Archivio per 5 febbraio 2014

05
Feb
14

Thinking, Fast and Slow

See on Scoop.itBounded Rationality and Beyond

An evening with Daniel Kahneman in Conversation with David Baddiel. Join us for an evening to honour Nobel-prize winning psychologist Daniel Kahneman. His book Thinking, Fast and Slow sold over…

See on www.howtoacademy.com

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05
Feb
14

Thinking, Fast and Slow

See on Scoop.itBounded Rationality and Beyond

An evening with Daniel Kahneman in Conversation with David Baddiel. Join us for an evening to honour Nobel-prize winning psychologist Daniel Kahneman. His book Thinking, Fast and Slow sold over…

See on howtoacademy.com

05
Feb
14

Behavioral Economics Gives The Advertising Industry A Nudge In The Right Direction

See on Scoop.itBounded Rationality and Beyond

The idea that the advertising industry might benefit from a greater appreciation of economics is one of the oldest jibes around. Profligate advertising being curbed by economic realism is a script that most of the industry’s critics warm their hands to, especially in tough times, which has undoubtedly helped swell the idea that advertising and economics occupy opposing planets.

However there are signs that all this could be about to change. Dovetailing surprisingly well with the challenges facing modern day “Mad Men,” behavioral economics is a relatively new school of thought at the intersection of economics and psychology that is changing the way that people – and consumers especially – are understood to behave.

First acknowledged by Adam Smith in the eighteenth century, who noted that human psychology is imperfect and negatively impacts on economic decisions, behavioral economics largely disappeared off the radar until the Great Depression. Then, economists such as Irving Fisher and Vilfredo Pareto started thinking about the “human” factor in economic decision-making as a potential explanation for the stock market crash of 1929 and the events that transpired after.

Further impetus was given to the discipline in 1955 when another economist, Herbert Simon, coined the term “bounded rationality” as a way to explain that humans don’t possess infinite decision-making capabilities. But it wasn’t until the early 1980s that anything that might be recognized as a movement started to take shape, influenced by psychologists such as Daniel Kahneman and Amos Tversky. Their paper entitled “Prospect Theory” offered a framework for how people frame economic outcomes as gains and losses and how this framing affects their economic decisions and choices.

Since then a number of leading thinkers and academics have swollen the behavioralist ranks, including Nassim Taleb, author of The Black Swan and Antifraglle, Dr Laurie Santos who runs the Comparative Cognition Laboratory at Yale, Paul Dolan, Professor of Behavioural Science at the London School of Economics and economist Paul Ormerod, who has made a lifetime’s work out of studying non linear patterns of behavior in economics.

See on forbes.com

05
Feb
14

Behavioral Economics Gives The Advertising Industry A Nudge In The Right Direction

See on Scoop.itBounded Rationality and Beyond

The idea that the advertising industry might benefit from a greater appreciation of economics is one of the oldest jibes around. Profligate advertising being curbed by economic realism is a script that most of the industry’s critics warm their hands to, especially in tough times, which has undoubtedly helped swell the idea that advertising and economics occupy opposing planets.

However there are signs that all this could be about to change. Dovetailing surprisingly well with the challenges facing modern day “Mad Men,” behavioral economics is a relatively new school of thought at the intersection of economics and psychology that is changing the way that people – and consumers especially – are understood to behave.

First acknowledged by Adam Smith in the eighteenth century, who noted that human psychology is imperfect and negatively impacts on economic decisions, behavioral economics largely disappeared off the radar until the Great Depression. Then, economists such as Irving Fisher and Vilfredo Pareto started thinking about the “human” factor in economic decision-making as a potential explanation for the stock market crash of 1929 and the events that transpired after.

Further impetus was given to the discipline in 1955 when another economist, Herbert Simon, coined the term “bounded rationality” as a way to explain that humans don’t possess infinite decision-making capabilities. But it wasn’t until the early 1980s that anything that might be recognized as a movement started to take shape, influenced by psychologists such as Daniel Kahneman and Amos Tversky. Their paper entitled “Prospect Theory” offered a framework for how people frame economic outcomes as gains and losses and how this framing affects their economic decisions and choices.

Since then a number of leading thinkers and academics have swollen the behavioralist ranks, including Nassim Taleb, author of The Black Swan and Antifraglle, Dr Laurie Santos who runs the Comparative Cognition Laboratory at Yale, Paul Dolan, Professor of Behavioural Science at the London School of Economics and economist Paul Ormerod, who has made a lifetime’s work out of studying non linear patterns of behavior in economics.

See on www.forbes.com

05
Feb
14

LAW AND BEHAVIORAL ECONOMICS

See on Scoop.itBounded Rationality and Beyond

Abstract: Although the impact of economics on the analysis and practice of law is beyond any reasonable doubt, such impact and influence has been decreasing over time. This may be partly due to the fact that many economists seem to have forgotten the practical goals with which the field of law and economics was endowed. But it may also be due to the fact that researchers in behavioral economics found an audience more than ready to believe that individuals do not really behave as predicted by theory of rational choice. This article explores the behavior of individuals subject to bounded rationality and the implications of such behavior for lawmaking.

See on web.iese.edu

05
Feb
14

LAW AND BEHAVIORAL ECONOMICS

See on Scoop.itBounded Rationality and Beyond

Abstract: Although the impact of economics on the analysis and practice of law is beyond any reasonable doubt, such impact and influence has been decreasing over time. This may be partly due to the fact that many economists seem to have forgotten the practical goals with which the field of law and economics was endowed. But it may also be due to the fact that researchers in behavioral economics found an audience more than ready to believe that individuals do not really behave as predicted by theory of rational choice. This article explores the behavior of individuals subject to bounded rationality and the implications of such behavior for lawmaking.

See on web.iese.edu

05
Feb
14

THE EFFICIENCY OF MANAGED CARE “PATIEN PROTECTION” LAWS: INCOMPLETE CONTRACTS BOUNDED RATIONALITY, AND MARKET FAILUR RUSSELL KOROBKIN*

See on Scoop.itBounded Rationality and Beyond

The 1990’s have seen an explosion of state legislation mandating the provision of specific health insurance benefits, and the federal government appears poised to enact significant managed care “patient protection” legislation as well. Although “patient protection” is popular with voters, economists often decry such legislation as inefficient because it forces consumers to pay for benefits they do not purchase in the free market. In this article, Professor Korobkin argues that managed care regulation can enhance efficiency by requiring the provision of benefits likely to be inefficiently underprovided by the free market.
First, relying on a simple game-theoretic model, the article contends that managed care organizations (“MCOs”) have an incentive to provide an inefficiently low quality of certain types of benefits because it is difficult for consumers to evaluate their quality prior to contracting, and because consumers who are able to evaluate quality after contracting are the customers that MCOs do not wish to retain. Second, relying on behavioral research on consumer decision making, the article claims that consumers’ “bounded rationality” prevents them from rewarding MCOs in the market for providing a broader range of valued benefits, thus creating another incentive for MCOs to provide inefficiently low quality benefits. The article then compares the ability of regulatory mandates to mitigate the effects of these market imperfections with the promise of market facilitating approaches. Finally, it compares the relative institutional competence of courts, legislatures, and independent commissions to determine which mandates would be efficiency enhancing and which would not.

See on igpa.uillinois.edu




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