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Psychologists and economists often ask similar questions about human behaviour. This volume brings together contributions from leaders in both disciplines. The editorial introduction discusses methodological differences between the two which have until now limited the development of mutually beneficial lines of research. Psychologists have objected to what they see as an excessive formalism in economic modelling and an unrealistic degree of sophistication in the behaviour of individuals, while economists criticize the absence of a general psychological framework into which most results can be fitted and the lack of welfare implications in their theories. The editors encourage scholars to exploit the strengths of each discipline - the ability of psychologists to understand the feelings and motivation of individuals; and the experience of economists to develop normative frameworks. The editors then highlight the links between the contributions by grouping them according to central themes in the study of rationality and well-being: 1. The causes and consequences of 'irrational behaviour'; 2. The role of anticipatory feelings and imperfect self-knowledge on decision-making; 3.
The way in which memory of past events and cost of thinking affect current decisions; 4. The interaction between anticipated and remembered utility and its effects on the welfare of individuals; 5. Experimental practice on how to perform controlled experiments to test hypotheses. This exciting volume provides an excellent point of entry for anyone interested in the interface between economics and psychology.
Psychologists and economists often ask similar questions about human behaviour. This volume brings together contributions from leaders in both disciplines. The editorial introduction discusses methodological differences between the two which have until now limited the development of mutually beneficial lines of research. Psychologists have objected to what they see as an excessive formalism in economic modelling and an unrealistic degree of sophistication in the behaviour of individuals, while economists criticize the absence of a general psychological framework into which most results can be fitted and the lack of welfare implications in their theories. The editors encourage scholars to exploit the strengths of each discipline - the ability of psychologists to understand the feelings and motivation of individuals; and the experience of economists to develop normative frameworks. The editors then highlight the links between the contributions by grouping them according to central themes in the study of rationality and well-being: 1. The causes and consequences of 'irrational behaviour'; 2. The role of anticipatory feelings and imperfect self-knowledge on decision-making; 3.
The way in which memory of past events and cost of thinking affect current decisions; 4. The interaction between anticipated and remembered utility and its effects on the welfare of individuals; 5. Experimental practice on how to perform controlled experiments to test hypotheses. This exciting volume provides an excellent point of entry for anyone interested in the interface between economics and psychology.
Isabelle Brocas and Juan D. Carrillo: Introduction
Part I: The Causes and Consequences of 'Irrational' Conducts
1: Roy F. Baumeister: The Psychology of Irrationality: Why people
make foolish, self-defeating choices
2: Kent Berridge: Irrational Pursuit: Hyper-incentives from a
visceral brain
3: Jonathan W. Schooler, Daniel Ariely, and George Loewenstein: The
Pursuit and Assessment of Happiness May Be Self-Defeating
Part II: Imperfect Self-Knowledge and the Role of Information
4: Andrew Caplin and John Leahy: Behavioral Policy
5: Isabelle Brocas and Juan D. Carrillo: Information and
Self-Control
6: Ronit Bodner and Drazen Prelec: Self-Signaling and Diagnostic
Utility in Everyday Decision-Making
Part III: Imperfect Memory and Limited Capacity to Process
Information
7: Itzhak Gilboa and Eva Gilboa-Schechtman: Mental Accounting and
the Absentminded Driver
8: Roland Benabou and Jean Tirole: Self-Knowledge and
Self-Regulation: An economic approach
9: Xavier Gabaix and David Laibson: A New Challenge for Economics:
'The frame problem'
Part IV: Time and Utility
10: Daniel Kahneman: Experienced Utility and Objective Happiness: A
moment-based approach
11: Timothy D. Wilson, Daniel Gilbert, and David B. Centerbar:
Making Sense: The causes of emotional evanescence
12: Yaacov Trope and Nira Liberman: Temporal Construal Theory of
Time-Dependent Preferences
Part V: Experimental Practices in Psychology, Economics, and
Finance
13: Ralph Hertwig and Andreas Ortmann: Economists' and
Psychologists' Experimental Practices: How they differ, why they
differ, and how they could converge
14: Denis Hilton: Psychology and the Financial Markets:
Applications to understanding and remedying irrational
decision-making
15: Ernst Fehr and Jean-Robert Tyran: What Causes Nominal Inertia?
Insights from experimental economics
Isabelle Brocas is at the Department of Economics, Columbia University. She is also a research affiliate at CEPR, and co-editor of the Annals of the Marie Curie Fellows Association. Juan D. Carrillo is Associate Professor at Columbia University Graduate School of Business. He is also a research affiliate at CEPR, and Associate Editor of the Spanish Economic Review.
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