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Introduction to Behavioral Economics and Its Applications

In: Behavioral Economics and Its Applications

Author

Listed:
  • Peter Diamond

    (Massachusetts Institute of Technology)

  • Hannu Vartiainen

    (Helsinki School of Economics, Yrjö Jahnsson Foundation)

Abstract

In the last decade, behavioral economics, borrowing from psychology and sociology to explain decisions inconsistent with traditional economics, has revolutionized the way economists view the world. But despite this general success, behavioral thinking has fundamentally transformed only one field of applied economics-finance. Peter Diamond and Hannu Vartiainen's Behavioral Economics and Its Applications argues that behavioral economics can have a similar impact in other fields of economics. In this volume, some of the world's leading thinkers in behavioral economics and general economic theory make the case for a much greater use of behavioral ideas in six fields where these ideas have already proved useful but have not yet been fully incorporated--public economics, development, law and economics, health, wage determination, and organizational economics. The result is an attempt to set the agenda of an important development in economics--an agenda that will interest policymakers, sociologists, and psychologists as well as economists. Contributors include Ian Ayres, B. Douglas Bernheim, Truman F. Bewley, Colin F. Camerer, Anne Case, Michael D. Cohen, Peter Diamond, Christoph Engel, Richard G. Frank, Jacob Glazer, Seppo Honkapohja, Christine Jolls, Botond Koszegi, Ulrike Malmendier, Sendhil Mullainathan, Antonio Rangel, Emmanuel Saez, Eldar Shafir, Sir Nicholas Stern, Jean Tirole, Hannu Vartiainen, and Timothy D. Wilson.

Suggested Citation

  • Peter Diamond & Hannu Vartiainen, 2007. "Introduction to Behavioral Economics and Its Applications," Introductory Chapters,in: Peter Diamond & Hannu Vartiainen (ed.), Behavioral Economics and Its Applications Princeton University Press.
  • Handle: RePEc:pup:chapts:8437-1
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    Citations

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    Cited by:

    1. Aurélie Bonein & Laurent Denant-Boèmont, 2015. "Self-control, commitment and peer pressure: a laboratory experiment," Experimental Economics, Springer;Economic Science Association, vol. 18(4), pages 543-568, December.
    2. Bruce Owen, 2011. "Antitrust and Vertical Integration in “New Economy” Industries with Application to Broadband Access," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 38(4), pages 363-386, June.
    3. Niclas Berggren, 2012. "Time for behavioral political economy? An analysis of articles in behavioral economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 25(3), pages 199-221, September.
    4. Lisa A. Robinson & James K. Hammitt, 2013. "Behavioral economics and the conduct of benefit–cost analysis: towards principles and standards," Chapters,in: Principles and Standards for Benefit–Cost Analysis, chapter 10, pages 317-363 Edward Elgar Publishing.
    5. Johann K. Brunner, 2010. "Rationalität und Effizienz - einige Lehren aus der Verhaltensökonomik für die Wohlfahrtstheorie," Economics working papers 2010-12, Department of Economics, Johannes Kepler University Linz, Austria.
    6. Mehmet Nar, 2015. "The Effects of Behavioral Economics on Tax Amnesty," International Journal of Economics and Financial Issues, Econjournals, vol. 5(2), pages 580-589.
    7. Stephen Martin, 2017. "Behavioral Antitrust," Purdue University Economics Working Papers 1297, Purdue University, Department of Economics.
    8. repec:taf:fosoec:v:46:y:2017:i:1:p:3-25 is not listed on IDEAS
    9. Dohmen, Thomas, 2014. "Behavioral labor economics: Advances and future directions," Labour Economics, Elsevier, vol. 30(C), pages 71-85.
    10. Jean-Claude Trichet, 2013. "Unconventional Monetary Policy Measures: Principles-Conditions-Raison d’etre," International Journal of Central Banking, International Journal of Central Banking, vol. 9(1), pages 229-250, January.
    11. Adam M. Lavecchia & Heidi Liu & Philip Oreopoulos, 2014. "Behavioral Economics of Education: Progress and Possibilities," NBER Working Papers 20609, National Bureau of Economic Research, Inc.
    12. Wan-Ju Franz, 2014. "Why are Some Salespeople More Aggressive than Others?," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 42(4), pages 383-397, December.
    13. Richard R. Nelson, 2016. "Behavior and cognition of economic actors in evolutionary economics," Journal of Evolutionary Economics, Springer, vol. 26(4), pages 737-751, October.
    14. repec:spr:eujhec:v:19:y:2018:i:3:d:10.1007_s10198-017-0885-7 is not listed on IDEAS
    15. Božo Stojanović, 2013. "The Riddle of Thinking Thinking, Fast and Slow by Daniel Kahneman," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(4), pages 569-576, June.
    16. Tomasz Potocki, 2012. "Cumulative Prospect Theory as a model of economic rationality," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 31.
    17. Mitja Kovač & Ann-Sophie Vandenberghe, 2015. "Regulation of Automatic Renewal Clauses: A Behavioural Law and Economics Approach," Journal of Consumer Policy, Springer, vol. 38(3), pages 287-313, September.
    18. Mai, Feng & Fry, Michael J. & Raturi, Amitabh S., 2016. "Supply-chain performance anomalies: Fairness concerns under private cost informationAuthor-Name: Qin, Fei," European Journal of Operational Research, Elsevier, vol. 252(1), pages 170-182.
    19. Daphna Lewinsohn-Zamir, 2012. "The Questionable Efficiency of the Efficient-Breach Doctrine," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 168(1), pages 5-26, March.
    20. Adriana Zapata Giraldo, 2016. "Aspectos Contemporáneos De La Negociación Nacional E Internacional," Books, Universidad Externado de Colombia, Facultad de Derecho, number 853.

    More about this item

    Keywords

    behavioral economics; psychology; sociology; decisions; public; development; law; health; wage determination; organization;

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other

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