Quasi Rational Economics
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Quasi Rational Economics
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Author : Richard H. Thaler
language : en
Publisher: Russell Sage Foundation
Release Date : 1994-01-04
Quasi Rational Economics written by Richard H. Thaler and has been published by Russell Sage Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-01-04 with Business & Economics categories.
Standard economics theory is built on the assumption that human beings act rationally in their own self interest. But if rationality is such a reliable factor, why do economic models so often fail to predict market behavior accurately? According to Richard Thaler, the shortcomings of the standard approach arise from its failure to take into account systematic mental biases that color all human judgments and decisions.
Behavioral Economics
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Author : Floris Heukelom
language : en
Publisher: Cambridge University Press
Release Date : 2014-02-17
Behavioral Economics written by Floris Heukelom and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-02-17 with Business & Economics categories.
The book discusses the theories, theorists, and contexts from which behavioral economics arose and shows how this new field in economics subsequently developed. The central theme running through the book is that behavioral economics reflects and contributes to a fundamental reorientation of the foundations upon which economics was based for nearly two hundred years.
Bounded Rationality In Economics And Finance
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Author : Christian Richter
language : en
Publisher: LIT Verlag Münster
Release Date : 2008
Bounded Rationality In Economics And Finance written by Christian Richter and has been published by LIT Verlag Münster this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
The dominant hypothesis in mainstream economics is the assumption of prefect rationality. However, there are two dilemmas: Whenever this assumption was used empirical evidence turned out to be against it. Secondly, this assumption is far from reality, for example, because individuals usually do not possess all relevant information. Therefore, this volume addresses issues of bounded rationality in different areas. The first part investigates bounded rationality in financial markets, the second part investigates the effects of bounded rationality on industrial organizations and the third part deals with bounded rationality in price theory, environmental economics and public management.
Handbook Of Contemporary Behavioral Economics
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Author : Morris Altman
language : en
Publisher: Routledge
Release Date : 2015-01-30
Handbook Of Contemporary Behavioral Economics written by Morris Altman and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-30 with Business & Economics categories.
At a time when both scholars and the public demand explanations and answers to key economic problems that conventional approaches have failed to resolve, this groundbreaking handbook of original works by leading behavioral economists offers the first comprehensive articulation of behavioral economics theory. Borrowing from the findings of psychologists, sociologists, political scientists, legal scholars, and biologists, among others, behavioral economists find that intelligent individuals often tend not to behave as effectively or efficiently in their economic decisions as long held by conventional wisdom. The manner in which individuals actually do behave critically depends on psychological, institutional, cultural, and even biological considerations. "Handbook of Contemporary Behavioral Economics" includes coverage of such critical areas as the Economic Agent, Context and Modeling, Decision Making, Experiments and Implications, Labor Issues, Household and Family Issues, Life and Death, Taxation, Ethical Investment and Tipping, and Behavioral Law and Macroeconomics. Each contribution includes an extensive bibliography.
Routledge Handbook Of Behavioral Economics
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Author : Roger Frantz
language : en
Publisher: Routledge
Release Date : 2016-08-05
Routledge Handbook Of Behavioral Economics written by Roger Frantz and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-05 with Business & Economics categories.
There is no doubt that behavioral economics is becoming a dominant lens through which we think about economics. Behavioral economics is not a single school of thought but representative of a range of approaches, and uniquely, this volume presents an overview of them. The wide spectrum of international contributors each provides an exploration of a central approach, aspect or topic in behavorial economics. Taken together, the whole volume provides a comprehensive overview of the subject which considers both key developments and future possibilities. Part One presents several different approaches to behavioural economics, including George Katona, Ken Boulding, Harvey Leibenstein, Vernon Smith, Herbert Simon, Gerd Gigerenzer, Daniel Kahneman, and Richard Thaler. This section looks at the origins and development of behavioral economics and compares and contrasts the work of these scholars who have been so influential in making this area so prominent. Part Two presents applications of behavioural economics including nudging; heuristics; emotions and morality; behavioural political economy, education, and economic innovation. The Routledge Handbook of Behavioral Economics is ideal for advanced economics students and faculty who are looking for a complete state-of-the-art overview of this dynamic field.
Advances In Behavioral Finance
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Author : Richard H. Thaler
language : en
Publisher: Russell Sage Foundation
Release Date : 1993-08-19
Advances In Behavioral Finance written by Richard H. Thaler and has been published by Russell Sage Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-08-19 with Business & Economics categories.
Modern financial markets offer the real world's best approximation to the idealized price auction market envisioned in economic theory. Nevertheless, as the increasingly exquisite and detailed financial data demonstrate, financial markets often fail to behave as they should if trading were truly dominated by the fully rational investors that populate financial theories. These markets anomalies have spawned a new approach to finance, one which as editor Richard Thaler puts it, "entertains the possibility that some agents in the economy behave less than fully rationally some of the time." Advances in Behavioral Finance collects together twenty-one recent articles that illustrate the power of this approach. These papers demonstrate how specific departures from fully rational decision making by individual market agents can provide explanations of otherwise puzzling market phenomena. To take several examples, Werner De Bondt and Thaler find an explanation for superior price performance of firms with poor recent earnings histories in the tendencies of investors to overreact to recent information. Richard Roll traces the negative effects of corporate takeovers on the stock prices of the acquiring firms to the overconfidence of managers, who fail to recognize the contributions of chance to their past successes. Andrei Shleifer and Robert Vishny show how the difficulty of establishing a reliable reputation for correctly assessing the value of long term capital projects can lead investment analysis, and hence corporate managers, to focus myopically on short term returns. As a testing ground for assessing the empirical accuracy of behavioral theories, the successful studies in this landmark collection reach beyond the world of finance to suggest, very powerfully, the importance of pursuing behavioral approaches to other areas of economic life. Advances in Behavioral Finance is a solid beachhead for behavioral work in the financial arena and a clear promise of wider application for behavioral economics in the future.
Rationality In Economics
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Author : Vernon L. Smith
language : en
Publisher: Cambridge University Press
Release Date : 2007-11-05
Rationality In Economics written by Vernon L. Smith and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-05 with Business & Economics categories.
The principal findings of experimental economics are that impersonal exchange in markets converges in repeated interaction to the equilibrium states implied by economic theory, under information conditions far weaker than specified in the theory. In personal, social, and economic exchange, as studied in two-person games, cooperation exceeds the prediction of traditional game theory. This book relates these two findings to field studies and applications and integrates them with the main themes of the Scottish Enlightenment and with the thoughts of F. A. Hayek: through emergent socio-economic institutions and cultural norms, people achieve ends that are unintended and poorly understood. In cultural changes, the role of constructivism, or reason, is to provide variation, and the role of ecological processes is to select the norms and institutions that serve the fitness needs of societies.
The Beginnings Of Behavioral Economics
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Author : Roger Frantz
language : en
Publisher: Academic Press
Release Date : 2019-10-05
The Beginnings Of Behavioral Economics written by Roger Frantz and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-10-05 with Business & Economics categories.
The Beginnings of Behavioral Economics: Katona, Simon, and Leibenstein's X-Efficiency Theory explores the mid-20th century roots of behavioral economics, placing the origin of this now-dominant approach to economic theory many years before the groundbreaking 1979 work on prospect theory by Daniel Kahneman and Amos Tversky. It discusses the work of Harvey Leibenstein, Herbert Simon, George Katona, and Frederick Hayek, reintroducing their contributions as founding pillars of the behavioral approach. It concentrates on the work of Leibenstein, reviewing his nuanced introduction of X-efficiency theory. Building from these foundations, the work explores the body of empirical research on market power and firm behavior – XE relationship. This book is a tremendous resource for graduate students and early career researchers in behavioral economics, experimental economics, organizational economics, social and organizational psychology, labor market economics and public policy. - Reviews the powerful, but neglected contributions of mid-20th century scholars, like Leibenstein and Katona in building the roots of behavioral economic theory - Amalgamates and reviews 50 years of empirical research and over 200 empirical papers on X-efficiency theory - Establishes how X-efficiency can aid modern behavioral economics in further developing firm theory and understanding efficiency wages
The Relational View Of Economics
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Author : Lucio Biggiero
language : en
Publisher: Springer Nature
Release Date : 2022-02-02
The Relational View Of Economics written by Lucio Biggiero and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-02-02 with Business & Economics categories.
This book contributes to the development of a relational view of economics. Bringing together experts from various disciplines, it offers an interdisciplinary perspective on the study of relational transactions. In contrast to discrete market transactions as a traditional subject of economic discourse, the book analyses the role of relational transactions in the study of economic phenomena. The contributing authors address topics such as global intra- and inter-company networks, intersectoral stakeholder management, relational contracts, and transcultural management approaches. Accordingly, the book makes an important contribution to an emerging field of research.
Research In The History Of Economic Thought And Methodology
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Author : Ross B. Emmett
language : en
Publisher: Emerald Group Publishing
Release Date : 2011-08-03
Research In The History Of Economic Thought And Methodology written by Ross B. Emmett and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-08-03 with Business & Economics categories.
A collection of articles that includes both refereed articles and review essays of books in the history of economic thought and methodology. It highlights research the historiography and methodology of the English Poor Laws, behavioural economics, and the socialist calculation debate; as well as AD Roy and portfolio theory.