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How a psychologist informed economics: The case of Sidney Siegel

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  • Innocenti, Alessandro

Abstract

In the 1950s before Kahneman and Tversky showed how behavioral economics could bring economics and psychology into a unified framework, a social psychologist, Sidney Siegel, entered the realm of economics and laid the foundation of experimental economics. This paper gives an assessment of Siegel's effort to meld psychology and economics and shows that Siegel was not only a contributor to the methodology of experimental economics but also a pioneer of behavioral economics. Although his legacy was paramount in the work of the Nobel Prize winner Vernon Smith, Siegel endorsed a very different approach to making interdisciplinary research effective.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Psychology.

Volume (Year): 31 (2010)
Issue (Month): 3 (June)
Pages: 421-434

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Handle: RePEc:eee:joepsy:v:31:y:2010:i:3:p:421-434

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Web page: http://www.elsevier.com/locate/joep

Related research

Keywords: Experimental economics Psychology Behavioral economics Bargaining theory Utility theory;

References

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  1. Vernon L. Smith, 1962. "An Experimental Study of Competitive Market Behavior," Journal of Political Economy, University of Chicago Press, vol. 70, pages 322.
  2. Rabin, Matthew, 2002. "A perspective on psychology and economics," European Economic Review, Elsevier, vol. 46(4-5), pages 657-685, May.
  3. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April.
  4. Smith, Vernon L, 1976. "Experimental Economics: Induced Value Theory," American Economic Review, American Economic Association, vol. 66(2), pages 274-79, May.
  5. Shira B. Lewin, 1996. "Economics and Psychology: Lessons for Our Own Day from the Early Twentieth Century," Journal of Economic Literature, American Economic Association, vol. 34(3), pages 1293-1323, September.
  6. Alessandro Innocenti, 2005. "Linking Strategic Interaction and Bargaining Theory. The Harsanyi - Schelling Debate on the Axiom of Symmetry," Department of Economics University of Siena 468, Department of Economics, University of Siena.
  7. Matthew Rabin, 1998. "Psychology and Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 11-46, March.
  8. Andreas Ortmann & Ralph Hertwig, 2002. "The Costs of Deception: Evidence From Psychology," Game Theory and Information 0203001, EconWPA.
  9. Bonetti, Shane, 1998. "Experimental economics and deception," Journal of Economic Psychology, Elsevier, vol. 19(3), pages 377-395, June.
  10. Smith, Vernon L., 2002. "Constructivist and Ecological Rationality in Economics," Nobel Prize in Economics documents 2002-7, Nobel Prize Committee.
  11. Roth, Alvin E., 1993. "The Early History of Experimental Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 15(02), pages 184-209, September.
  12. Frederick Mosteller & Philip Nogee, 1951. "An Experimental Measurement of Utility," Journal of Political Economy, University of Chicago Press, vol. 59, pages 371.
  13. Loewenstein, George, 1999. "Experimental Economics from the Vantage-Point of Behavioural Economics," Economic Journal, Royal Economic Society, vol. 109(453), pages F23-34, February.
  14. Colin Camerer & Teck-Hua Ho, 1999. "Experience-weighted Attraction Learning in Normal Form Games," Econometrica, Econometric Society, vol. 67(4), pages 827-874, July.
  15. Douglas D. Davis & Charles A. Holt, 1992. "Introduction to Experimental Economics
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    ," Introductory Chapters, Princeton University Press.
  16. Nash, John, 1953. "Two-Person Cooperative Games," Econometrica, Econometric Society, vol. 21(1), pages 128-140, April.
  17. Esther-Mirjam Sent, 2004. "Behavioral Economics: How Psychology Made Its (Limited) Way Back Into Economics," History of Political Economy, Duke University Press, vol. 36(4), pages 735-760, Winter.
  18. McCabe, Kevin & Houser, Daniel & Ryan, Lee & Smith, Vernon & Trouard, Ted, 2001. "A Functional Imaging Study of Cooperation in Two-Person reciprocal Exchange," MPRA Paper 5172, University Library of Munich, Germany.
  19. Laibson, David & Zeckhauser, Richard, 1998. "Amos Tversky and the Ascent of Behavioral Economics," Journal of Risk and Uncertainty, Springer, vol. 16(1), pages 7-47, April.
  20. Smith, Vernon L, 1991. "Rational Choice: The Contrast between Economics and Psychology," Journal of Political Economy, University of Chicago Press, vol. 99(4), pages 877-97, August.
  21. Erev, Ido & Roth, Alvin E, 1998. "Predicting How People Play Games: Reinforcement Learning in Experimental Games with Unique, Mixed Strategy Equilibria," American Economic Review, American Economic Association, vol. 88(4), pages 848-81, September.
  22. Ortmann, Andreas, 2003. "Charles R. Plott's collected papers on the experimental foundations of economic and political science," Journal of Economic Psychology, Elsevier, vol. 24(4), pages 555-575, August.
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