Archivio per 13 gennaio 2015

13
Gen
15

Individual perceptions of local crime risk

See on Scoop.itBounded Rationality and Beyond
Abstract: We provide evidence that perceptions of crime risk are severely biased for many years after a move to a new neighborhood. Based on four successive waves of a large crime survey, matched with administrative records on household relocations, we find that the longer an individual lives in a neighborhood, the higher their perception of the crime rate in the neighborhood. This finding holds irrespective of whether the move is from a relatively low-crime to a relatively high-crime area or vice versa. We find that avoidance behavior adjusts in line with the observed changes in beliefs. 
See on pure.uvt.nl

Annunci
13
Gen
15

Time to Abandon Group Thinking in Economics – Updated

See on Scoop.itBounded Rationality and Beyond
Abstract: Group thinking is the notion that natural selection favors what is good for the group or the species, not for the individual. Most mainstream evolutionary biology rejects this idea and natural selection is viewed as working on the individual’s genes to promote their own survival and reproduction. Here I show through a couple of examples how group thinking also pervades economics. I argue that the reason for the mistake relies on the fact that economics fails to ground itself in the underlying knowledge provided by biology. Then I suggest how economics can aspire more than being applied logic and turn into a scientific discipline by placing biology on its basis. Finally, I outline how economics should treat group behavior properly.
See on mpra.ub.uni-muenchen.de




Time is real? I think not

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