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Thinking and Feeling

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  • Paul M. Romer

Abstract

Mistakes give us a window into the brain. Just as optical illusions help us understand visual information processing, mistaken choices help us understand decision-making. The mistakes described below suggest that economics can usefully segregate decision mechanisms into two broad categories - those based on thoughts and those based on feelings. Consideration of these mistakes suggests that economists will be better able to interpret the growing body of seemingly anomalous evidence about human behavior if they treat thoughts and feelings more symmetrically.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/aer.90.2.439
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Bibliographic Info

Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 90 (2000)
Issue (Month): 2 (May)
Pages: 439-443

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Handle: RePEc:aea:aecrev:v:90:y:2000:i:2:p:439-443

Note: DOI: 10.1257/aer.90.2.439
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Cited by:
  1. J. Atsu Amegashie & Marco Runkel, 2008. "The Paradoxes of Revenge in Conflicts," Working Papers 0805, University of Guelph, Department of Economics and Finance.
  2. Hermalin, Benjamin E. & Isen, Alice M., 1999. "The Effect of Affect and Economic and Strategic Decision Making," Department of Economics, Working Paper Series qt4fn1b57s, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  3. Edward L. Glaeser, 2004. "Psychology and the Market," American Economic Review, American Economic Association, vol. 94(2), pages 408-413, May.
  4. Grant, Simon & Karni, Edi, 2003. "Why Does It Matter That Beliefs and Valuations Be Correctly Represented?," Working Papers 2003-02, Rice University, Department of Economics.
  5. Stracca, Livio, 2004. "Behavioral finance and asset prices: Where do we stand?," Journal of Economic Psychology, Elsevier, vol. 25(3), pages 373-405, June.
  6. Cao, Melanie & Wei, Jason, 2005. "Stock market returns: A note on temperature anomaly," Journal of Banking & Finance, Elsevier, vol. 29(6), pages 1559-1573, June.
  7. Anastasios Koukoumelis & M. Vittoria Levati, 2012. "An experiment investigating the spill-over effects of voicing outrage," Jena Economic Research Papers 2012-007, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
  8. Lucy F. Ackert & Bryan K. Church & Richard Deaves, 2003. "Emotion and financial markets," Economic Review, Federal Reserve Bank of Atlanta, issue Q2, pages 33-41.
  9. Benjamin Hermalin & Alice Isen, 2008. "A model of the effect of affect on economic decision making," Quantitative Marketing and Economics, Springer, vol. 6(1), pages 17-40, March.
  10. Edward L. Glaeser, 2002. "The Political Economy of Hatred," NBER Working Papers 9171, National Bureau of Economic Research, Inc.
  11. Edi Karni & Tim Salmon & Barry Sopher, 2008. "Individual sense of fairness: an experimental study," Experimental Economics, Springer, vol. 11(2), pages 174-189, June.
  12. Mamatzakis, E, 2013. "Does weather affect US bank loan efficiency?," MPRA Paper 51616, University Library of Munich, Germany.

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