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Amos Tversky and the Ascent of Behavioral Economics

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  • Laibson, David
  • Zeckhauser, Richard

Abstract

Amos Tversky investigated and explained a wide range of phenomena that lead to anomalous human decisions. His two most significant contributions, both written with Daniel Kahneman, are the decision-making heuristics--representativeness, availability, and anchoring--and prospect theory. Tversky's concepts have broadly influenced the social sciences. In economics, they gave rise to the burgeoning field of behavioral economics. This field, skeptical of perfect rationality, emphasizes validation of modeling assumptions, integration of micro-level data on decisions (including experimental evidence), and adoption of lessons from psychology. Tversky's contributions are reviewed, assessed using citation analysis, and placed in historical context. Fertile areas for behavioral economics research are identified. Copyright 1998 by Kluwer Academic Publishers

Suggested Citation

  • 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.
  • Handle: RePEc:kap:jrisku:v:16:y:1998:i:1:p:7-47
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    Citations

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    Cited by:

    1. David Aadland & Arthur Caplan & Owen Phillips, 2007. "A Bayesian examination of information and uncertainty in contingent valuation," Journal of Risk and Uncertainty, Springer, vol. 35(2), pages 149-178, October.
    2. Degeorge, Francois & Jenter, Dirk & Moel, Alberto & Tufano, Peter, 2004. "Selling company shares to reluctant employees: France Telecom's experience," Journal of Financial Economics, Elsevier, vol. 71(1), pages 169-202, January.
    3. repec:beh:jbepv1:v:1:y:2017:i:1:p:5-10 is not listed on IDEAS
    4. Colin Linsley & Christine Linsley, 2008. "Impact of the Sarbanes-Oxley Act upon management: a behavioural discussion," Managerial Auditing Journal, Emerald Group Publishing, vol. 23(4), pages 313-327, April.
    5. Maciej Meyer, 2016. "Is Homo Economicus a Universal Paradigm in Economic Theory?," Annals of Economics and Finance, Society for AEF, vol. 17(2), pages 433-443, November.
    6. Lothar Essig, 2005. "Precautionary saving and old-age provisions: Do subjective saving motive measures work?," MEA discussion paper series 05084, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    7. Innocenti, Alessandro, 2010. "How a psychologist informed economics: The case of Sidney Siegel," Journal of Economic Psychology, Elsevier, vol. 31(3), pages 421-434, June.
    8. Berg, Nathan, 2002. "Behavioral cost-benefit economics: Toward a new normative approach to policy," MPRA Paper 26370, University Library of Munich, Germany.
    9. Essig, Lothar, 2005. "Precautionary saving and old-age provisions : do subjective saving motives measures work?," Papers 05-22, Sonderforschungsbreich 504.
    10. Vadim Kufenko & Niels Geiger, 2016. "Business cycles in the economy and in economics: an econometric analysis," Scientometrics, Springer;Akadémiai Kiadó, vol. 107(1), pages 43-69, April.
    11. Jean Desrochers & J. Francois Outreville, 2013. "Uncertainty, Ambiguity and Risk Taking: an experimental investigation of consumer behavior and demand for insurance," ICER Working Papers 10-2013, ICER - International Centre for Economic Research.
    12. Markus Pasche, 2008. "Zum Erklärungsgehalt der verhaltensorientierten Spieltheorie," Jena Research Papers in Business and Economics - Working and Discussion Papers (Expired!) 04/2008, Friedrich-Schiller-University Jena, School of Economics and Business Administration.
    13. Essig, Lothar, 2004. "Precautionary saving and old-age provisions: Do subjective saving motives measures work?," Sonderforschungsbereich 504 Publications 05-22, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
    14. repec:eee:joreco:v:22:y:2015:i:c:p:24-36 is not listed on IDEAS
    15. Krug, B. & Hendrischke, H., 2006. "Framing China: Transformation and Institutional Change," ERIM Report Series Research in Management ERS-2006-025-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    16. Berg, Nathan, 2003. "Normative behavioral economics," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 32(4), pages 411-427, September.
    17. Alessandro Innocenti, 2008. "How can a psychologist inform economics? The strange case of Sidney Siegel," Department of Economic Policy, Finance and Development (DEPFID) University of Siena 0808, Department of Economic Policy, Finance and Development (DEPFID), University of Siena.
    18. Shogren, Jason F., 2002. "A behavioral mindset on environment policy," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 31(4), pages 355-369.
    19. Rakow, Tim & Demes, Kali A. & Newell, Ben R., 2008. "Biased samples not mode of presentation: Re-examining the apparent underweighting of rare events in experience-based choice," Organizational Behavior and Human Decision Processes, Elsevier, vol. 106(2), pages 168-179, July.
    20. Floris Heukelom, 2005. "The Origin of Prospect Theory, or Testing the Intuitive Statistician," Tinbergen Institute Discussion Papers 05-111/2, Tinbergen Institute.

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