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Behavioral Economics and Institutional Innovation

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  • Robert Shiller

Abstract

Behavioral economics has played a fundamental role historically in innovation in economic institutions, even long before behavioral economics was recognized as a discipline. Examples from history, notably that of the invention of workers' compensation, illustrate this point. Though scholarly discussion develops over decades, actual innovation tends to occur episodically, particularly at times of economic crisis. Fortunately, some of the major professional societies, the Verein fur Sozialpolitik, the American Economic Association and their successors, have managed to keep a broad discourse going, involving a variety of research methods including some that may be described today as behavioral economics, thereby maintaining an environment friendly to institutional innovation. Further, the broad expansion of behavioral economics that is going on today can be expected to yield even more such important institutional innovations.

Suggested Citation

  • Robert Shiller, 2005. "Behavioral Economics and Institutional Innovation," Yale School of Management Working Papers amz2564, Yale School of Management, revised 01 Mar 2005.
  • Handle: RePEc:ysm:somwrk:amz2564
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    File URL: http://icfpub.som.yale.edu/publications/2564
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    Cited by:

    1. Lunn, Pete & Bohacek, Marek & Somerville, Jason & Ni Choisdealbha, Aine & McGowan, Feidhlim, 2016. "PRICE Lab: An Investigation of Consumers’ Capabilities with Complex Products," Research Series, Economic and Social Research Institute (ESRI), number BKMNEXT306.
    2. Bilal Kargi, 2014. "Credit Default Swap (Cds) Spreads: The Analysis Of Time Series For The Interaction With The Interest Rates And The Growth In Turkish Economy," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 10(1), pages 59-66.
    3. Schilirò, Daniele, 2012. "Bounded rationality: psychology, economics and the financial crisis," MPRA Paper 40280, University Library of Munich, Germany.
    4. van Dalen, H.P. & Henkens, K. & Hershey, D.A., 2008. "Are Pension Savings sufficient? Perceptions and Expectations of American and Dutch Workers," Discussion Paper 2008-58, Tilburg University, Center for Economic Research.
    5. Martin Gold, 2010. "Fiduciary Finance," Books, Edward Elgar Publishing, number 13813, April.
    6. Daniel B. Klein, 2006. "Sense and Sensibilities: Myrdal's Plea for Self-Disclosure and Some Disclosures on AEA Members," Econ Journal Watch, Econ Journal Watch, vol. 3(1), pages 180-205, January.

    More about this item

    Keywords

    Economics innovation; invention; psychological economics; institutional economics; social insurance; workers'compensation; American Economic Association; Germany; Verein fur Sozialpolitik;

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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