Exotic Preferences: Behavioral Economics and Human Motivation

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More About This Textbook


George Loewenstein is one of the pioneers of the rapidly growing field of behavioral economics. For over twenty years he has been working at the intersection of economics and psychology and is one of the few people of whom it can be said that their work is equally respected and well known within both disciplines. This book brings together a selection of his papers focusing on what he calls "exotic preferences"—the disparate motives that drive human behavior. In addition to covering the history and methodology of behavioral economics, they also touch on a wide range of fascinating topics such as the motives that drive extreme athletes, our propensity to want to get unpleasant experiences out of the way so we can focus on the more pleasant, and the psychology of curiosity. There are also papers on social preferences, discussing the importance of perceptions of fairness in interpersonal interactions, intertemporal choice—the tradeoffs between costs and benefits occurring at different points in time—and the impact of emotion on economic decision making. An original introduction outlines Loewenstein's general approach to research, and there are short introductions to each paper outlining briefly when, how and why they came to be written, providing a fascinating and vivid insight into the process of intellectual creativity.

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Product Details

  • ISBN-13: 9780199257089
  • Publisher: Oxford University Press
  • Publication date: 10/10/2008
  • Edition description: New Edition
  • Pages: 190
  • Product dimensions: 6.20 (w) x 9.20 (h) x 1.70 (d)

Table of Contents

1 Because it is there : the challenge of mountaineering ... for utility theory 3
2 The economics of meaning 33
3 The fall and rise of psychological explanations in the economics of intertemporal choice 55
4 Adam Smith, behavioral economist 87
5 Experimental economics from the vantage-point of behavioural economics 107
6 The psychology of curiosity : a review and reinterpretation 121
7 Social utility and decision making in interpersonal contexts 181
8 Explaining the bargaining impasse : the role of self-serving biases 215
9 Preference reversals between joint and separate evaluations of options : a review and theoretical analysis 241
10 "Coherent arbitrariness" : stable demand curves without stable preferences 279
11 A bias in the prediction of tastes 313
12 Mispredicting the endowment effect underestimation of owners' selling prices by buyers' agents 325
13 Projection bias in predicting future utility 345
14 Anticipation and the valuation of delayed consumption 385
15 Anomalies in intertemporal choice : evidence and an interpretation 411
16 Preferences for sequences of outcomes 439
17 The red and the black : mental accounting of savings and debt 481
18 Out of control : visceral influences on behavior 524
19 Risk as feelings 565
20 Investment behavior and the negative side of emotion 613
21 Heart strings and purse strings : carryover effects of emotions on economic decisions 625
22 Separate neural systems value immediate and delayed monetary rewards 637
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