scholarly journals Historical Context of Behavioral Economics

2021 ◽  
Vol 6 (1) ◽  
pp. 01-03
Author(s):  
Tansif Rehman
Keyword(s):  
Behavioral Economics ◽  
Human Behavior ◽  
Broad Spectrum ◽  
Explanatory Power ◽  
Historical Context ◽  
Psychology And Economics ◽  
Broad Level

Behavioral economics, at broad level, superimpose many areas including Psychology and Economics. Behavioral economics by all means enhances the explanatory power of Economics as it provides it with a firm and more rational psychological basis. During the previous 20 years, many studies have explored different aspects of behavioral economics leading to introduction of the respective principles that pertain to human behavior. This article intends to provide an introduction to behavioral economics in its historical context. It also investigates the gaps that lie in the broad spectrum of behavioral economics.

A New Model of Man in Economics

2011 ◽  
pp. 78-98
Author(s):  
M. Storchevoy
Keyword(s):  
Behavioral Economics ◽  
Human Behavior ◽  
Social Factors ◽  
Rational Behavior ◽  
New Model ◽  
Common Framework

The paper draws on the most recent research in the field of behavioral economics, neuroscience, and other disciplines and shows how biological and social factors interact and co-determine real human behavior. The author considers in detail various affects and forms of non-rational behavior. He proposes a common framework for such analysis, where each of those forms of behavior becomes the result of conscious or evolutionary-driven choice.

The Social Development Model

2018 ◽  
pp. 223-247 ◽  
Author(s):  
Christopher Cambron ◽  
Richard F. Catalano ◽  
J. David Hawkins
Keyword(s):  
General Theory ◽  
Social Development ◽  
Human Behavior ◽  
Explanatory Power ◽  
Development Model ◽  
Antisocial Behaviors ◽  
Future Directions ◽  
Social Development Model ◽  
The Social ◽  
Empirical Tests

This chapter presents an overview of the social development model (SDM)—a general theory of human behavior that integrates research on risk and protective factors into a coherent model. The goal of this synthesis is to provide more explanatory power than its component theories. This chapter first specifies the model constructs and their hypothesized relationships to prosocial and antisocial behaviors. It then provides a synthesis of what has been learned from empirical tests of social development hypotheses for predicting pro- and antisocial behaviors. This chapter also highlights interventions derived from the SDM and summarizes their impact on pro- and antisocial behaviors. Finally, the chapter concludes by presenting future directions for SDM-based research.

Economics and Epicycles

2020 ◽  
pp. 174569162095378
Author(s):  
Satoshi Kanazawa
Keyword(s):  
Behavioral Economics ◽  
Human Behavior ◽  
Evolutionary Biology ◽  
Cognitive Biases ◽  
Behavioral Economic ◽  
Nonhuman Animals ◽  
Human Actors ◽  
Economic Studies

I aver that standard economics as a model of human behavior is as incorrect in 2017 (after Thaler) as geocentrism was as a model of celestial behavior in 1617 (after Galileo). Behavioral economic studies that have exposed the paradoxes and anomalies in standard economics are akin to epicycles on geocentrism. Just as no amount of epicycles could salvage geocentrism as a model of celestial behavior because it was fundamentally incorrect, no amount of behavioral economic adjustments could salvage standard economics as a model of human behavior because it is fundamentally incorrect. Many of the cognitive biases exhibited by humans are shared by other species, so not only are human actors Humans (as opposed to Econs), but nonhuman animals as phylogenetically distant from humans as ants and locusts are also Humans. Evolutionary biology as a model of human behavior can explain many of the hitherto unexplained cognitive biases and provide a unifying model of human behavior currently lacking in behavioral economics.

scholarly journals Shortcomings of experimental economics to study human behavior: a reanalysis of Cohn et al. 2014, Nature 516, 86–89, ‘‘Business culture and dishonesty in the banking industry’’

2018 ◽  
Author(s):  
Jean-Michel Hupé
Keyword(s):  
Behavioral Economics ◽  
Human Behavior ◽  
Business Culture ◽  
Evidence Based ◽  
Modeling And Simulations ◽  
Multiple Selves ◽  
Data Set ◽  
Financial Scandals ◽  
Bank Employees ◽  
Main Message

In the wake of financial scandals, Cohn and collaborators published a headline-grabber study in the field of behavioral economics. M.C. Villeval (2014) summarized the main message as follows, in News and Views of the Nature issue where the Cohn study was published: the “experiment shows that although bank employees behave honestly on average, their dishonesty increases when they make decisions after having been primed to think about their professional identity.” Cohn et al. thus provide evidence that “the incentives and the business culture developed in the financial sector may undermine the honesty norms of ordinary employees.” This study may have important consequences for policy, since, Villeval continues, “it is crucial to ensure a business culture of honesty in this industry to restore trust in it.” Villeval also argues that “from a scientific perspective, this study […] supports the economic theory of social identity […], links this theory with the economic analysis of lying behavior [… and] shows how behavioural economists can contribute to a broader reflection in science about how people manage their 'multiple selves' ”. Here I show that the use of flawed statistics methods, yet employed routinely in so-called “evidence-based” science, led the authors to distort the “evidence”. I am also using this data-set as an interesting example to explore how we can use modeling and simulations to provide a fair account of the information and uncertainty conveyed by the data, based on Confidence Intervals. I provide the R-code. Based on this paper, I question the contribution of behavioral economics to the understanding of human behavior and conclude with considerations on honesty and science.

Different perspectives of human behavior entail different experimental practices

2001 ◽  
Vol 24 (3) ◽  
pp. 429-429 ◽  
Author(s):  
Ramzi Suleiman
Keyword(s):  
Individual Differences ◽  
Human Behavior ◽  
Psychological Research ◽  
Main Argument ◽  
Valuable Data ◽  
Data Variability ◽  
Psychology And Economics

My main argument is that the advice offered to experimental psychologists by Hertwig & Ortmann overlooks fundamental differences between the goals of researchers in psychology and economics. Furthermore, it is argued that the reduction of data variability is not always an end to be sought by psychologists. Variability that originates in individual differences constitutes valuable data for psychological research.

Dominance runs deep

1998 ◽  
Vol 21 (3) ◽  
pp. 376-377 ◽  
Author(s):  
Valerie J. Grant
Keyword(s):  
Human Behavior ◽  
Turning Point ◽  
Historical Context ◽  
Point Of View ◽  
Biological Basis ◽  
Target Article ◽  
Definition Of ◽  
Evolutionary Point

Seen in its historical context, Mazur & Booth's (M&B's) target article may come to be viewed as a turning point in the study of the biological basis of human behavior in general, and dominance in particular. To facilitate further research, suggestions are offered for making the definition of dominance more precise. From an evolutionary point of view, the testosterone-dominance link may be as important in women as it is in men.

Introduction

2014 ◽  
pp. x-xiv ◽  
Author(s):  
Eyal Zamir ◽  
Doron Teichman
Keyword(s):  
Behavioral Economics ◽  
Legal Theory ◽  
Choice Model ◽  
Legal Analysis ◽  
Psychology And Law ◽  
The Past ◽  
Legal Questions ◽  
Behavioral Studies ◽  
The Social ◽  
Psychology And Economics

The past twenty years have witnessed a surge in behavioral studies of law and law-related issues. These studies have challenged the application of the rational-choice model to legal analysis and introduced a more accurate and empirically grounded model of human behavior. This integration of economics, psychology, and law is breaking exciting ground in legal theory and the social sciences, shedding a new light on age-old legal questions as well as cutting-edge policy issues. The Oxford Handbook of Behavioral Economics and Law brings together leading scholars of law, psychology, and economics to provide an up-to-date and comprehensive analysis of this field of research, including its strengths and limitations as well as a forecast of its future development. Its twenty-nine chapters are organized into four parts. The first part provides a general overview of behavioral economics. The second part comprises four chapters introducing and criticizing the contribution of behavioral economics to legal theory. The third part discusses specific behavioral phenomena, their ramifications for legal policymaking, and their reflection in extant law. Finally, the fourth part analyzes the contribution of behavioral economics to fifteen legal spheres ranging from core doctrinal areas such as contracts, torts, and property to areas such as taxation and antitrust policy.

scholarly journals Unconscious influences on decision making: A critical review

2014 ◽  
Vol 37 (1) ◽  
pp. 1-19 ◽  
Author(s):  
Ben R. Newell ◽  
David R. Shanks
Keyword(s):  
Decision Making ◽  
Social Behavior ◽  
Behavioral Economics ◽  
Cognitive Neuroscience ◽  
Critical Review ◽  
Explanatory Power ◽  
Future Research ◽  
Wide Range ◽  
Cognitive Unconscious

AbstractTo what extent do we know our own minds when making decisions? Variants of this question have preoccupied researchers in a wide range of domains, from mainstream experimental psychology (cognition, perception, social behavior) to cognitive neuroscience and behavioral economics. A pervasive view places a heavy explanatory burden on an intelligent cognitive unconscious, with many theories assigning causally effective roles to unconscious influences. This article presents a novel framework for evaluating these claims and reviews evidence from three major bodies of research in which unconscious factors have been studied: multiple-cue judgment, deliberation without attention, and decisions under uncertainty. Studies of priming (subliminal and primes-to-behavior) and the role of awareness in movement and perception (e.g., timing of willed actions, blindsight) are also given brief consideration. The review highlights that inadequate procedures for assessing awareness, failures to consider artifactual explanations of “landmark” results, and a tendency to uncritically accept conclusions that fit with our intuitions have all contributed to unconscious influences being ascribed inflated and erroneous explanatory power in theories of decision making. The review concludes by recommending that future research should focus on tasks in which participants' attention is diverted away from the experimenter's hypothesis, rather than the highly reflective tasks that are currently often employed.

Meanings and Functions of Money in Different Cultural Milieus

2019 ◽  
Vol 70 (1) ◽  
pp. 475-497 ◽  
Author(s):  
Dov Cohen ◽  
Faith Shin ◽  
Xi Liu
Keyword(s):  
Behavioral Economics ◽  
Ethnic Groups ◽  
Human Behavior ◽  
Human Psychology ◽  
The Family ◽  
The World ◽  
The Individual ◽  
Economic Need ◽  
Different Cultures ◽  
Descriptive Models

We explore the psychological meanings of money that parallel its economic functions. We explore money's ability to ascribe value, give autonomy, and provide security for the future, and we show how each of these functions may play out differently in different cultural milieus. In particular, we explore the meanings and uses of money across ethnic groups and at different positions on the socioeconomic ladder, highlighting changes over the last 50 years. We examine the dynamics of redistribution between the individual, the family, and the state in different cultures, and we analyze the gendering of money in the world of high finance and in contexts of economic need. The field of behavioral economics has illustrated how human psychology complicates the process of moving from normative to descriptive models of human behavior; such complexity increases as we incorporate the great diversity within human psychology.

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