The Psychology of Economic Decisions: Rationality and Well-Being

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Overview

"Psychologists and economists often ask similar questions about human behaviour. This volume brings together contributions from leaders in both disciplines." "The editorial introduction discusses methodological differences between the two which have until now limited the development of mutually beneficial lines of research. Psychologists have objected to what they see as an excessive formalism in economic modelling, while economists criticize the absence of a general psychological framework into which most results can be fitted. The disciplines also lack a unified vocabulary. The editors encourage scholars to exploit the strengths of each discipline - the experimental skills of psychologists and their ability to understand the feelings and motivation of individuals; and economists' experience of developing normative frameworks." "The editors then highlight the links between the contributions by grouping them according to central themes in the study of behaviour." This volume provides a point of entry for anyone interested in the interface between economics and psychology.
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Product Details

  • ISBN-13: 9780199251087
  • Publisher: Oxford University Press, USA
  • Publication date: 4/28/2003
  • Pages: 360
  • Product dimensions: 9.10 (w) x 6.10 (h) x 0.90 (d)

Table of Contents

List of Figures
List of Tables
Introduction
1 The Psychology of Irrationality: Why People Make Foolish, Self-Defeating Choices 3
2 Irrational Pursuits: Hyper-Incentives From a Visceral Brain 17
3 The Pursuit and Assessment of Happiness can be Self-Defeating 41
4 Behavioral Policy 73
5 Information and Self-Control 89
6 Self-Signaling and Diagnostic Utility in Everyday Decision Making 105
7 Mental Accounting and the Absent-minded Driver 127
8 Self-Knowledge and Self-Regulation: An Economic Approach 137
9 A New Challenge for Economics: 'The Frame Problem' 169
10 Experienced Utility and Objective Happiness: A Moment-Based Approach 187
11 Making Sense: The Causes of Emotional Evanescence 209
12 Temporal Construal Theory of Time-Dependent Preferences 235
13 Economists' and Psychologists' Experimental Practices: How They Differ, Why They Differ, and How They Could Converge 253
14 Psychology and the Financial Markets: Applications to Understanding and Remedying Irrational Decision-Making 273
15 What Causes Nominal Inertia? Insights From Experimental Economics 299
Index 315
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