28
Feb
15

Behavioral Economics

See on Scoop.itBounded Rationality and Beyond

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In recent years, behavioral economics has emerged as a bona fide subdiscipline of economics (cf. [Rabin, 2002, 657–658; Sent, 2004, 735–737]). At the time of writ-ing, virtually all top U.S. economics departments have behavioral economists onstaff. Behavioral papers appear in prime journals, and the number of doctoral dissertations, conferences, hirings, tenurings, etc. is increasing rapidly. Meanwhile,behavioral economists have been awarded the highest recognitions: MacArthur Fel-lowships, the John Bates Clark Medal, and most prominently, the Nobel MemorialPrize. Although a comparatively young field, it is possible to discern relativelydistinct phases in the development of behavioral economics. The first phase, whichwe will argue began in 1980, involved identifying anomalies — commonly observedeconomic phenomena that were inconsistent with standard theory — and explain-ing them in relatively loose psychological terms. The second, which began ap-proximately a decade later, incorporated behavioral assumptions into increasinglysophisticated, mathematically rigorous models of economic phenomena at boththe micro and the macro levels [Rabin, 2002, 658]. The third phase, once againunfolding approximately a decade later, has involved the systematic application of behavioral economics to issues of public policy (see, e.g., [McCaffery and Slemrod,2006; Diamond and Vartiainen, 2007]).

See on academia.edu

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