:Rabin, Matthew 6196: 6189: 6175:Camerer, Colin 6166: 6144: 6122: 6077: 6058: 6011:Camerer, Colin 6002: 5993:"Social norms" 5980: 5961: 5932:Camerer, Colin 5923: 5901: 5878: 5853: 5810: 5801: 5783:Kenton, Will. 5775: 5757: 5738: 5713: 5690: 5665: 5641: 5627: 5586: 5561: 5554: 5536: 5506: 5488:Kenton, Will. 5480: 5473: 5455: 5430: 5403:(4): 641–645. 5387: 5380: 5362: 5350: 5343: 5325: 5316: 5309: 5291: 5266: 5240: 5225: 5218: 5200: 5181: 5163: 5134: 5113:(2): 113–123. 5093: 5070: 5049:(2): 429–456. 5029: 5002:(3): 427–437. 4986: 4967:(1): 123–136. 4951: 4932:(1): 122–148. 4916: 4873: 4858: 4832: 4811:(3): 341–359. 4791: 4772: 4765: 4745: 4716: 4698: 4665: 4636: 4592: 4573:(4): 453–475. 4553: 4546: 4528: 4496: 4477: 4462: 4456: 4426: 4398: 4392:978-0374275631 4391: 4373: 4366: 4348: 4322: 4310: 4280:(4): 297–323. 4261: 4249: 4242: 4222: 4203: 4164: 4149: 4129: 4100:(4): 735–760. 4084: 4069: 4062: 4039: 4027: 4001: 3934: 3909: 3871: 3830: 3811:(3–4): 58–83. 3795: 3788: 3757: 3730:(3): 555–583. 3701: 3664:(4): 735–760. 3633: 3626: 3599: 3568: 3561: 3541: 3519: 3494: 3467: 3466: 3464: 3461: 3459: 3456: 3454: 3453: 3448: 3446:Socioeconomics 3443: 3438: 3433: 3428: 3423: 3418: 3413: 3408: 3403: 3398: 3391: 3389:Hindsight bias 3386: 3381: 3379:Emotional bias 3376: 3371: 3369:Culture change 3366: 3361: 3356: 3351: 3346: 3341: 3336: 3331: 3325: 3323: 3320: 3318: 3317: 3312: 3307: 3302: 3297: 3292: 3287: 3285:Walter Mischel 3282: 3277: 3272: 3267: 3262: 3257: 3252: 3247: 3242: 3237: 3235:George Ainslie 3231: 3229: 3226: 3224: 3223: 3218: 3213: 3211:Robert Shiller 3208: 3203: 3198: 3193: 3188: 3186:Terrance Odean 3183: 3178: 3173: 3168: 3163: 3158: 3152: 3150: 3147: 3145: 3144: 3139: 3134: 3129: 3124: 3122:Richard Thaler 3119: 3114: 3109: 3104: 3099: 3094: 3089: 3084: 3079: 3074: 3069: 3064: 3059: 3054: 3049: 3044: 3042:Susan E. Mayer 3039: 3034: 3029: 3024: 3019: 3014: 3009: 3007:Paul De Grauwe 3004: 2999: 2997:George Akerlof 2993: 2991: 2988: 2986: 2985:Notable people 2983: 2955:Main article: 2952: 2949: 2880:Neuroeconomics 2878:Main article: 2875: 2874:Neuroeconomics 2872: 2810:Main article: 2807: 2804: 2802: 2801:Related fields 2799: 2788:neuroeconomics 2774: 2771: 2759:economic value 2659: 2656: 2647: 2644: 2631: 2628: 2626:for his work. 2607: 2604: 2602: 2599: 2587:Richard Thaler 2582: 2579: 2572:and economist 2565: 2562: 2545: 2542: 2540: 2537: 2535: 2532: 2510:symbolic logic 2506:AGM postulates 2465:Rachel Kranton 2461:George Akerlof 2424: 2421: 2377:Main article: 2374: 2371: 2315:Main article: 2312: 2309: 2307: 2306:Applied issues 2304: 2303: 2302: 2297: 2292: 2285: 2254: 2251: 2247:entry barriers 2235:feedback loops 2189: 2186: 2180:(MPT) and the 2173: 2170: 2141: 2138: 2012: 2009: 1959: 1956: 1916: 1913: 1907: 1904: 1861: 1858: 1831:Cabinet Office 1785:Richard Thaler 1719:Main article: 1716: 1713: 1682:overconfidence 1666: 1665: 1658: 1655: 1649: 1616: 1613: 1599:Richard Thaler 1550: 1547: 1544: 1543: 1540: 1537: 1534: 1531: 1528: 1524: 1523: 1520: 1517: 1514: 1511: 1508: 1504: 1503: 1500: 1497: 1494: 1491: 1488: 1484: 1483: 1480: 1477: 1474: 1471: 1468: 1464: 1463: 1460: 1457: 1454: 1451: 1448: 1444: 1443: 1440: 1437: 1434: 1431: 1428: 1424: 1423: 1420: 1417: 1414: 1411: 1408: 1404: 1403: 1400: 1397: 1394: 1391: 1388: 1384: 1383: 1380: 1377: 1374: 1371: 1368: 1364: 1363: 1360: 1357: 1354: 1351: 1348: 1331: 1328: 1238:Jeremy Bentham 1203: 1200: 1137: 1136: 1134: 1133: 1126: 1119: 1111: 1108: 1107: 1104: 1103: 1098: 1093: 1088: 1083: 1078: 1073: 1071:Default effect 1068: 1063: 1057: 1054: 1053: 1050: 1049: 1046: 1045: 1043:Safety culture 1040: 1034: 1031: 1030: 1027: 1026: 1023: 1022: 1016: 1009: 1006: 1005: 1002: 1001: 998: 997: 992: 987: 982: 976: 973: 972: 969: 968: 964: 963: 958: 953: 948: 946:Richard Thaler 942: 939: 938: 935: 934: 928: 927: 919: 918: 916: 915: 908: 901: 893: 890: 889: 888: 887: 875: 860: 859: 856: 855: 850: 840: 835: 829: 824: 823: 820: 819: 814: 813: 806: 801: 796: 791: 786: 781: 776: 771: 766: 761: 756: 751: 746: 741: 736: 731: 726: 721: 716: 711: 706: 701: 696: 691: 686: 681: 676: 671: 666: 661: 656: 651: 646: 641: 636: 631: 626: 621: 616: 611: 606: 601: 596: 591: 586: 581: 576: 571: 566: 561: 556: 551: 546: 541: 536: 531: 526: 521: 516: 511: 506: 501: 496: 491: 486: 481: 476: 470: 469: 468: 462: 461: 458: 457: 454: 453: 448: 443: 438: 433: 428: 423: 418: 413: 408: 399: 394: 389: 384: 379: 374: 372:Organizational 369: 364: 359: 354: 349: 344: 339: 334: 329: 324: 319: 314: 309: 304: 299: 294: 289: 284: 279: 274: 269: 264: 259: 254: 249: 244: 239: 234: 229: 224: 218: 216:By application 215: 214: 211: 210: 207: 206: 201: 196: 191: 186: 181: 176: 171: 166: 161: 155: 152: 151: 148: 147: 144: 143: 138: 133: 128: 123: 118: 109: 104: 99: 94: 88: 82: 81: 78: 77: 76: 75: 70: 65: 57: 56: 48: 47: 41: 40: 26: 9: 6: 4: 3: 2: 12417: 12406: 12403: 12401: 12398: 12396: 12395:Market trends 12393: 12391: 12388: 12386: 12383: 12381: 12378: 12377: 12375: 12360: 12359: 12353: 12349: 12347: 12346: 12340: 12336: 12334: 12333: 12323: 12321: 12320: 12316: 12315: 12312: 12302: 12299: 12297: 12294: 12292: 12289: 12287: 12286:Neo-Darwinism 12284: 12282: 12279: 12277: 12274: 12272: 12271:Functionalism 12269: 12265: 12262: 12260: 12257: 12255: 12252: 12250: 12247: 12245: 12242: 12240: 12237: 12235: 12232: 12230: 12229:Connectionism 12227: 12225: 12222: 12221: 12220: 12219:indeterminism 12216: 12213: 12211: 12208: 12207: 12205: 12201: 12193: 12190: 12188: 12185: 12183: 12180: 12178: 12175: 12173: 12170: 12168: 12165: 12163: 12160: 12158: 12155: 12153: 12150: 12148: 12145: 12143: 12140: 12138: 12135: 12133: 12130: 12128: 12125: 12124: 12123: 12120: 12118: 12115: 12113: 12110: 12108: 12105: 12103: 12100: 12098: 12095: 12093: 12090: 12089: 12087: 12083: 12077: 12074: 12072: 12069: 12067: 12064: 12062: 12059: 12057: 12054: 12052: 12049: 12047: 12044: 12042: 12039: 12037: 12034: 12032: 12029: 12027: 12024: 12022: 12019: 12017: 12014: 12012: 12008: 12004: 12000: 11997: 11995: 11991: 11988: 11986: 11982: 11979: 11978: 11976: 11972: 11969: 11965: 11955: 11952: 11950: 11947: 11945: 11942: 11940: 11939:Schizophrenia 11937: 11935: 11932: 11930: 11927: 11925: 11924:Mental health 11922: 11920: 11917: 11915: 11912: 11910: 11907: 11905: 11902: 11900: 11897: 11895: 11892: 11890: 11887: 11885: 11882: 11880: 11877: 11875: 11872: 11871: 11869: 11867: 11863: 11857: 11854: 11852: 11849: 11847: 11843: 11839: 11836: 11834: 11830: 11827: 11825: 11822: 11820: 11817: 11815: 11812: 11810: 11807: 11805: 11802: 11800: 11799:Mate guarding 11797: 11795: 11792: 11790: 11787: 11785: 11782: 11780: 11777: 11775: 11772: 11770: 11767: 11765: 11762: 11760: 11759:Age disparity 11757: 11755: 11752: 11750: 11747: 11746: 11744: 11742: 11738: 11730: 11727: 11725: 11722: 11720: 11717: 11715: 11712: 11711: 11710: 11707: 11705: 11702: 11700: 11697: 11695: 11692: 11690: 11689:Schizophrenia 11687: 11685: 11682: 11680: 11677: 11675: 11672: 11670: 11667: 11665: 11662: 11660: 11657: 11655: 11652: 11648: 11645: 11643: 11640: 11638: 11635: 11633: 11630: 11628: 11625: 11624: 11623: 11620: 11619: 11617: 11615: 11614:Mental health 11610: 11609:Human factors 11606: 11600: 11599:Socialization 11597: 11595: 11592: 11590: 11587: 11585: 11582: 11580: 11577: 11575: 11572: 11570: 11567: 11565: 11562: 11560: 11559:paternal bond 11556: 11552: 11549: 11547: 11544: 11542: 11539: 11538: 11536: 11534: 11530: 11524: 11521: 11517: 11514: 11513: 11512: 11509: 11505: 11502: 11501: 11500: 11497: 11493: 11490: 11488: 11485: 11483: 11480: 11479: 11478: 11475: 11473: 11470: 11466: 11463: 11462: 11461: 11458: 11454: 11451: 11449: 11446: 11445: 11444: 11441: 11440: 11438: 11436: 11432: 11424: 11423:Naïve physics 11421: 11419: 11416: 11414: 11411: 11410: 11409: 11406: 11404: 11401: 11399: 11396: 11394: 11390: 11389:Motor control 11387: 11383: 11380: 11378: 11375: 11374: 11373: 11370: 11368: 11364: 11361: 11359: 11355: 11352: 11348: 11347:Ophidiophobia 11345: 11343: 11340: 11338: 11337:Arachnophobia 11335: 11334: 11333: 11330: 11328: 11325: 11323: 11320: 11318: 11315: 11311: 11308: 11306: 11303: 11301: 11298: 11296: 11293: 11291: 11288: 11287: 11286: 11282: 11279: 11277: 11274: 11270: 11267: 11265: 11264:Display rules 11262: 11260: 11257: 11256: 11255: 11252: 11251: 11249: 11247: 11242: 11238: 11235: 11231: 11225: 11222: 11218: 11215: 11213: 11210: 11208: 11204: 11201: 11199: 11196: 11195: 11194: 11191: 11187: 11184: 11183: 11182: 11179: 11177: 11174: 11172: 11169: 11167: 11166:Kin selection 11164: 11160: 11157: 11156: 11155: 11152: 11150: 11147: 11145: 11142: 11140: 11137: 11135: 11132: 11128: 11125: 11123: 11120: 11118: 11115: 11114: 11113: 11110: 11108: 11105: 11104: 11102: 11100: 11094: 11088: 11085: 11081: 11078: 11076: 11073: 11071: 11068: 11066: 11063: 11061: 11060:Adaptationism 11058: 11057: 11056: 11053: 11049: 11046: 11045: 11044: 11041: 11040: 11037: 11033: 11026: 11021: 11019: 11014: 11012: 11007: 11006: 11003: 10991: 10988: 10986: 10983: 10981: 10978: 10976: 10973: 10971: 10968: 10966: 10963: 10961: 10958: 10956: 10953: 10951: 10948: 10946: 10943: 10941: 10938: 10937: 10935: 10931: 10921: 10920:Social credit 10918: 10916: 10913: 10911: 10908: 10906: 10903: 10901: 10898: 10896: 10895:Structuralist 10893: 10891: 10888: 10886: 10883: 10881: 10878: 10876: 10875:Public choice 10873: 10871: 10868: 10866: 10863: 10861: 10858: 10854: 10851: 10849: 10846: 10845: 10844: 10843:New classical 10841: 10839: 10838:Neoliberalism 10836: 10834: 10831: 10829: 10828:Neo-Ricardian 10826: 10824: 10821: 10819: 10816: 10812: 10809: 10808: 10807: 10804: 10798: 10795: 10793: 10790: 10789: 10788: 10785: 10783: 10780: 10776: 10773: 10772: 10771: 10768: 10767: 10766: 10763: 10761: 10760:Institutional 10758: 10756: 10753: 10751: 10748: 10746: 10743: 10741: 10738: 10736: 10733: 10731: 10728: 10726: 10723: 10721: 10718: 10714: 10711: 10710: 10709: 10706: 10704: 10701: 10699: 10696: 10694: 10691: 10689: 10686: 10685: 10683: 10675: 10669: 10666: 10662: 10659: 10658: 10657: 10654: 10652: 10649: 10647: 10644: 10642: 10639: 10637: 10634: 10632: 10629: 10627: 10624: 10622: 10619: 10617: 10614: 10612: 10609: 10607: 10604: 10602: 10599: 10595: 10592: 10591: 10590: 10587: 10585: 10582: 10580: 10577: 10575: 10572: 10571: 10569: 10567: 10563: 10557: 10554: 10552: 10549: 10547: 10544: 10542: 10539: 10538: 10536: 10534: 10530: 10527: 10523: 10517: 10516:Scholasticism 10514: 10512: 10509: 10507: 10504: 10503: 10501: 10497: 10493: 10486: 10481: 10479: 10474: 10472: 10467: 10466: 10463: 10451: 10448: 10446: 10443: 10441: 10440:Legal realism 10438: 10436: 10433: 10431: 10428: 10426: 10423: 10421: 10418: 10416: 10413: 10411: 10408: 10406: 10403: 10402: 10400: 10396: 10390: 10387: 10385: 10382: 10380: 10377: 10375: 10372: 10370: 10367: 10365: 10362: 10360: 10357: 10355: 10352: 10350: 10347: 10345: 10342: 10340: 10337: 10335: 10332: 10330: 10327: 10325: 10322: 10320: 10317: 10315: 10312: 10310: 10307: 10305: 10302: 10300: 10297: 10295: 10292: 10290: 10287: 10285: 10282: 10280: 10277: 10275: 10272: 10270: 10267: 10266: 10264: 10260: 10254: 10251: 10249: 10246: 10244: 10241: 10239: 10236: 10234: 10231: 10229: 10226: 10224: 10221: 10219: 10216: 10214: 10211: 10209: 10208:Paula England 10206: 10204: 10203:Paul DiMaggio 10201: 10199: 10196: 10194: 10193:Fred L. Block 10191: 10189: 10186: 10185: 10183: 10181: 10177: 10171: 10168: 10166: 10163: 10161: 10158: 10156: 10153: 10151: 10148: 10146: 10143: 10141: 10140:Hersh Shefrin 10138: 10136: 10133: 10131: 10128: 10126: 10123: 10121: 10120:Matthew Rabin 10118: 10116: 10113: 10111: 10108: 10106: 10103: 10101: 10098: 10096: 10093: 10091: 10090:Graham Loomes 10088: 10086: 10083: 10081: 10078: 10076: 10075:George Katona 10073: 10071: 10068: 10066: 10063: 10061: 10058: 10056: 10053: 10051: 10050:David Halpern 10048: 10046: 10043: 10041: 10038: 10036: 10033: 10031: 10028: 10026: 10023: 10021: 10018: 10016: 10013: 10011: 10008: 10006: 10005:Rachel Croson 10003: 10001: 9998: 9996: 9993: 9991: 9990:Colin Camerer 9988: 9986: 9985:Sarah Brosnan 9983: 9981: 9980:Samuel Bowles 9978: 9976: 9973: 9971: 9968: 9966: 9963: 9961: 9958: 9956: 9953: 9952: 9950: 9948: 9944: 9938: 9935: 9933: 9932:Elinor Ostrom 9930: 9928: 9925: 9923: 9920: 9918: 9917:Claude Ménard 9915: 9913: 9910: 9908: 9905: 9903: 9900: 9898: 9895: 9893: 9892:Masahiko Aoki 9890: 9888: 9885: 9883: 9880: 9879: 9877: 9875: 9871: 9865: 9862: 9860: 9857: 9855: 9852: 9850: 9847: 9845: 9842: 9840: 9837: 9835: 9832: 9830: 9827: 9825: 9822: 9820: 9817: 9815: 9814:Gunnar Myrdal 9812: 9810: 9807: 9805: 9802: 9800: 9797: 9795: 9794:Simon Kuznets 9792: 9790: 9787: 9785: 9782: 9780: 9777: 9775: 9772: 9770: 9767: 9765: 9762: 9760: 9757: 9755: 9752: 9750: 9747: 9745: 9742: 9740: 9739:Ha-Joon Chang 9737: 9735: 9732: 9730: 9727: 9725: 9722: 9720: 9717: 9715: 9712: 9710: 9707: 9706: 9704: 9700: 9696: 9689: 9684: 9682: 9677: 9675: 9670: 9669: 9666: 9654: 9646: 9644: 9639: 9634: 9633: 9630: 9624: 9621: 9619: 9616: 9612: 9609: 9608: 9607: 9604: 9603: 9601: 9597: 9591: 9588: 9586: 9583: 9581: 9578: 9576: 9573: 9571: 9568: 9566: 9563: 9561: 9558: 9556: 9553: 9551: 9550:Institutional 9548: 9546: 9543: 9541: 9538: 9536: 9533: 9531: 9528: 9526: 9523: 9521: 9518: 9516: 9513: 9511: 9508: 9506: 9503: 9501: 9498: 9496: 9495:Computational 9493: 9491: 9488: 9486: 9483: 9482: 9480: 9476: 9470: 9467: 9463: 9460: 9458: 9455: 9454: 9453: 9450: 9448: 9445: 9441: 9440:Law of supply 9437: 9434: 9432: 9431:Law of demand 9428: 9425: 9424: 9423: 9420: 9418: 9417:Social choice 9415: 9413: 9410: 9408: 9405: 9403: 9402:Excess supply 9399: 9396: 9394: 9391: 9389: 9388:Risk aversion 9386: 9384: 9381: 9379: 9376: 9374: 9371: 9369: 9366: 9364: 9361: 9359: 9356: 9352: 9349: 9347: 9343: 9340: 9338: 9335: 9333: 9330: 9328: 9325: 9323: 9322:Price ceiling 9320: 9318: 9315: 9314: 9313: 9310: 9308: 9305: 9303: 9300: 9296: 9293: 9291: 9288: 9286: 9283: 9279: 9278:Complementary 9276: 9274: 9271: 9270: 9269: 9266: 9264: 9261: 9257: 9254: 9252: 9249: 9248: 9247: 9244: 9243: 9242: 9239: 9237: 9234: 9232: 9229: 9227: 9224: 9222: 9219: 9217: 9214: 9212: 9209: 9207: 9204: 9200: 9197: 9195: 9192: 9191: 9190: 9187: 9185: 9182: 9180: 9177: 9175: 9172: 9168: 9165: 9164: 9163: 9160: 9156: 9153: 9151: 9148: 9146: 9143: 9141: 9138: 9137: 9136: 9133: 9131: 9128: 9126: 9123: 9121: 9118: 9116: 9113: 9111: 9108: 9104: 9101: 9099: 9096: 9094: 9091: 9087: 9084: 9083: 9082: 9079: 9077: 9074: 9072: 9069: 9068: 9067: 9064: 9062: 9061:non-convexity 9058: 9055: 9053: 9050: 9048: 9045: 9043: 9040: 9039: 9037: 9033: 9029: 9022: 9017: 9015: 9010: 9008: 9003: 9002: 8999: 8992: 8989: 8986: 8983: 8981: 8977: 8974: 8971: 8968: 8965: 8963: 8960: 8958: 8954: 8951: 8949: 8946: 8944: 8941: 8939: 8936: 8932: 8928: 8924: 8923: 8913: 8912: 8907: 8903: 8899: 8895: 8891: 8887: 8883: 8877: 8873: 8869: 8868: 8863: 8859: 8855: 8851: 8847: 8843: 8839: 8835: 8831: 8826: 8822: 8821: 8816: 8812: 8808: 8802: 8798: 8797: 8792: 8788: 8784: 8780: 8776: 8772: 8765: 8760: 8756: 8752: 8747: 8742: 8738: 8734: 8730: 8726: 8721: 8717: 8711: 8707: 8706: 8701: 8697: 8690: 8686: 8682: 8675: 8671: 8667: 8663: 8662: 8657: 8653: 8649: 8647:9780080430768 8643: 8639: 8635: 8631: 8630: 8625: 8624:Thaler, R. H. 8621: 8617: 8613: 8609: 8605: 8601: 8596: 8593: 8589: 8585: 8580: 8576: 8570: 8566: 8562: 8558: 8554: 8548: 8544: 8543: 8538: 8534: 8530: 8524: 8520: 8515: 8511: 8507: 8503: 8499: 8495: 8491: 8487: 8483: 8478: 8473: 8470:(2): 263–91. 8469: 8465: 8461: 8460:Tversky, Amos 8457: 8453: 8449: 8445: 8441: 8436: 8432: 8426: 8421: 8420: 8413: 8409: 8403: 8399: 8398: 8392: 8388: 8384: 8380: 8376: 8372: 8368: 8361: 8356: 8352: 8350:9781137525604 8346: 8342: 8338: 8334: 8330: 8329:Garai, Laszlo 8326: 8322: 8316: 8313:. Macmillan. 8312: 8311: 8305: 8301: 8295: 8291: 8290: 8285: 8281: 8277: 8273: 8269: 8268:2027.42/73431 8265: 8260: 8255: 8251: 8247: 8240: 8236: 8232: 8227: 8223: 8219: 8215: 8211: 8207: 8203: 8199: 8195: 8190: 8186: 8182: 8178: 8174: 8170: 8166: 8162: 8158: 8151: 8147: 8142: 8138: 8134: 8130: 8126: 8119: 8115: 8111: 8099: 8095: 8091: 8087: 8083: 8080:(3): 307–43. 8079: 8075: 8071: 8067: 8063: 8059: 8055: 8050: 8046: 8042: 8038: 8034: 8030: 8026: 8023:(4): 463–96. 8022: 8018: 8013: 8012: 7998: 7992: 7989:. Routledge. 7988: 7984: 7977: 7961: 7957: 7951: 7943: 7937: 7921: 7917: 7913: 7907: 7901: 7895: 7888: 7880: 7873: 7865: 7863:9780199586073 7859: 7855: 7851: 7847: 7846: 7837: 7829: 7825: 7821: 7817: 7813: 7809: 7802: 7794: 7790: 7786: 7782: 7778: 7774: 7770: 7766: 7762: 7758: 7754: 7747: 7731: 7727: 7723: 7717: 7715: 7708: 7704: 7698: 7688: 7684: 7680: 7678: 7674: 7670: 7668: 7664: 7663: 7658: 7655: 7654: 7650: 7642: 7638: 7634: 7630: 7626: 7622: 7618: 7614: 7613:Grechenig, K. 7607: 7588: 7584: 7580: 7576: 7572: 7565: 7561: 7555: 7547: 7541: 7537: 7536: 7528: 7520: 7513: 7505: 7501: 7496: 7491: 7486: 7481: 7477: 7473: 7469: 7462: 7454: 7450: 7443: 7436: 7431: 7423: 7419: 7415: 7411: 7407: 7403: 7399: 7395: 7391: 7387: 7380: 7373: 7357: 7353: 7346: 7338: 7334: 7330: 7326: 7322: 7315: 7307: 7303: 7299: 7295: 7291: 7284: 7276: 7272: 7268: 7264: 7261:Klass, Greg; 7257: 7249: 7242: 7234: 7230: 7226: 7222: 7218: 7214: 7207: 7188: 7184: 7180: 7173: 7166: 7158: 7152: 7148: 7141: 7126: 7122: 7115: 7108: 7104: 7098: 7091: 7087: 7081: 7073: 7069: 7065: 7064: 7056: 7048: 7044: 7040: 7033: 7025: 7021: 7017: 7016: 7008: 7000: 6996: 6992: 6988: 6983: 6978: 6974: 6970: 6966: 6959: 6943: 6937: 6929: 6925: 6920: 6915: 6911: 6907: 6903: 6896: 6880: 6876: 6869: 6854: 6850: 6843: 6827: 6821: 6813: 6809: 6805: 6801: 6797: 6793: 6789: 6785: 6781: 6774: 6766: 6762: 6758: 6754: 6749: 6744: 6740: 6736: 6732: 6725: 6717: 6713: 6707: 6699: 6695: 6690: 6685: 6681: 6677: 6673: 6669: 6662: 6655: 6640: 6636: 6630: 6623: 6611: 6607: 6601: 6590:September 23, 6585: 6578: 6571: 6564:September 23, 6559: 6553: 6545: 6541: 6537: 6533: 6529: 6525: 6522:(4): 449–74. 6521: 6517: 6510: 6502: 6498: 6494: 6490: 6486: 6482: 6475: 6467: 6463: 6460:(1): 179–87. 6459: 6455: 6448: 6440: 6434: 6430: 6426: 6419: 6417: 6410: 6406: 6405: 6399: 6391: 6385: 6381: 6377: 6373: 6366: 6358: 6356:9780444894281 6352: 6348: 6344: 6340: 6336: 6330: 6322: 6320:9781139052009 6316: 6312: 6308: 6303: 6298: 6294: 6287: 6280: 6272: 6268: 6264: 6260: 6256: 6252: 6247: 6242: 6238: 6234: 6230: 6224: 6216: 6215: 6210: 6206: 6200: 6192: 6186: 6182: 6181: 6176: 6170: 6164: 6158: 6154: 6148: 6142: 6136: 6132: 6126: 6118: 6114: 6110: 6106: 6101: 6096: 6093:(2): 268–98. 6092: 6088: 6081: 6075: 6069: 6062: 6056: 6052: 6049: 6036: 6032: 6028: 6024: 6020: 6016: 6012: 6006: 6000: 5994: 5990: 5984: 5978: 5972: 5965: 5957: 5953: 5949: 5945: 5942:(2): 167–96. 5941: 5937: 5933: 5927: 5921: 5915: 5914:"Game Theory" 5911: 5910:Auman, Robert 5905: 5889: 5882: 5871:September 21, 5867: 5863: 5857: 5848: 5843: 5838: 5833: 5829: 5825: 5821: 5814: 5805: 5794:September 21, 5790: 5786: 5779: 5771: 5767: 5761: 5753: 5749: 5742: 5731:September 21, 5727: 5726:Guided Choice 5723: 5717: 5709: 5705: 5701: 5694: 5683:September 21, 5679: 5675: 5669: 5663: 5659: 5655: 5651: 5645: 5637: 5631: 5622: 5617: 5613: 5609: 5606:(C): 93–127. 5605: 5601: 5597: 5590: 5579:September 21, 5575: 5571: 5565: 5557: 5555:9781138097117 5551: 5547: 5540: 5524: 5520: 5518: 5510: 5499:September 21, 5495: 5491: 5484: 5476: 5474:9781138097117 5470: 5466: 5459: 5444: 5440: 5434: 5426: 5422: 5418: 5414: 5410: 5406: 5402: 5398: 5391: 5383: 5381:9781138097117 5377: 5373: 5366: 5360: 5354: 5346: 5344:9781138097117 5340: 5336: 5329: 5320: 5312: 5310:9781138097117 5306: 5302: 5295: 5284:September 21, 5280: 5276: 5270: 5259:September 21, 5255: 5251: 5244: 5236: 5229: 5221: 5215: 5211: 5204: 5196: 5192: 5185: 5177: 5173: 5167: 5152: 5145: 5138: 5130: 5126: 5121: 5116: 5112: 5108: 5104: 5097: 5089: 5085: 5081: 5074: 5066: 5062: 5057: 5052: 5048: 5044: 5040: 5033: 5025: 5021: 5017: 5013: 5009: 5005: 5001: 4997: 4990: 4982: 4978: 4974: 4970: 4966: 4962: 4955: 4947: 4943: 4939: 4935: 4931: 4927: 4920: 4912: 4908: 4904: 4900: 4896: 4892: 4888: 4884: 4877: 4869: 4865: 4861: 4859:9789048125920 4855: 4851: 4847: 4843: 4836: 4828: 4824: 4819: 4814: 4810: 4806: 4802: 4795: 4787: 4783: 4776: 4768: 4762: 4758: 4757: 4749: 4738: 4734: 4727: 4720: 4712: 4708: 4702: 4686: 4682: 4681: 4680:The Spectator 4676: 4669: 4653: 4652: 4647: 4640: 4632: 4628: 4623: 4618: 4615:(2): e133–7. 4614: 4610: 4603: 4596: 4588: 4584: 4580: 4576: 4572: 4568: 4564: 4557: 4549: 4543: 4539: 4532: 4516: 4515: 4510: 4503: 4501: 4494: 4490: 4487: 4481: 4473: 4466: 4459: 4453: 4449: 4445: 4441: 4437: 4430: 4415: 4411: 4405: 4403: 4394: 4388: 4384: 4377: 4369: 4363: 4359: 4352: 4336: 4332: 4326: 4319: 4314: 4308: 4303: 4299: 4295: 4291: 4287: 4283: 4279: 4275: 4268: 4266: 4258: 4253: 4245: 4243:9780199793143 4239: 4235: 4234: 4226: 4218: 4214: 4207: 4199: 4195: 4191: 4187: 4183: 4179: 4175: 4168: 4160: 4156: 4152: 4146: 4142: 4141: 4133: 4125: 4121: 4116: 4111: 4107: 4103: 4099: 4095: 4088: 4080: 4073: 4065: 4059: 4056:. MIT Press. 4055: 4054: 4046: 4044: 4036: 4031: 4015: 4011: 4005: 3997: 3993: 3988: 3983: 3979: 3975: 3970: 3965: 3961: 3957: 3953: 3949: 3945: 3938: 3923: 3919: 3913: 3905: 3901: 3897: 3893: 3889: 3885: 3878: 3876: 3867: 3863: 3858: 3853: 3849: 3845: 3841: 3834: 3826: 3822: 3818: 3814: 3810: 3806: 3799: 3791: 3789:9780691116822 3785: 3781: 3774: 3772: 3770: 3768: 3766: 3764: 3762: 3753: 3749: 3745: 3741: 3737: 3733: 3729: 3725: 3721: 3714: 3712: 3710: 3708: 3706: 3697: 3693: 3689: 3685: 3680: 3675: 3671: 3667: 3663: 3659: 3655: 3648: 3646: 3644: 3642: 3640: 3638: 3629: 3623: 3619: 3612: 3610: 3608: 3606: 3604: 3595: 3591: 3588:(3): 131–45. 3587: 3583: 3579: 3572: 3564: 3558: 3554: 3553: 3545: 3539: 3533: 3531: 3523: 3515: 3511: 3507: 3501: 3499: 3490: 3486: 3482: 3475: 3473: 3468: 3452: 3449: 3447: 3444: 3442: 3439: 3437: 3436:Regret theory 3434: 3432: 3429: 3427: 3424: 3422: 3419: 3417: 3414: 3412: 3409: 3407: 3404: 3402: 3399: 3397: 3396: 3392: 3390: 3387: 3385: 3382: 3380: 3377: 3375: 3372: 3370: 3367: 3365: 3362: 3360: 3357: 3355: 3352: 3350: 3347: 3345: 3342: 3340: 3339:Behavioralism 3337: 3335: 3332: 3330: 3327: 3326: 3316: 3313: 3311: 3308: 3306: 3303: 3301: 3298: 3296: 3293: 3291: 3290:Drazen Prelec 3288: 3286: 3283: 3281: 3280:George Katona 3278: 3276: 3273: 3271: 3268: 3266: 3263: 3261: 3258: 3256: 3253: 3251: 3248: 3246: 3243: 3241: 3238: 3236: 3233: 3232: 3222: 3221:Robert Vishny 3219: 3217: 3214: 3212: 3209: 3207: 3206:Hersh Shefrin 3204: 3202: 3199: 3197: 3196:Charles Plott 3194: 3192: 3189: 3187: 3184: 3182: 3179: 3177: 3174: 3172: 3169: 3167: 3164: 3162: 3159: 3157: 3156:Malcolm Baker 3154: 3153: 3143: 3140: 3138: 3135: 3133: 3130: 3128: 3125: 3123: 3120: 3118: 3117:Larry Summers 3115: 3113: 3112:Robert Sugden 3110: 3108: 3105: 3103: 3100: 3098: 3095: 3093: 3092:Matthew Rabin 3090: 3088: 3085: 3083: 3080: 3078: 3075: 3073: 3070: 3068: 3065: 3063: 3062:David Laibson 3060: 3058: 3055: 3053: 3052:Simon Gächter 3050: 3048: 3045: 3043: 3040: 3038: 3035: 3033: 3030: 3028: 3025: 3023: 3022:Colin Camerer 3020: 3018: 3015: 3013: 3010: 3008: 3005: 3003: 3000: 2998: 2995: 2994: 2982: 2979: 2974: 2970: 2964: 2958: 2948: 2946: 2942: 2938: 2934: 2930: 2925: 2923: 2919: 2915: 2911: 2907: 2903: 2899: 2895: 2891: 2887: 2881: 2871: 2869: 2865: 2860: 2858: 2854: 2850: 2846: 2841: 2839: 2835: 2831: 2830:computational 2827: 2823: 2819: 2813: 2798: 2794: 2791: 2789: 2784: 2779: 2778:Matthew Rabin 2770: 2768: 2764: 2760: 2756: 2751: 2749: 2745: 2741: 2737: 2733: 2729: 2727: 2722: 2718: 2714: 2710: 2706: 2701: 2698: 2693: 2689: 2687: 2683: 2679: 2678: 2673: 2669: 2668:Armen Alchian 2665: 2655: 2652: 2643: 2641: 2636: 2635:Matthew Rabin 2627: 2625: 2621: 2617: 2613: 2598: 2597: 2593: 2588: 2578: 2575: 2571: 2561: 2559: 2555: 2551: 2550:Herbert Simon 2531: 2528: 2526: 2521: 2519: 2515: 2511: 2507: 2503: 2499: 2494: 2492: 2488: 2486: 2481: 2476: 2474: 2469: 2466: 2462: 2458: 2454: 2450: 2446: 2442: 2438: 2434: 2430: 2420: 2418: 2414: 2410: 2406: 2402: 2398: 2393: 2391: 2386: 2380: 2370: 2368: 2364: 2360: 2356: 2352: 2348: 2344: 2340: 2336: 2332: 2328: 2324: 2323:Colin Camerer 2318: 2301: 2298: 2296: 2293: 2290: 2286: 2283: 2279: 2275: 2274: 2273: 2271: 2267: 2263: 2259: 2250: 2248: 2244: 2240: 2236: 2232: 2228: 2224: 2220: 2215: 2212: 2208: 2204: 2203: 2198: 2197: 2185: 2183: 2179: 2169: 2167: 2162: 2159: 2155: 2151: 2147: 2137: 2135: 2130: 2128: 2124: 2123: 2119: 2115: 2114: 2110: 2108: 2104: 2103: 2099: 2096: 2092: 2091: 2087: 2084: 2083:Loss aversion 2080: 2079: 2078:Loss aversion 2075: 2073: 2072: 2066: 2065: 2061: 2057: 2056: 2052: 2050: 2046: 2041: 2040: 2036: 2033: 2029: 2028: 2024: 2022: 2018: 2008: 2004: 2003: 1999: 1996: 1995: 1994:Herd behavior 1991: 1988: 1984: 1983: 1979: 1976: 1972: 1971: 1967: 1965: 1955: 1951: 1950: 1946: 1942: 1941: 1937: 1934: 1930: 1929: 1925: 1922: 1912: 1903: 1899: 1897: 1893: 1889: 1884: 1882: 1877: 1875: 1870: 1867: 1857: 1855: 1851: 1847: 1842: 1840: 1836: 1835:David Halpern 1832: 1828: 1823: 1821: 1816: 1811: 1808: 1802: 1800: 1796: 1795: 1790: 1789:Cass Sunstein 1786: 1781: 1779: 1775: 1771: 1767: 1763: 1762:psychotherapy 1758: 1753: 1751: 1747: 1743: 1739: 1735: 1731: 1727: 1722: 1712: 1709: 1705: 1699: 1697: 1696: 1691: 1687: 1683: 1679: 1675: 1671: 1663: 1659: 1656: 1653: 1652:Loss aversion 1650: 1647: 1644: 1643: 1642: 1640: 1636: 1634: 1625: 1621: 1612: 1610: 1606: 1605: 1600: 1596: 1595:Cass Sunstein 1592: 1588: 1584: 1580: 1576: 1572: 1570: 1566: 1559: 1555: 1541: 1538: 1535: 1532: 1529: 1526: 1525: 1521: 1518: 1515: 1512: 1509: 1506: 1505: 1501: 1498: 1495: 1492: 1489: 1486: 1485: 1481: 1478: 1475: 1472: 1469: 1466: 1465: 1461: 1458: 1455: 1452: 1449: 1446: 1445: 1441: 1438: 1435: 1432: 1429: 1426: 1425: 1421: 1418: 1415: 1412: 1409: 1406: 1405: 1401: 1398: 1395: 1392: 1389: 1386: 1385: 1381: 1378: 1375: 1372: 1369: 1366: 1365: 1361: 1358: 1355: 1352: 1349: 1347: 1346: 1340: 1337: 1327: 1325: 1321: 1318: 1314: 1309: 1305: 1301: 1297: 1293: 1288: 1287: 1285: 1279: 1273: 1269: 1266: 1261: 1259: 1258:Irving Fisher 1255: 1251: 1247: 1243: 1239: 1235: 1234:loss aversion 1231: 1229: 1220: 1216: 1212: 1208: 1199: 1195: 1193: 1188: 1186: 1182: 1178: 1174: 1170: 1166: 1161: 1159: 1155: 1151: 1147: 1146:psychological 1143: 1132: 1127: 1125: 1120: 1118: 1113: 1112: 1110: 1109: 1102: 1099: 1097: 1094: 1092: 1089: 1087: 1084: 1082: 1079: 1077: 1074: 1072: 1069: 1067: 1064: 1062: 1059: 1058: 1052: 1051: 1044: 1041: 1039: 1036: 1035: 1029: 1028: 1020: 1017: 1014: 1011: 1010: 1004: 1003: 996: 993: 991: 988: 986: 983: 981: 978: 977: 971: 970: 962: 959: 957: 956:Cass Sunstein 954: 952: 949: 947: 944: 943: 937: 936: 933: 930: 929: 925: 924: 914: 909: 907: 902: 900: 895: 894: 892: 891: 886: 876: 874: 869: 864: 863: 862: 861: 854: 851: 848: 844: 841: 839: 836: 834: 831: 830: 827: 822: 821: 812: 811: 807: 805: 802: 800: 797: 795: 792: 790: 787: 785: 782: 780: 777: 775: 772: 770: 767: 765: 762: 760: 757: 755: 752: 750: 747: 745: 742: 740: 737: 735: 732: 730: 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List 2966: 2926: 2902:experimental 2898:neuroscience 2883: 2861: 2842: 2820:, including 2815: 2795: 2792: 2776: 2752: 2743: 2739: 2734: 2730: 2721:Russ Roberts 2705:Nassim Taleb 2702: 2694: 2690: 2675: 2661: 2649: 2640:present bias 2633: 2610:The work of 2609: 2601:Other Awards 2584: 2567: 2547: 2529: 2522: 2514:data science 2495: 2483: 2477: 2470: 2426: 2394: 2382: 2320: 2256: 2216: 2210: 2200: 2194: 2191: 2175: 2161: 2143: 2131: 2125: 2121: 2120: 2116: 2112: 2111: 2105: 2101: 2100: 2095:Recency bias 2093: 2090:Recency bias 2089: 2088: 2081: 2077: 2076: 2069: 2067: 2063: 2062: 2058: 2054: 2053: 2042: 2038: 2037: 2032:Present bias 2030: 2027:Present bias 2026: 2025: 2014: 2005: 2001: 2000: 1997: 1993: 1992: 1985: 1981: 1980: 1973: 1969: 1968: 1961: 1952: 1948: 1947: 1943: 1939: 1938: 1931: 1927: 1926: 1918: 1909: 1900: 1885: 1878: 1874:distributive 1871: 1865: 1863: 1843: 1833:, headed by 1824: 1817: 1813: 1804: 1792: 1782: 1754: 1725: 1724: 1721:Nudge theory 1715:Nudge theory 1700: 1693: 1678:John Quiggin 1669: 1667: 1631: 1629: 1608: 1602: 1573: 1563: 1333: 1322: 1304:Amos Tversky 1289: 1282: 1274: 1270: 1262: 1226: 1224: 1218: 1214: 1213:, author of 1198:in teaching. 1196: 1189: 1177:neuroscience 1162: 1141: 1140: 1066:Social proof 1060: 961:Maya Shankar 932:Nudge theory 843:Publications 808: 431:Sociological 404: / 302:Geographical 282:Evolutionary 257:Digitization 226: 222:Agricultural 126:Mathematical 97:Econometrics 29: 12215:Determinism 12127:Coevolution 12071:Primatology 11909:Gender role 11814:Orientation 11694:Screen time 11551:Affectional 11533:Development 11212:Mate choice 11139:By-products 11107:Adaptations 11070:Cognitivism 10900:Supply-side 10823:Neo-Marxian 10636:Marginalism 10566:Late modern 10551:Physiocrats 10359:Satisficing 10070:Ariel Kalil 9965:Nava Ashraf 9912:Avner Greif 9719:Joe S. Bain 9535:Game theory 9500:Development 9447:Uncertainty 9327:Price floor 9307:Preferences 9246:Competition 9216:Information 9179:Externality 9162:Equilibrium 9103:Transaction 9081:Opportunity 9042:Aggregation 8606:: 503–511. 7814:: 647–672. 7196:October 21, 6885:October 31, 6858:November 4, 6832:October 14, 6674:: 238–262. 6041:October 31, 5866:www.sec.gov 5529:November 1, 5156:October 11, 3528:"Search of 3451:Socionomics 3300:Paul Slovic 3275:Ariel Kalil 3137:Kevin Volpp 2922:mathematics 2838:effect size 2826:econometric 2822:statistical 2697:rationality 2672:Gary Becker 2539:Nobel Prize 2449:selfishness 2405:game theory 2335:game theory 2291:coefficient 2289:stock image 2164:irrational 2047:stems from 1933:Satisficing 1928:Satisficing 1757:cybernetics 1569:rationality 1362:1986 Paper 1359:1981 Paper 1356:1974 Paper 1353:1992 Paper 1350:1979 Paper 1300:behaviorist 1242:Utilitarian 1217:(1776) and 1169:rationality 1076:Paternalism 995:Vision Zero 679:von Neumann 332:Information 272:Engineering 252:Development 247:Demographic 189:Game theory 131:Methodology 12374:Categories 12162:Population 12157:Lamarckism 12003:behavioral 11981:Behavioral 11929:Narcissism 11874:Aggression 11664:Hypophobia 11654:Depression 11541:Attachment 11523:Universals 11487:Psychology 11465:Biological 11453:Musicology 11443:Aesthetics 11342:Basophobia 11149:Exaptation 11127:Reciprocal 10880:Regulation 10806:Monetarism 10792:Circuitism 10740:Ecological 10708:Chartalism 10688:Behavioral 10631:Manchester 10626:Malthusian 10584:Birmingham 10541:Cameralism 10525:Modern era 10499:Pre-modern 10045:Uri Gneezy 10030:Armin Falk 10015:Paul Dolan 9960:Dan Ariely 9565:Managerial 9485:Behavioral 9358:Production 9295:Oligopsony 9135:Elasticity 9047:Budget set 8746:2066/67175 8450:(2): 1–11. 7722:"Research" 7435:Rabin 1998 6427:. London: 6131:Gul, Faruk 6025:(4): 172. 5710:(5): 1311. 4115:2066/67175 3679:2066/67175 3458:References 3426:Praxeology 3315:Moran Cerf 3240:Dan Ariely 3228:Psychology 3057:Uri Gneezy 3047:Ernst Fehr 3027:Armin Falk 2941:heuristics 2859:behavior. 2853:individual 2480:Dan Ariely 2453:Uri Gneezy 2433:Armin Falk 2429:Ernst Fehr 2239:fair price 2146:psychology 1964:heuristics 1860:Criticisms 1774:Watzlawick 1639:heuristics 1467:1999-2003 1278:positivism 1211:Adam Smith 1192:Adam Smith 838:Economists 709:Schumacher 614:Schumpeter 584:von Wieser 504:von Thünen 465:economists 441:Statistics 436:Solidarity 357:Managerial 322:Humanistic 317:Historical 262:Ecological 227:Behavioral 121:Mainstream 12007:cognitive 11999:Affective 11884:Cognition 11838:Sexuality 11824:Pair bond 11584:Education 11241:Cognition 11159:Inclusive 11099:processes 11087:Criticism 10955:Economics 10890:Stockholm 10765:Keynesian 10730:Cracovian 10679:(20th and 10668:Socialist 10651:Mutualism 10594:Ricardian 10589:Classical 10150:Uwe Sunde 9970:Ofer Azar 9606:Economics 9478:Subfields 9373:Rationing 9290:Oligopoly 9285:Monopsony 9273:Bilateral 9206:Household 9057:Convexity 8890:237794267 8755:143911190 8472:CiteSeerX 8387:154641267 8222:152538297 8214:1942-6658 8104:April 25, 8094:154782800 7966:April 25, 7926:April 18, 7777:1471-003X 7707:Abstract. 7677:Abstract. 7667:Abstract. 7422:219338876 7406:0140-525X 7358:(Opinion) 7233:126703002 7072:0362-4331 7047:0046-8932 7024:0362-4331 6991:0895-3309 6928:158175954 6804:1935-990X 6765:158617764 6757:0927-7099 6297:CiteSeerX 6241:CiteSeerX 6095:CiteSeerX 5956:121396120 5830:(1): 20. 5824:Economies 5425:227191908 5129:1865-1704 5065:1474-2640 5024:144157454 5016:1878-5158 4981:1467-9760 4946:1468-2230 4911:153597777 4903:0263-3957 4868:141283500 4827:1878-5158 4651:The Times 4587:143673378 4341:April 25, 4307:Abstract. 4294:0895-5646 4190:219382170 4159:791403664 4124:143911190 4035:Luce 2000 4020:April 25, 3978:0027-8424 3904:230794629 3825:234860041 3744:0145-5532 3696:143911190 3688:1527-1919 3463:Citations 3245:Ed Diener 3176:Andrew Lo 2990:Economics 2906:cognitive 2773:Responses 2736:David Gal 2658:Criticism 2622:from the 2361:. On the 2327:strategic 2219:anomalies 2188:Evolution 2021:fallacies 1987:Anchoring 1982:Anchoring 1888:euphemism 1810:does not. 1783:In 2008, 1746:influence 1738:economics 1154:decisions 1150:cognitive 754:Greenspan 719:Samuelson 699:Galbraith 669:Tinbergen 609:von Mises 604:Heckscher 564:Edgeworth 382:Personnel 342:Knowledge 307:Happiness 297:Financial 267:Education 242:Democracy 136:Political 102:Heterodox 45:Economics 12276:Memetics 12036:Ethology 11994:genetics 11829:Physical 11794:Jealousy 11749:Activity 11555:maternal 11511:Religion 11499:Morality 11477:Language 11358:taxonomy 11171:Mismatch 11117:Cheating 11112:Altruism 10980:Degrowth 10915:Virginia 10755:Freiburg 10750:Feminist 10703:Carnegie 10693:Buddhist 10661:Lausanne 10616:Georgism 10579:Austrian 9653:Category 9599:See also 9490:Business 9462:Marginal 9457:Expected 9398:Shortage 9393:Scarcity 9268:Monopoly 9174:Exchange 9086:Implicit 9076:Marginal 8976:Archived 8900:(2018). 8793:(1999). 8702:(2006). 8672:(1998). 8563:(2000). 8539:(1997). 8276:32589687 8237:(1998). 8185:55030273 8148:(1995). 8116:(1968). 8098:Archived 8045:10279574 7916:ucsd.edu 7900:Palgrave 7828:17883335 7785:23034481 7641:41945226 7562:(2002). 7504:25379268 7414:20550733 6812:14584993 6698:54685109 6635:"Impact" 6616:July 12, 6544:29570235 6429:Springer 6263:30032349 6211:(2003). 6177:(2003). 6163:Palgrave 6155:(2008). 6141:Palgrave 6133:(2008). 6074:Palgrave 6051:Archived 6013:(1997). 5999:Palgrave 5977:Palgrave 5920:Palgrave 5448:June 26, 5417:33245798 5176:ABC News 4883:Politics 4654:. London 4631:26186924 4517:. London 4489:Archived 4436:S. Smets 4335:Archived 3996:10485865 3752:56373713 3538:Palgrave 3483:. SSRN. 3322:See also 2717:EconTalk 2548:In 1978 2518:big data 2437:fairness 2363:positive 2355:fairness 2351:altruism 2154:rational 1906:Concepts 1791:'s book 1778:Weakland 1662:marginal 1507:2009-13 1487:2004-08 1447:1993-98 1427:1989-93 1407:1984-88 1387:1979-83 1367:1974-78 847:journals 833:Glossary 784:Stiglitz 749:Rothbard 729:Buchanan 714:Friedman 704:Koopmans 694:Leontief 674:Robinson 559:Marshall 463:Notable 411:Regional 387:Planning 362:Monetary 292:Feminist 237:Cultural 232:Business 37:a series 35:Part of 12177:Species 11949:Suicide 11784:Fantasy 11764:Arousal 11546:Bonding 11435:Culture 11259:Display 11246:Emotion 11154:Fitness 11043:History 10933:Related 10720:Chicago 9611:Applied 9590:Welfare 9452:Utility 9412:Surplus 9351:Pricing 9263:Duopoly 9256:Perfect 9199:Service 9167:General 9071:Average 8908:(ed.). 8864:(ed.). 8592:2460685 8494:1914185 8200:: 767. 8177:2118511 8037:1099599 8008:Sources 7736:May 21, 7687:JEL: C9 7596:May 11, 7495:4219248 7277:(1): 2. 6999:2696547 6948:July 1, 6879:Lucidez 6536:1473331 6501:3791450 6271:3490729 6117:2508835 5894:May 31, 5890:. Flevy 5088:2810229 4786:2672970 4419:June 1, 4302:8456150 4198:1583509 3956:Bibcode 3489:2040946 3149:Finance 2973:fitness 2945:framing 2864:natural 2748:science 2331:methods 2264:. 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