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2 results

Principles of Behavioral Economics
  • Microeconomics and Human Behavior
  • Sanjit Dhami
  • Coming soon
  • Expected online publication date:
    December 2024
    Print publication:
    16 January 2025
  • Principles of Behavioral Economics, written by an acknowledged leader in the field, provides a comprehensive introduction to one of the most exciting areas of modern economics. It demonstrates how models of economic theory can be enriched by using interdisciplinary insights from psychology, sociology, evolutionary biology, and neuroscience to build the basis for a more empirically supported set of economic principles. Unique in its level of rigor and lucidity, the book highlights the important link between theoretical and empirical economics by demonstrating the usefulness of a range of data sources such as observational data, lab data, survey data, and neuroeconomic data. This field-defining textbook argues that behavioral economics is not just a supplement to mainstream economics. Taking behavioral economics seriously requires a total rethink, and eventual transformation, of every area of economics.

  • When a risky prospect is valued more than its best possible outcome

  • Andreas C. Drichoutis, Rodolfo M. Nayga, Jr., Jayson L. Lusk, Panagiotis Lazaridis
  • Journal:
    Judgment and Decision Making / Volume 7 / Issue 1 / January 2012
    Published online by Cambridge University Press:
    01 January 2023, pp. 1-18
    • Article
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      • Open access
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  • In this paper, we document a violation of normative and descriptive models of decision making under risk. In contrast to uncertainty effects found by Gneezy, List and Wu (2006), some subjects in our experiments valued lotteries more than the best possible outcome. We show that the overbidding effect is more strongly related to individuals’ competitiveness traits than comprehension of the lottery’s payoff mechanism.