Economics Dictionary of ArgumentsHome
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| Behavioral economics: Behavioral economics is a field that combines insights from psychology and economics to study how individuals deviate from purely rational decision-making, examining real-world behavior and biases._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Amos Tversky on Behavioral Economics - Dictionary of Arguments
Henderson I 92 Behavioral economics/Tversky/Henderson/Globerman: [Tversky] documents through experimentation that subjects who lose a theater ticket that they purchased for, say $ 10, on the way to the theater are unlikely to buy a replacement ticket; however, if they lose $ 10 in cash on their way to the theater to buy a ticket, they are still likely to buy a ticket. Tversky reasoned that in the first case, people saw themselves as paying $20 for a theater ticket that should have cost $ 10, whereas they did not have that bias when they lost $ 10 in cash. Mental silo: Behavioural economists refer to this phenomenon as putting money into mental silos when it is more rational to think of money as being fungible, i.e., useful for any financial transaction.* * These and many other so-called anomalies in logic are discussed in Thaler (2016b)(1). Tversky tragically died in 1996 at the relatively Iow age of 59. 1. Thaler, Richard (2016b). Misbehaving: The Making of Behavioral Economics. W.W. Norton._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Henderson I David R. Henderson Steven Globerman The Essential UCLA School of Economics Vancouver: Fraser Institute. 2019 |
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