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Econographics

Author

Listed:
  • Jonathan Chapman
  • Mark Dean
  • Pietro Ortoleva
  • Erik Snowberg
  • Colin Camerer

Abstract

We study the pattern of correlations across a large number of behavioral regularities, with the goal of creating an empirical basis for more comprehensive theories of decision-making. We elicit 21 behaviors using an incentivized survey on a representative sample (n = 1;000) of the U.S. population. Our data show a clear and relatively simple structure underlying the correlations between these measures. Using principal components analysis, we reduce the 21 variables to six components corresponding to clear clusters of high correlations. We examine the relationship between these components, cognitive ability, and demographics, and discuss the theoretical implications of the structure we uncover.

Suggested Citation

  • Jonathan Chapman & Mark Dean & Pietro Ortoleva & Erik Snowberg & Colin Camerer, 2018. "Econographics," CESifo Working Paper Series 7202, CESifo.
  • Handle: RePEc:ces:ceswps:_7202
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    File URL: https://www.cesifo.org/DocDL/cesifo1_wp7202.pdf
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    Other versions of this item:

    • Jonathan Chapman & Mark Dean & Pietro Ortoleva & Erik Snowberg & Colin Camerer, 2018. "Econographics," NBER Working Papers 24931, National Bureau of Economic Research, Inc.

    References listed on IDEAS

    as
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    3. repec:hrv:faseco:30367415 is not listed on IDEAS
    4. Jonathan Chapman & Mark Dean & Pietro Ortoleva & Erik Snowberg & Colin Camerer, 2017. "Willingness to Pay and Willingness to Accept are Probably Less Correlated Than You Think," NBER Working Papers 23954, National Bureau of Economic Research, Inc.
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    10. Jonathan Chapman & Pietro Ortoleva & Erik Snowberg & Colin Camerer & Mark Dean, 2017. "Willingness-To-Pay and Willingness-To-Accept are Probably Less Correlated than You Think," CESifo Working Paper Series 6492, CESifo.
    11. Ola Andersson & Håkan J. Holm & Jean-Robert Tyran & Erik Wengström, 2016. "Risk Aversion Relates to Cognitive Ability: Preferences Or Noise?," Journal of the European Economic Association, European Economic Association, vol. 14(5), pages 1129-1154.
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    Citations

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    Cited by:

    1. Jagelka, Tomáš, 2020. "Are Economists' Preferences Psychologists' Personality Traits? A Structural Approach," IZA Discussion Papers 13303, Institute of Labor Economics (IZA).
    2. Tomáš Jagelka, 2020. "Are Economists’ Preferences Psychologists’ Personality Traits? A Structural Approach," ECONtribute Discussion Papers Series 014, University of Bonn and University of Cologne, Germany.
    3. Basu, Pathikrit & Echenique, Federico, 0. "On the falsifiability and learnability of decision theories," Theoretical Economics, Econometric Society.

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    More about this item

    Keywords

    econographics; reciprocity; altruism; trust; costly third-party punishment; inequality aversion; risk aversion; common-ratio effect; endowment effect; ambiguity aversion; compound lottery aversion; discounting; overconfidence; cognitive ability; demographics;

    JEL classification:

    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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