Behavioral Economics and Its Applications (Google eBook)

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Peter Diamond, Hannu Vartiainen
Princeton University Press, Jan 12, 2012 - Business & Economics - 336 pages
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In the last decade, behavioral economics, borrowing from psychology and sociology to explain decisions inconsistent with traditional economics, has revolutionized the way economists view the world. But despite this general success, behavioral thinking has fundamentally transformed only one field of applied economics-finance. Peter Diamond and Hannu Vartiainen's Behavioral Economics and Its Applications argues that behavioral economics can have a similar impact in other fields of economics.

In this volume, some of the world's leading thinkers in behavioral economics and general economic theory make the case for a much greater use of behavioral ideas in six fields where these ideas have already proved useful but have not yet been fully incorporated--public economics, development, law and economics, health, wage determination, and organizational economics. The result is an attempt to set the agenda of an important development in economics--an agenda that will interest policymakers, sociologists, and psychologists as well as economists.

Contributors include Ian Ayres, B. Douglas Bernheim, Truman F. Bewley, Colin F. Camerer, Anne Case, Michael D. Cohen, Peter Diamond, Christoph Engel, Richard G. Frank, Jacob Glazer, Seppo Honkapohja, Christine Jolls, Botond Koszegi, Ulrike Malmendier, Sendhil Mullainathan, Antonio Rangel, Emmanuel Saez, Eldar Shafir, Sir Nicholas Stern, Jean Tirole, Hannu Vartiainen, and Timothy D. Wilson.

  

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Contents

Introduction
1
Behavioral Public Economics Welfare and Policy Analysis with Nonstandard DecisionMakers
7
22 Conceptualizing and Measuring Welfare
10
23 Saving
20
24 Addiction
40
25 Public Goods
57
26 The Road Ahead
66
Comment by Nicholas Stern
78
53 Evidence from Surveys by Economists
160
54 Evidence from Experimental Economics
170
55 Evidence from Organizational Psychology and Managerial Science
176
56 Conclusion
181
Comment by Seppo Honkapohja
188
Behavioral Economics and Health Economics
195
62 Models of Physician Behavior
197
63 HealthCare Demand and Insurance
213

Comment by Emmanuel Saez
81
Psychology and Development Economics
85
32 Immediate Barriers to Education
86
33 Demand for Commitment Default Settings and Savings
90
34 Defaults and Financial Institutions
95
35 Status Quo Bias and Diffusion of Innovations
97
36 SelfServing Bias and Evaluation
102
37 Interesting Further Directions
104
38 Concluding Observations
110
Comment by Anne Case
113
Behavioral Law and Economics
115
42 The Endowment Effect in Behavioral Economics and Behavioral Law and Economics
116
43 The Modern Domain of Behavioral Law and Economics
121
44 Illustrative Applications of Behavioral Law and Economics
126
45 Debiasing through Law
137
46 Conclusion
140
Comment by Ian Ayres
145
Comment by Christoph Engel
148
Fairness Reciprocity and Wage Rigidity
157
64 Final Observations
217
Comment by Jacob Glazer
223
Comment by Botond Koszegi
230
Behavioral Economics of Organizations
235
72 Complicating the SingleAgent RiskIncentive Model
237
73 Workers as Members of MultiAgent Firms
248
74 Top Managers and Corporate Finance
258
75 Implications for Corporate Governance
267
Sorting Repairs and Exploitation
268
77 Conclusion
272
Comment by Michael D Cohen
281
WrapUp Panel
291
82 Comment by Jean Tirole
294
83 Comment by Timothy D Wilson
299
84 Comment by Peter Diamond
301
85 General Discussion
304
Index
309
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About the author (2012)

Peter Diamond is Institute Professor and Professor of Economics at Massachusetts Institute of Technology. Hannu Vartiainen is Docent of the Helsinki School of Economics and Research Director of the Yrjö Jahnsson Foundation

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