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The renaissance of belief-based utility in economics

Author

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  • George Loewenstein

    (Carnegie Mellon University)

  • Andras Molnar

    (Carnegie Mellon University)

Abstract

Why isn’t there a strong relation between income and happiness? Why do people avoid or seek self-confirmatory or even false information? Why do they play the lottery and buy insurance? Taking account of belief-based utility can enable economics to make sense of these and a multitude of other puzzling phenomena.

Suggested Citation

  • George Loewenstein & Andras Molnar, 2018. "The renaissance of belief-based utility in economics," Nature Human Behaviour, Nature, vol. 2(3), pages 166-167, March.
    • Handle: RePEc:nat:nathum:v:2:y:2018:i:3:d:10.1038_s41562-018-0301-z
    DOI: 10.1038/s41562-018-0301-z
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    Citations

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    Cited by:

    1. Kai Barron & Christina Gravert, 2022. "Confidence and Career Choices: An Experiment," Scandinavian Journal of Economics, Wiley Blackwell, vol. 124(1), pages 35-68, January.
    2. Thomas Gries & Veronika Müller, 2020. "Conflict Economics and Psychological Human Needs," Working Papers CIE 135, Paderborn University, CIE Center for International Economics.
    3. Reto Odermatt & Alois Stutzer, 2022. "Does the Dream of Home Ownership Rest Upon Biased Beliefs? A Test Based on Predicted and Realized Life Satisfaction," Journal of Happiness Studies, Springer, vol. 23(8), pages 3731-3763, December.
    4. George Loewenstein & Zachary Wojtowicz, 2023. "The Economics of Attention," CESifo Working Paper Series 10712, CESifo.
    5. Su, Siyan, 2022. "Updating politicized beliefs: How motivated reasoning contributes to polarization," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 96(C).
    6. Tobia Spampatti & Ulf J. J. Hahnel & Evelina Trutnevyte & Tobias Brosch, 2024. "Psychological inoculation strategies to fight climate disinformation across 12 countries," Nature Human Behaviour, Nature, vol. 8(2), pages 380-398, February.
    7. Molnar, Andras & Chaudhry, Shereen J. & Loewenstein, George, 2023. "“It’s not about the money. It’s about sending a message!” Avengers want offenders to understand the reason for revenge," Organizational Behavior and Human Decision Processes, Elsevier, vol. 174(C).
    8. Gavrilets, Sergey & Tverskoi, Denis & Sánchez, Angel, 2023. "Modeling social norms: an integration of the norm-utility approach with beliefs dynamics," SocArXiv n934a, Center for Open Science.
    9. Gneezy, Uri & Saccardo, Silvia & Serra-Garcia, Marta & van Veldhuizen, Roel, 2020. "Bribing the Self," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 120, pages 311-324.
    10. Schmidt, Robert & Schwieren, Christiane & Vollmann, Martin, 2020. "The value of verbal feedback in allocation decisions," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 87(C).
    11. Andras Molnar & Shereen J. Chaudhry & George Loewenstein, 2020. ""It's Not about the Money. It's about Sending a Message!" Unpacking the Components of Revenge," CESifo Working Paper Series 8102, CESifo.

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