Behavioral Economics: Unifying Psychology and Economics

2007-10-07T03:28:00.000-07:00

Lectures, Conferences and Seminars:

the Economist as a Therapist: Behavioral Economics and "light Paternalism" presented by Professor George Lowenstein at International Association for Research in Economics Psychology (IAREP)
17 March 2008, Lecture: Behavioral Economics: Comm Mistakes in Daily Decisions presented by Professor Dan Ariely at London School of Economics and Political Sceince in UK (Audio file is downloadable).
19, 20, 21 November 2007, Lecture Series: The Psychology of Saving and Investment (1, 2, 3) presented by Professor David Laibson at London School of Economics and Political Sceince in UK (Audio file is downloadable).
March 28 and 29, 2007, Lecture Series,Topics in Experimental and Behavioral Economics, presented by Arno M. Reidle at Munich Univeristy.
March 2, 9 & 10, 2007, Behavioral and Experimental Economics, presented by Ernst Fehr (University of Zürich) Munich University.
September 27 & 28, 2007, Seminars on Implications of Behavioral Economics for Economic Policy, Federal Reserve Bank of Boston. Here is the text of president's speech by Janet L. Yellen, President and CEO, Federal Reserve Bank of San Francisco.
November 4, 2006, Conference on Macroeconomics and Individual Decision Making, sponsored by: Russell Sage Foundation and National Bureau of Economic Research

2007-06-25T06:00:00.000-07:00

Summer Workshops:

Summer Institute in Behavioral Economics, June15 -26, 2008, University of Trento, Italy
Mannheim Emprical Research Summer School (MERSS), 09 to 20 July 2007, Germany
Stanford Institute for Theoretical Economics, June 18-20, USA
STANFORD SUMMER SCHOOL IN NEUROECONOMICS, July 17 - July 28, 2006, USA
Summer Institute in Behavioral Economics funded by the Russell Sage Foundation and University of Trento, June 18 to June 30, 2006, Italy
Toulouse Summer Institute on Economics and Psychology, June 16-24, 2005, Toulouse, France
The Budapest Summer Workshops in Behavioral Economics, July 6 to 12,
Fourth Trento Summer School, Intensive course inBehavioral Economics, 30 June - 11 July 2003, Italy
Russell Sage Summer Institute in Behavioral Economics, Berkeley, July 10 to 21, 2000

2007-05-30T09:05:00.000-07:00

Major Projects, Grants and Scholarship in Behavioral Economics:

European Network for the Advancement of BehaviouraL Economics is a major project conducted by nine great university across EU-USA.
2006-07 Dissertation Grants for Behavioral Research provided by Federal Reserve Bank of Boston

2007-05-30T07:55:00.000-07:00

Experimental Economics:

Introduction:

Experimental Economics is a related field to behavioral economics. Unlike behavioral economics which stress on deviation from traditional definition of rationality in economic decision, experimental economics tries to emphasis on rationality concepts. In other words, experimental economics is the usage of experimental methods that are common in social psychology to prove economic theorem. Here is wikiepedia definition of experimental economics. FAQs about Experimental Economics such as "Why is experimental economics important?", "Why is testing economic theory important?", "How are the experiments set up?", "What does experimental economics contribute to education?", "How does experimental economics contribute to public policy?" are answered here.

Introductory Articles in Experimental Economics:

V. Smith, (1994). "Economics in the Laboratory," Journal of Economic Perspectives 8(1), 113-131. (Web-published with permission.)
V. Smith, (1987). "Experimental Methods in Economics," The New Palgrave: A Dictionary of Economics, John Eatwell, Murray Milgate, and Peter Newman, reproduced with permission of Palgrave.
V. Smith, (1982). "Microeconomic Systems as an Experimental Science," American Economic Review 72(5), 923-955.

Al'roth provide a short history of the field that is interesting and useful.

A book entitled The Methodology of Experimental Economics written by Francesco Guala is completely accessable

Associations and Research Centers in Experimental Economics:

Economic Science Association is a professional organization devoted to experimental economics.

The Interdisciplinary Center for Economic Science (ICES) at George Mason University, USA. (Nobel Laurate Vernon Smith is head of this center)

Here (+, + and +) are long lists of experimental research centers.

Website/Weblogs in Experimental Economics:

Here is a page which contain links of many expermiental economics research centers.

Al Roth's Game Theory and Experimental Economics Page is a famouse and wellknown website which include usefull links in this topics.

Important Projects:

The European Network for the Development of Experimental Economics

French NETwork in EXperimental economics

Course Syllabus

A nice and comprehensive syllabus in behavioral and experimental economics by Prof. Dr. Martin Kocher can be find here.

Journals:

Experimental Economics Journal

2005-09-03T04:11:00.000-07:00

Neuroeconomics:

Introduction:

Neuroeconomics combines neuroscience, economics, and psychology to study how we make choices. It looks at the role of the brain when we evaluate decisions, categorize risks and rewards, and interact with each other. Here, you can find much more introductory information.An excellent introduction to Neuroeconomics for non-specialists, by Colin Camerer, is available here. An article entitled "Economics of Brain" which introduce neuroeconomics can be find here.

Associations and Research Centers in Neuroeconomics:

Introductory Articles in Neuroeconomics:

Neuroeconomics: How Neuroscience Can Inform Economics written by Colin Camerer, George Lowenstein and Drazen Prelec.
Neuroeconomics: Why Economics Needs Brain? written by Colin Camerer, George Lowenstein and Drazen Prelec.
The Case for Mindless Economics written by Faruq Gul and Wolfgang Pesendorfer.
A power point series to introduce Neuroeconomics could be found here.

Some Applications of Neuroeconomics:

Neuroeconomic Foundations of Trust and Social Preferences, forthcoming in American Economic Review (written by Ernst Fehr, Urs Fischbacher and Michael Kosfeld)
The Neural Basis of Altruistic Punishment written by Ernst Fehr, Science 305, 27 August 2004, 1254-1258
The Neuroeconomics of Mind Reading and Empathy,American Economic Review - Papers & Proceedings 95(2005), 340-345 (written by Ernst Fehr and Tania Singer).
Oxytocin increases Trust in Humans, NATURE 435, 2 June 2005, 673-676 (written by Ernst Fehr ,Michael Kosfeld, Markus Heinrichs, Paul Zak and Urs Fischbacher)

Websites, Weblogs in Neuroeconomics:

There is a weblog concentrated on Neuroeconomics written by Terrence Chorvat in which any related news or information is declared. You can find it here.
A webpage dedicated to Neuroeconomics is written by Richard Peterson
A weblog about Neuroeconomics is written by Kevin McCabe

2005-09-01T04:48:00.000-07:00

Behavioral Game Theory:

Introduction

Behavioral Game Theory is a subfield of Behavioral Economics which uses experimental evidence to explain why people deviate from strategic and rational behaviors that are expected by Game Theory principles.

Course Syllabi:

Here is a course syllabus in Behavioral Game Theory taught by Vincent Crawford

Introductory Articles concerning Behavioral Game Theory:

Progress in Behavioral Game Theory written by Colin Camerer
Behavioral Game Theory: Thinking, Learning and Teaching," written by Colin Camerer with Teck-Hua Ho and Juin Kuan Chong. (downloadable)
"Functional EWA: A one-parameter theory of learning in games." Includes 4 more data sets not in May 2002 version. Ho, Teck-Hua; Colin F. Camerer; and Juin-Kuan Chong. Nov. 2002. May 2002 version (downloadable)
Sophisticated EWA learning and strategic teaching in repeated games," written by Colin Camere with Teck-Hua Ho and Juin Kuan Chong. Journal of Economic Theory, May 2002, 104 (1), 137-188 (downloadable)

Basic Books in Behavioral Game Theory:

Behavioral Game Theory : Experiments in Strategic Interaction (The Roundtable Series in Behavioral Economics) by Colin F. Camerer

2005-08-30T03:11:00.000-07:00

Psychology of Judgment and Decision Making:

Introduction:
Behavioral Economics is heavily based on descriptive decision theories i.e. Psychology of Judgment and Decision Making. In other word, Behavioral Economics is the application of psychology of decision making research findings in the field of Economics. Psychology of Judgment and Decision Making is an interdisciplinary field between Social Psychology and Cognitive Psychology. Thus every one who wants to learn Behavioral Economics should learn a lot about Psychology of Judgment and be aware of Social Psychology and Cognitive Psychology.
Websites and Weblogs:
1. The Society for Judgment and Decision Making is an interdisciplinary academic organization dedicated to the study of normative, descriptive, and prescriptive theories of decision.
2. Social Psychology Network is the largest social psychology database on the Internet.
3. Decision Science News is a website about decision research in Psychology, Economics, Business, Medicine & Law written by Dan Goldstein
Basic Books:
1. The Psychology of Judgment and Decision Making written by Scott Plous
2. Rational Choice in an Uncertain World : The Psychology of Judgment and Decision Making written by Robyn M. Dawes
3. Judgment in Managerial Decision Making written by Max H. Bazerman
4. Blackwell Handbook Of Judgment And Decision Making (Blackwell Handbooks of Experimental Psychology) by Derek J. Koehler and Nigel Harvey (Hardcover - Oct 2004)
5. Judgment under Uncertainty : Heuristics and Biases (Paperback) by Daniel Kahneman (Editor), Paul Slovic (Editor), Amos Tversky (Editor)
6. Cambridge Series on Judgment and Decision Making

2005-08-28T22:13:00.000-07:00

Behavioral Finance:

Introduction:

Behavioral Finance is a branch of Behavioral Economic. The application of Behavioral Economics in Finance is called Behavioral Finance. It is based on the study of behavioral biases and their effects on financial markets, such as anomalies & inefficiencies on prices and returns. BF tries to detect and understand those biases / anomalies, and if possible to use them in investment strategies. Here is a short introduction to BF. Another nice introduction could be found here.

Introductory Article Concerning Behavioral Finance:

Barberis , Nicholas and Richard H. Thaler (2003), “ A Survey of Behavioral Finance. ” In Handbook of the Economics of Finance. George M. Constantinides, Milton Harris, and Rene' Stultz editors. Elsevier Science, North Holland, Amsterdam.(downloadable)
Thaler, R., 1999 "The End of Behavioral Finance", Financial Analysts Journal, 12-17.(downloadable)

Websites:

Here is a website about behavioral finance which include most related documents.

Basic Books in Behavioral Finance:

Inefficient Markets: An Introduction to Behavioral Finance (Clarendon Lectures in Economics) by Andrei Shleifer
Advances in Behavioral Finance (Paperback)by Richard H. Thaler (Editor)
Advances in Behavioral Finance, Volume II (The Roundtable Series in Behavioral Economics) (Paperback)by Richard H. Thaler (Editor)
Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing by Hersh Shefrin
A Behavioral Approach to Asset Pricing by Hersh Shefrin
Behavioral Corporate Finance by Hersh Shefrin

2005-08-28T21:53:00.000-07:00

Introductory Articles Concerning Behavioral Economics:

Peter Diamond has written a brief introduction to the field.
A short and quick article written by Colin Camerer to introduce Behavioral Economics. You can find it here.
A Perspective on Psychology and Economics written by Matthew Rabin (downloadable)
Perspective Behavioral economics: Reunifying psychology and economics written by Colin Camerer (downloadable)
Behavioral Economics: Past, Present, Future written by Camerer, C. and Loewenstein, G. (downloadable)
What is Behavioral Economics? written by JOHN F. TOMER
Behavioral Economics written by Sendhil Mulainathan and Richard Thaler (downloadable)
Psychology and Market written by Edward L. Glaeser (downloadable)
in this interview, Sendhil Mulainthan describe what Behavioral Economics is about.
Harvard Magazin in an article introduces Behavioral Economics.
Chicago University Magazin has a short article in Behavioral Economics. You can find it here.

2005-08-27T20:25:00.000-07:00

Basic Books in Behavioral Economics:

Advances in Behavioral Economics ,Vol 1: (Paperback) by Colin F. Camerer (Editor), George Loewenstein (Editor), Matthew Rabin (Editor)
Advances in Behavioral Economics, Volume 2: (Hardcover) by Leonard Green
Advances in Behavioral Economics, Volume 3: Substance Use and Abuse (Hardcover) by Leonard Gre
Advances in Behavioral Economics : Essays in Honor of Horst Todt (Contributions to Economics) (Paperback) by Friedel Bolle (Editor), Michael Carlberg (Editor)
Psychology of Economic Decision by Isabelle Brocas and Juan D. Carrillo Vol I: Rationality and Well Being, Vol II: Reasons and Choices
The Winner's Curse by Richard H. Thaler.You can have a free access to parts of this book here.
Quasi Rational Economics by Richard H. Thaler
Inter temporal Choice (Hardcover) by George Loewenstein. There is so many other books written by this author about "intertemporal choice". you can find them here.
Why Smart People Do Dumb Things : Lessons from the New Science of Behavioral Economics by Mortimer Feinberg
Why Smart People Make Big Money Mistakes And How To Correct Them: Lessons From The New Science Of Behavioral Economics by Gary Belsky, Thomas Gilovich
Microeconomics : Behavior, Institutions, and Evolution by Samuel Bowles
Experimental and Behavioral Economics, Volume 13 (Advances in Applied Microeconomics) (Hardcover) by J. Morgan
Behavioral Law and Economics (Cambridge Series on Judgment and Decision Making) (Paperback) by Cass R. Sunstein
Essays on Behavioral Economics (Hardcover) by George Katona, James N. Morgan, Behavioral Economics (Corporate Author
Handbook of Contemporary Behavioral Economics: Foundations And Developments (Hardcover) by Morris Altman
Handbook of Behavioral Economics, Part B: Behavioral Macroeconomics (Hardcover) by Benjamin Gilad (Editor), Stanley Kaish (Editor)

2005-08-27T01:18:00.000-07:00

Course Syllabi of Behavioral Economic:

Camerer, Colin F.' Behavioral Economics course syllabus is here.
Laibson, David' Behavioral Economics course syllabus is here.
Mullainathan,Sendhil ,' Behavioral Economics course syllabus is here.
O'Donoghue, Ted' Behavioral Economics course syllabus is here.
Rabin, Matthew' Behavioral Economics course syllabus is here.
Shiller, Robert J.' Behavioral and Institutional Economics course syllabus is here

2005-08-24T05:49:00.000-07:00

Associations and Research Centers in Behavioral Economics:

Canadian Experimental & Behavioral Economics Research Group at the university of Calgray, CA
Center for the Study of Rationality at The Hebrew University of Jerusalem, Israel
The Center for Decision Research at the university of Chicago, USA
The Center for Interdisciplinary Studies in Economics, Psychology and Social Sciences at the University of Milan-Bicocca, Italy
Department of Social and Decision Sciences in the Carnegie Mellon University, USA
Risk Management and Decision Processes Center at the Wharton school in the Pennsylvania, USA
society for the Advancement of Behavioral Economics (SABE)
Cambridge Center for Behavioral Studies , Cambridge University, UK
Institute for Behavioral Economics at the University of Arizona, USA
Centre for Research in Adaptive Behaviour in Economics at the University of Simon Fraser, CA
Research Center for Behavioral Economics and Decision-Making affiliated to Federal Reserve Bank of Boston
Tilburg Institute for Behavioral Economics Research at Tilburg University, NL
Center for Psychoeconomics, University of Konstanz, Germany
Adapting Behavior in a Fundamentally Uncertain World (IMPRS Uncertainty-School), Germany
Center for Emperical Research Research in Economics and Behavioral Science (CEREB) affiliated to ERFURT University, Germany
Munich Experimental Laboratory for Economic and Social Sciences (MELESSA) affiliated to Munich University, Germany