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E-raamat: Introduction to Behavioral Economics

(University of Dundee School of Business, Dundee, UK), (Richmond University London Richmond Business School, Richmond, UK)
  • Formaat: 600 pages
  • Ilmumisaeg: 16-Dec-2017
  • Kirjastus: Bloomsbury Academic
  • Keel: eng
  • ISBN-13: 9781350306127
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  • Formaat: 600 pages
  • Ilmumisaeg: 16-Dec-2017
  • Kirjastus: Bloomsbury Academic
  • Keel: eng
  • ISBN-13: 9781350306127
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The third edition of this successful textbook is a comprehensive, rigorous survey of the major topics in the field of behavioral economics. Building on the strengths of the second edition, it offers an up-to-date and critical examination of the latest literature, research, developments and debates in the field. Offering an inter-disciplinary approach, the authors incorporate psychology, evolutionary biology and neuroscience into the discussions. And, ultimately, they consider what it means to be rational, why we so often indulge in irrational and self-harming behavior, and also why irrational behavior can sometimes serve us well.

A perfect book for economics students studying behavioural economics at higher undergraduate level or Master's level.

This new edition features: - Extended material on heuristics and biases, and new material on neuroeconomics and its applications - A wealth of new topical case studies, such as voting behavior in Brexit and the Trump election and the current obesity epidemic - More examples and review questions to help cement understanding

Accompanying online resources for this title can be found at bloomsburyonlineresources.com/an-introduction-to-behavioral-economics. These resources are designed to support teaching and learning when using this textbook and are available at no extra cost.

Arvustused

With new material on neuroeconomics, as well as applications to current political and economic developments such as Brexit in the UK and polarization in the US, the third edition of An Introduction to Behavioral Economics expands, and brings up to date, this superb introduction to the field of behavioral economics. With their unique and interesting perspective, and engaging writing, the authors help readers share in the excitement of those currently working in the field. * George Loewenstein, Carnegie Mellon University, USA * An Introduction to Behavioral Economics, by Nick Wilkinson and Matthias Klaes, is an excellent introduction to behavioural economics from the perspective of economic psychology and the determinants of choice behaviour, building on the tradition established by Daniel Kahneman and Amos Tversky. Moreover, Wilkinson and Klaes present behavioural economics in the context of economic theory thereby linking behavioural economic insights with contemporary economic theory. They also pay some attention to the sociology of choice which further enriches their presentation and insights. This is definitely a book that should be read by anyone interested in behavioural economics. * Morris Altman, The University of Newcastle, Australia * A thoroughly updated third edition of this popular textbook which covers cutting-edge behavioural economics in a pleasingly engaging style. Students will appreciate the structure of chapters: after the Introduction to the field section, including the nature of behavioural economics and methodology, the Foundations section provides the fundamental groundwork, followed by Intertemporal Choice, and then Strategic Interaction, including game theory and social preferences, before the Conclusion ties everything together and considers the future of the field. Mathematics is used sparingly, and there are thoughtful pedagogic features that will aid learning. The breadth of coverage is impressive, ranging from evolutionary approaches, biology and neuroeconomics, to recent political events in the UK (Brexit) and elsewhere (e.g., the election of Donald Trump in the USA). This excellent textbook should inform and inspire students. * Philip J. Corr, City, University of London, UK * The third edition provides a superbly accessible introduction to behavioural economics, whilst ensuring a detailed examination of the theories and research studies underpinning them. The text remains at the forefront of theoretical development, whilst providing topical and engaging applications to hold students attention. * Piers Thompson, Nottingham Trent University, UK * This new edition of Wilkinson and Klaes excellent text is most welcome given my students very positive appraisal of the previous edition. The books strengths are its comprehensiveness, open approach to the issues behavioral economics raises, and methodology emphasis. Strongly recommended for advanced undergraduate and beginning graduate students. * John B. Davis, Marquette University, USA, and University of Amsterdam, The Netherlands * By now An Introduction to Behavioral Economics is firmly established in the field of behavioral economics. It continues to be a premier textbook despite the recent appearance of several competitors. The academic rigor and depth of coverage are unmatched. It is also an invaluable reference for which you will reach again and again. The reader will particularly appreciate the discussions of the bridges between behavioral economics, experimental economics, neuroeconomics, and psychology. Concise and comprehensive, a-must-have for any behavioral economics scholar. * Natalia V. Czap, University of Michigan-Dearborn, USA *

Muu info

The third edition of this successful textbook is a comprehensive, rigorous survey of the major topics in the field of behavioral economics. A perfect book for undergraduate and postgraduate students taking a course or module in behavioral economics.
List of Figures
x
List of Tables
xi
Preface xii
Acknowledgments xvi
PART I INTRODUCTION
Chapter 1 Nature of Behavioral Economics
2(26)
1.1 Behavioral economics and the standard model
4(10)
1.2 History and evolution of behavioral economics
14(2)
1.3 Relationship with other disciplines
16(5)
1.4 Objectives, scope and structure
21(1)
1.5 Summary
22(1)
1.6 Review questions
22(1)
1.7 Applications
22(6)
Case 1.1 Loss-aversion in monkeys
23(2)
Case 1.2 Money illusion
25(3)
Chapter 2 Methodology
28(33)
2.1 Theories
29(9)
2.2 Evidence
38(10)
2.3 Consilience
48(5)
2.4 Summary
53(1)
2.5 Review questions
54(1)
2.6 Applications
54(7)
Case 2.1 Altruism and the brain
54(2)
Case 2.2 Riots in the UK
56(5)
PART II FOUNDATIONS
Chapter 3 Values, Preferences and Choices
61(55)
3.1 The neoclassical model
63(4)
3.2 Axioms, assumptions and definitions
67(3)
3.3 The evolutionary biology of utility
70(2)
3.4 The neuroscientific basis of utility
72(4)
3.5 Broadening rationality
76(12)
3.6 Visceral factors
88(5)
3.7 Types of utility
93(7)
3.8 Policy implications
100(8)
3.9 Summary
108(1)
3.10 Review questions
108(1)
3.11 Applications
109(7)
Case 3.1 Drug addiction
109(1)
Case 3.2 When abstention is better than moderate consumption
110(3)
Case 3.3 The psychology of supermarket selling
113(3)
Chapter 4 Beliefs and Expectations
116(38)
4.1 The neoclassical model
118(2)
4.2 Probability estimation
120(8)
4.3 Self-evaluation bias
128(8)
4.4 Magical beliefs
136(3)
4.5 Causes of irrationality
139(7)
4.6 Summary
146(1)
4.7 Review questions
147(1)
4.8 Review problems
147(1)
4.9 Applications
148(6)
Case 4.1 Trading on testosterone
148(1)
Case 4.2 Celebrity contagion and imitative magic
149(2)
Case 4.3 Trump, Brexit and post-truth politics
151(3)
Chapter 5 Decision-making under Risk and Uncertainty
154(69)
5.1 Background
156(7)
5.2 Conventional approaches to modifying expected utility theory
163(4)
5.3 Prospect theory
167(4)
5.4 Reference points
171(4)
5.5 Loss-aversion
175(4)
5.6 Shape of the utility function
179(5)
5.7 Decision-weighting
184(11)
5.8 Criticisms of prospect theory
195(9)
5.9 Recent theories and conclusions
204(9)
5.10 Summary
213(2)
5.11 Review questions
215(1)
5.12 Review problems
215(1)
5.13 Applications
216(7)
Case 5.1 The endowment effect
216(3)
Case 5.2 Loss-Aversion In Golf
219(3)
Case 5.3 Serving size and eating habits
222(1)
Chapter 6 Mental Accounting
223(43)
6.1 Nature and components of mental accounting
224(1)
6.2 Framing and editing
225(4)
6.3 Budgeting and fungibility
229(8)
6.4 Choice bracketing and dynamics
237(7)
6.5 Policy implications
244(11)
6.6 Summary
255(1)
6.7 Review questions
256(1)
6.8 Applications
257(9)
Case 6.1 The equity premium puzzle
257(3)
Case 6.2 Why you can't find a cab on a rainy day
260(2)
Case 6.3 The housing market and debt
262(4)
PART III INTERTEMPORAL CHOICE
Chapter 7 The Discounted Utility Model
266(22)
7.1 Introduction
267(1)
7.2 Origins of the discounted utility model
267(3)
7.3 Features of the discounted utility model
270(4)
7.4 Methodology
274(4)
7.5 Anomalies in the discounted utility model
278(5)
7.6 Summary
283(1)
7.7 Review questions
283(1)
7.8 Applications
284(4)
Case 7.1 The measurement of discount rates
284(4)
Chapter 8 Alternative Intertemporal Choice Models
288(60)
8.1 Time preference
290(5)
8.2 Time-inconsistent preferences
295(4)
8.3 Hyperbolic discounting
299(8)
8.4 Modifying the instantaneous utility function
307(3)
8.5 More radical models
310(6)
8.6 Empirical evidence
316(7)
8.7 Policy implications
323(11)
8.8 Summary
334(1)
8.9 Review questions
335(1)
8.10 Applications
335(13)
Case 8.1 Price plans for gym memberships
335(2)
Case 8.2 The savings problem
337(4)
Case 8.3 The desire for rising consumption profiles
341(1)
Case 8.4 Payday loans
341(3)
Case 8.5 Financial crashes
344(4)
PART IV STRATEGIC INTERACTION
Chapter 9 Behavioral Game Theory
348(51)
9.1 Nature of behavioral game theory
350(6)
9.2 Solution concepts
356(5)
9.3 Mixed strategies
361(8)
9.4 Bargaining
369(5)
9.5 Iterated games
374(7)
9.6 Signaling
381(4)
9.7 Learning
385(5)
9.8 Summary
390(2)
9.9 Review questions
392(1)
9.10 Review problems
392(1)
9.11 Applications
393(6)
Case 9.1 Penalty kicking in professional soccer
393(2)
Case 9.2 Bargaining and self-serving bias
395(1)
Case 9.3 Market entry in monopoly
396(3)
Chapter 10 Social Preferences
399(74)
10.1 The neoclassical model
401(3)
10.2 The nature of social preferences
404(9)
10.3 Factors affecting social preferences
413(12)
10.4 Modeling social preferences
425(4)
10.5 Inequality-aversion models
429(3)
10.6 Reciprocity models
432(5)
10.7 Empirical evidence
437(12)
10.8 Policy implications
449(8)
10.9 Summary
457(2)
10.10 Review questions
459(1)
10.11 Applications
459(14)
Case 10.1 The Wason test
459(4)
Case 10.2 Public goods and free-riding
463(1)
Case 10.3 Sales force compensation
464(2)
Case 10.4 Obesity, diet and health
466(7)
PART V CONCLUSION
Chapter 11 Behavioral Economics: Summary and Outlook
473(43)
11.1 The agenda of behavioral economics
475(2)
11.2 Criticisms of behavioral economics
477(2)
11.3 Methodology
479(4)
11.4 Are we really irrational?
483(6)
11.5 Welfare and happiness
489(5)
11.6 Problems in pursuing happiness
494(4)
11.7 Policy implications
498(8)
11.8 Future directions for behavioral economics
506(3)
11.9 Applications
509(7)
Case 11.1 The effects of brain damage on decision-making
509(2)
Case 11.2 The bioeconomic causes of war
511(2)
Case 11.3 Getting children to eat vegetables
513(3)
Bibliography 516(69)
Index 585
Nick Wilkinson is Professor of Economics at Richmond the American International University in London and has taught economics and finance in various international institutions in the UK and USA. He has also worked in business management in both countries and served as a consultant to many companies, mainly in the leisure industry. He has authored two books, 'Managerial Economics: A Problem-Solving Approach', published by Cambridge University Press. His research interests lie in behavioral economics, particularly in the implications of evolutionary biology and neuroscience for behavioral economics.

Matthias Klaes is President of the Scottish Economic Society and Convener of the Scottish Centre for Economic Methodology. He has published widely in organisational and behavioral economics and finance, and regularly acts as an adviser to both private and public sector bodies. His current research focuses on the behavioral dimensions of online marketplaces and digital finance.