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Psychology and Economics: Evidence from the Field

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Author Info
Stefano DellaVigna
Abstract

The research in Psychology and Economics (a.k.a. Behavioral Economics) suggests that individuals deviate from the standard model in three respects: (1) nonstandard preferences, (2) nonstandard beliefs, and (3) nonstandard decision making. In this paper, I survey the empirical evidence from the field on these three classes of deviations. The evidence covers a number of applications, from consumption to finance, from crime to voting, from charitable giving to labor supply. In the class of nonstandard preferences, I discuss time preferences (self-control problems), risk preferences (reference dependence), and social preferences. On nonstandard beliefs, I present evidence on overconfidence, on the law of small numbers, and on projection bias. Regarding nonstandard decision making, I cover framing, limited attention, menu effects, persuasion and social pressure, and emotions. I also present evidence on how rational actors -- firms, employers, CEOs, investors, and politicians -- respond to the nonstandard behavior described in the survey. Finally, I briefly discuss under what conditions experience and market interactions limit the impact of the nonstandard features.

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Publisher Info
Article provided by American Economic Association in its journal Journal of Economic Literature.

Volume (Year): 47 (2009)
Issue (Month): 2 (June)
Pages: 315-72
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Handle: RePEc:aea:jeclit:v:47:y:2009:i:2:p:315-72

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  1. Mirco Tonin & Michael Vlassopoulos, 2009. "Disentangling the Sources of Pro-social Behavior in the Workplace: A Field Experiment," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  2. Alessandro Bucciol & Daniel Houser & Marco Piovesan, 2009. "Temptation at Work: A Field Experiment on Willpower and Productivity," Working Papers 1013, George Mason University, Interdisciplinary Center for Economic Science. [Downloadable!]
  3. Currie, Janet & DellaVigna, Stefano & Moretti, Enrico & Pathania, Vikram, 2009. "The Effect of Fast Food Restaurants on Obesity," Working Papers 47830, American Association of Wine Economists. [Downloadable!]
  4. Janet Currie & Stefano DellaVigna & Enrico Moretti & Vikram Pathania, 2009. "The Effect of Fast Food Restaurants on Obesity and Weight Gain," NBER Working Papers 14721, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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This page was last updated on 2009-11-16.


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