Overview

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.

Full Product Details

Author:   Isabelle Brocas (, Department of Economics, Columbia University; ECARES; CEPR) ,  Juan D. Carrillo (, Graduate School of Business, Columbia University; CEPR)
Publisher:   Oxford University Press
Imprint:   Oxford University Press
Dimensions:   Width: 15.60cm , Height: 1.90cm , Length: 23.20cm
Weight:   0.526kg
ISBN:  

9780199251087

ISBN 10:   0199251088
Pages:   356
Publication Date:   13 February 2003
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   To order  
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Table of Contents

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

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Author Information

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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