Foundations of Behavioral and Experimental Economics: Daniel Kahneman and Vernon Smith
Advanced information on the Prize in Economic Sciences 2002. Until recently, economics was widely regarded as a non-experimental science that had to rely on observation of real-world economies rather than controlled laboratory experiments. Many commentators also found restrictive the common assumption of a homo oeconomicus motivated by self-interest and capable of making rational decisions. But research in economics has taken off in new directions. A large and growing body of scientific work is now devoted to the empirical testing and modification of traditional postulates in economics, in particular those of unbounded rationality, pure self-interest, and complete self-control. Moreover, today's research increasingly relies on new data from laboratory experiments rather than on more traditional field data, that is, data obtained from observations of real economies. This recent research has its roots in two distinct, but converging, traditions: theoretical and empirical studies of human decision-making in cognitive psychology, and tests of predictions from economic theory by way of laboratory experiments. Today, behavioral economics and experimental economics are among the most active fields in economics, as measured by publications in major journals, new doctoral dissertations, seminars, workshops and conferences. This year's laureates are pioneers of these two fields of research.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Quiggin, John, 1982. "A theory of anticipated utility," Journal of Economic Behavior & Organization, Elsevier, vol. 3(4), pages 323-343, December.
- Schmeidler, David, 1989.
"Subjective Probability and Expected Utility without Additivity,"
Econometric Society, vol. 57(3), pages 571-87, May.
- David Schmeidler, 1989. "Subjective Probability and Expected Utility without Additivity," Levine's Working Paper Archive 7662, David K. Levine.
- Matthew Rabin, 2001.
"Risk Aversion and Expected Utility Theory: A Calibration Theorem,"
Levine's Working Paper Archive
7667, David K. Levine.
- Matthew Rabin, 2000. "Risk Aversion and Expected-Utility Theory: A Calibration Theorem," Econometrica, Econometric Society, vol. 68(5), pages 1281-1292, September.
- Matthew Rabin., 2000. "Risk Aversion and Expected-Utility Theory: A Calibration Theorem," Economics Working Papers E00-279, University of California at Berkeley.
- Matthew Rabin, 2001. "Risk Aversion and Expected-Utility Theory: A Calibration Theorem," Method and Hist of Econ Thought 0012001, EconWPA.
- Rabin, Matthew, 2000. "Risk Aversion and Expected-Utility Theory: A Calibration Theorem," Department of Economics, Working Paper Series qt731230f8, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Coppinger, Vicki M & Smith, Vernon L & Titus, Jon A, 1980. "Incentives and Behavior in English, Dutch and Sealed-Bid Auctions," Economic Inquiry, Western Economic Association International, vol. 18(1), pages 1-22, January.
When requesting a correction, please mention this item's handle: RePEc:ris:nobelp:2002_001. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Christian Zimmermann)
If references are entirely missing, you can add them using this form.