Behavioural and Experimental Economics

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Behavioural and experimental economics have thrived over the last decades as economics has increasingly sought to incorporate psychological insights into theoretical and empirical analysis. The limits of simple versions of rationality and the exploration of alternative behaviourally-based decision models is a thriving field of research. Covering topics ranging from the social determination of preferences to behavioural finance, this volume is invaluable for academic and professional readers wanting to inform themselves of the fundamental themes of these fields.

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Editorial Reviews

From the Publisher

Praise for the 8-volume edition:
Winner of the 2008 PROSE Award: Best Mutlivolume Reference Work in the Humanities and Social Sciences

(from the Professional and Scholarly Division of the Association of American Publishers)

CHOICE Outstanding Academic Title 2008

"Much has changed in the latest incarnation of this dictionary. ...More than 1,500 economists contributed almost 1,900 signed entries; more than 1,000 of the entries are new or 'heavily revised' and expanded. Along with the descriptions of economic method from earlier editions, this edition includes much information on 'what those methods have found.' It also offers new emphasis on advances that have occurred in microeconomics, Bayesian theory, game theory, and behavioral, international, and experimental economics. ...A regularly updated online version of the dictionary is available, with site license pricing based on institution type and FTE. Summing Up: Highly recommended

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Product Details

  • ISBN-13: 9780230238688
  • Publisher: Palgrave Macmillan
  • Publication date: 12/22/2009
  • Series: New Palgrave Economics Collection Series
  • Edition description: New Edition
  • Pages: 288
  • Product dimensions: 6.00 (w) x 9.20 (h) x 0.30 (d)

Meet the Author

STEVEN N. DURLAUF is the Kenneth J. Arrow Professor of Economics at the University of Wisconsin at Madison, USA. He has served as Co-Director of the Economics Program of the Santa Fe Institute and is currently a Research Associate of the National Bureau of Economic Research. A Fellow of the Econometric Society, Durlauf's research covers a range of topics in macroeconomics, econometrics, and income inequality. He received a BA in Economics from Harvard in 1980 and his PhD in Economics from Yale in 1986.

LAWRENCE E BLUME is Goldwin Smith Professor of Economics at Cornell University, USA. He is a member of the external faculty at the Santa Fe Institute, where he has served as Co-Director of the Economics Program and on the Institute's steering committee. He teaches and conducts research in general equilibrium theory and game theory, and also has research projects on natural resource management and network design. A Fellow of the Econometric Society, he received an AB in Economics from Washington University and a PhD in Economics from Berkeley.

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Table of Contents

List of Contributors vii

General Preface ix

Introduction x

Addiction George Loewenstein Scott Rick 1

Altruism in experiments James Andreoni William T. Harbaugh Lise Vesterlund 6

Auctions (experiments) John H. Kagel Dan Levin 14

Behavioural economics and game theory Faruk Gul 23

Behavioural finance Robert Bloomfield 32

Behavioural game theory Colin F. Camerer 42

Behavioural public economics B. Douglas Bernheim Antonio Rangel 51

Collective choice experiments Rick K. Wilson 59

Coordination problems and communication Jack Ochs 64

Cross-cultural experiments Rob Boyd 68

Entitlements in laboratory experiments Sheryl Ball 73

Experimental economics Vernon L. Smith 75

Experimental economics, history of Francesco Guala 99

Experimental labour economics Armin Falk Simon G├Ąchter 107

Experimental macroeconomics John Duffy 113

Experimental methods in economics Vernon L. Smith 120

Experimental methods in environmental economics Jason F. Shogren 137

Experiments and econometrics Daniel E. Houser 146

Field experiments John A. List David Reiley 151

Individual learning in games Teck H. Ho 157

Information cascade experiments Lisa Anderson Charles A. Holt 166

Intertemporal choice Christopher F. Chabris David I. Laibson Jonathon P. Schuldt 168

Laboratory financial markets Daniel Friedman 178

Market power and collusion in laboratory markets Douglas D. Davis 186

Mechanism design experiments Yan Chen John O. Ledyard 191

Preference reversals Chris Starmer 206

Prospect theory Graham Loomes 212

Public goods experiments Rachel T. A. Croson 221

Quantal response equilibria Jacob K. Goeree Charles A. Holt Thomas R. Palfrey 234

Reciprocity andcollective action Rajiv Sethi 243

Social preferences Jeffrey Carpenter 247

Trust in experiments Iris Bohnet 253

Value elicitation Glenn W. Harrison 258

Index 262

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