Economics and Psychology: A Promising New Cross-Disciplinary Field

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The integration of economics and psychology has created a vibrant and fruitful emerging field of study. The essays in Economics and Psychology take a broad view of the interface between these two disciplines, going beyond the usual focus on "behavioral economics." As documented in this volume, the influence of psychology on economics has been responsible for a view of human behavior that calls into question the assumption of complete rationality (and raises the possibility of altruistic acts), the acceptance of experiments as a valid method of economic research, and the idea that utility or well-being can be measured.The contributors,all leading researchers in the field, offer state-of-the-art discussions of such topics as pro-social behavior and the role of conditional cooperation and trust,happiness research as an empirical tool, the potential of neuroeconomics as a way to deepen understanding of individual decision making, and procedural utility as a concept that captures the well-being people derive directly from the processes and conditions leading to outcomes. Taken together, the essays in Economics and Psychology offer an assessment of where this new interdisciplinary field stands and what directions are most promising for future research, providing a useful guide for economists, psychologists, and social scientists.

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Editorial Reviews

From the Publisher
"The contributions show the fruitful integration of psychological methods and insights in economic research and impressively demonstrate how much progress was already made." Bettina Rockenbach Journal of Economics and Statistics
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Product Details

  • ISBN-13: 9780262514163
  • Publisher: MIT Press
  • Publication date: 3/31/2010
  • Series: CESifo Seminar Series
  • Pages: 296
  • Product dimensions: 5.70 (w) x 8.70 (h) x 0.70 (d)

Meet the Author

Burno S. Frey is Professor of Economics at the University of Zurich, Distinguished Professor of Behavioural Science at Warwick Business School, University of Warwick,and Research Director of CREMA (the Center for Research in Economics, Management,and the Arts).

Alois Stutzer is Assistant Professor in the Faculty of Business and Economics at the University of Basel.

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Table of Contents

Series Foreword     vii
List of Contributors     ix
Introduction     1
Economics and Psychology: Developments and Issues   Bruno S. Frey   Alois Stutzer     3
Pro-Social Behavior and Trust     17
Conditional Cooperation: Behavioral Regularities from the Lab and the Field and Their Policy Implications   Simon Gachter     19
A Survey of Economic Theories and Field Evidence on Pro-Social Behavior   Stephan Meier     51
Why Women and Men Trust Others   Iris Bohnet     89
Neuroeconomics     111
Neuroeconomics: Illustrated by the Study of Ambiguity Aversion   Colin F. Camerer   Meghana Bhatt   Ming Hsu     113
Economics and Happiness     153
Happiness and Public Policy: A Challenge to the Profession   Richard Layard     155
What Happiness Research Can Tell Us about Self-Control Problems and Utility Misprediction   Alois Stutzer   Bruno S. Frey     169
Procedural Utility and Decision-Making Mechanisms     197
The Relevance of Procedural Utility for Economics   Matthias Benz     199
The Helping Hand-A Brief Anatomy   Felix Oberholzer-Gee     229
Evaluation     241
Efficient Social Engineering and Realistic Cognitive Modeling: A Psychologist's Thoughts   Ralph Hertwig     243
Index     271
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