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Introduction to Behavioral Economics

  • ID: 2388489
  • Book
  • February 2014
  • Region: Global
  • 528 Pages
  • John Wiley and Sons Ltd
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Introduction to Behavioral Economics is focused on the broad principles of behavior, which are illustrated using real–world examples from experimental literature as well as experiential examples. Real–world examples are drawn from news items, historical accounts and the economics literature. Experimental examples are drawn from the economics literature. These examples are discussed providing explanatory figures and interpretations. With the rise of both behavioral finance and behavioral industrial organization, undergraduates now clamor for formal training and instruction in behavioral economics.
Introduction to Behavioral Economics covers all the ways consumers and other economic agents behave in nonrational manner and prepares readers to make rational economic choices. This text provides experiments as a set of examples of the broader principles of behavior.
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Preface xv

1 Rationality, Irrationality, and Rationalization 1

Part 1 Consumer Purchasing Decisions

2 Transaction Utility and Consumer Pricing 17

3 Mental Accounting 41

4 Status Quo Bias and Default Options 70

5 The Winner’s Curse and Auction Behavior 93

Part 2 Information and Uncertainty

6 Bracketing Decisions 125

7 Representativeness and Availability 156

8 Confirmation and Overconfidence 187

9 Decision under Risk and Uncertainty 214

10 Prospect Theory and Decision under Risk or Uncertainty 250

Part 3 Time Discounting and the Long and Short Run

11 Disagreeing with Ourselves: Projection and Hindsight Biases 281

12 Naïve Procrastination 309

13 Committing and Uncommitting 347

Part 4 Social Preferences

14 Selfishness and Altruism 389

15 Fairness and Psychological Games 417

16 Trust and Reciprocity 450

Glossary 473

Index 495

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David R. Just
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