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Behavioral Economics and Its Applications - Peter Diamond

Behavioral Economics and Its Applications

By: Peter Diamond (Editor), Hannu Vartiainen (Editor)

Hardcover Published: 26th March 2007
ISBN: 9780691122847
Number Of Pages: 336

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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.

"Diamond and Vartiainen offer an important, timely collection of essays on behavioral economics...The authors' approach is refreshing in that they make clear they are not interested in defending behavioral economics against more traditional economics."--H. Winter, Choice "Because the material for this book comes from a well organized conference, editors Diamond and Vartiainen had a good place to start when putting the volume together. Even with excellent source material, it is easy to take a wrong turn, but the editors never make that mistake. For non-specialists, this book serves as an excellent introduction to the cross-disciplinary investigation described as behavioral economics. The chapters offer a fine overview of the main branches of study. As a collection, the book strikes a careful balance between the competing goals of comprehensive coverage and digestible length. Recommended."--Wayne Edwards, Journal of Economic Issues

Forewordp. ix
List of Contributorsp. xi
Introductionp. 1
Behavioral Public Economics: Welfare and Policy Analysis with Nonstandard Decision-Makersp. 7
Introductionp. 7
Conceptualizing and Measuring Welfarep. 10
Savingp. 20
Addictionp. 40
Public Goodsp. 57
The Road Aheadp. 66
Commentp. 78
Commentp. 81
Psychology and Development Economics by Sendhil Mullainathanp. 85
Introductionp. 85
Immediate Barriers to Educationp. 86
Demand for Commitment, Default Settings, and Savingsp. 90
Defaults and Financial Institutionsp. 95
Status Quo Bias and Diffusion of Innovationsp. 97
Self-Serving Bias and Evaluationp. 102
Interesting Further Directionsp. 104
Concluding Observationsp. 110
Commentp. 113
Behavioral Law and Economics by Christine Jollsp. 115
Introductionp. 115
The Endowment Effect in Behavioral Economics and Behavioral Law and Economicsp. 116
The Modern Domain of Behavioral Law and Economicsp. 121
Illustrative Applications of Behavioral Law and Economicsp. 126
Debiasing through Lawp. 137
Conclusionp. 140
Commentp. 145
Commentp. 148
Fairness, Reciprocity, and Wage Rigidityp. 157
Introductionp. 157
Are Wages and Salaries Downwardly Rigid?p. 157
Evidence from Surveys by Economistsp. 160
Evidence from Experimental Economicsp. 170
Evidence from Organizational Psychology and Managerial Sciencep. 176
Conclusionp. 181
Commentp. 188
Behavioral Economics and Health Economicsp. 195
Introduction and Backgroundp. 195
Models of Physician Behaviorp. 197
Health-Care Demand and Insurancep. 213
Final Observationsp. 217
Commentp. 223
Commentp. 230
Behavioral Economics of Organizationsp. 235
Introductionp. 235
Complicating the Single-Agent Risk-Incentive Modelp. 237
Workers as Members of Multi-Agent Firmsp. 248
Top Managers and Corporate Financep. 258
Implications for Corporate Governancep. 267
Organizational Reactions: Sorting, Repairs, and Exploitationp. 268
Conclusionp. 272
Commentp. 281
Wrap-Up Panelp. 291
The Problematic Content and Context of Decisions: Commentp. 291
Commentp. 294
Commentp. 299
Commentp. 301
General Discussionp. 304
Indexp. 309
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780691122847
ISBN-10: 0691122849
Audience: Tertiary; University or College
Format: Hardcover
Language: English
Number Of Pages: 336
Published: 26th March 2007
Publisher: Princeton University Press
Country of Publication: US
Dimensions (cm): 24.4 x 16.3  x 2.8
Weight (kg): 0.64

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