Download or read book Cognitive Processes and Economic Behaviour written by Marcello Basili and published by Taylor & Francis. This book was released on 2012-12-06 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years the understanding of the cognitive foundations of economic behavior has become increasingly important. This volume contains contributions from such leading scholars as Adam Brandenburger, Michael Bacharach and Patrick Suppes. It will be of great interest to academics and researchers involved in the field of economics and psychology as well as those interested in political economy more generally.

Download or read book Personality and Cognition in Economic Decision Making written by Aurora García-Gallego and published by Frontiers Media SA. This book was released on 2017-08-22 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: Psychologists studying cognitive processes and personality have increasingly benefited from the wealth of theory, methodology, and decision making paradigms used in economics and game theory. Similarly, for the economists, personality traits and basic cognitive processes offer a set of coherent explanatory constructs in economic behavior. Given the debate on preference invariance and behavioral consistency across contexts and domains, the papers in this topic shed light on the existence and effect of stable sets of idiosyncratic features on economic decision-making. While the effects of personality and cognition on economic decisions remain under-explored, the papers contributed in this topic offer more than a stimulus for further research. The general message could be that personality and cognitive processes offer the stable idiosyncratic ground on which individual decisions are made.

Download or read book Cognitive Economics written by Paul Bourgine and published by Springer Science & Business Media. This book was released on 2013-03-20 with total page 479 pages. Available in PDF, EPUB and Kindle. Book excerpt: The social sciences study knowing subjects and their interactions. A "cog nitive turn", based on cognitive science, has the potential to enrich these sciences considerably. Cognitive economics belongs within this movement of the social sciences. It aims to take into account the cognitive processes of individuals in economic theory, both on the level of the agent and on the level of their dynamic interactions and the resulting collective phenomena. This is an ambitious research programme that aims to link two levels of com plexity: the level of cognitive phenomena as studied and tested by cognitive science, and the level of collective phenomena produced by the economic in teractions between agents. Such an objective requires cooperation, not only between economists and cognitive scientists but also with mathematicians, physicists and computer scientists, in order to renew, study and simulate models of dynamical systems involving economic agents and their cognitive mechanisms. The hard core of classical economics is the General Equilibrium Theory, based on the optimising rationality of the agent and on static concepts of equilibrium, following a point of view systemised in the framework of Game Theory. The agent is considered "rational" if everything takes place as if he was maximising a function representing his preferences, his utility function.

Download or read book Psychology And The Economic Mind written by Robert L Leahy, PhD and published by Springer Publishing Company. This book was released on 2002-10-21 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book elaborates on a multidimensional model of decision-making that applies to how individuals make "mundane decisions." Decisions about pursuing relationships, exercise, work, or anything where people might have to "invest" time or behavioral effort are examples. The author utilizes cognitive-developmental theory to understand how children and adolescents make sense of economic inequality. This modern portfolio theory model of decision-making applies economic concepts to everyday life and may help us understand why individuals differ in their willingness to take risks. It also contributes to our knowledge of personality disorders such as depression and mania. For Further Information, Please Click Here!

Download or read book Social and Economic Factors in Decision Making under Uncertainty written by Kinga Posadzy and published by Linköping University Electronic Press. This book was released on 2017-11-16 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this thesis is to improve the understanding of human behavior that goes beyond monetary rewards. In particular, it investigates social influences in individual’s decision making in situations that involve coordination, competition, and deciding for others. Further, it compares how monetary and social outcomes are perceived. The common theme of all studies is uncertainty. The first four essays study individual decisions that have uncertain consequences, be it due to the actions of others or chance. The last essay, in turn, uses the advances in research on decision making under uncertainty to predict behavior in riskless choices. The first essay, Fairness Versus Efficiency: How Procedural Fairness Concerns Affect Coordination, investigates whether preferences for fair rules undermine the efficiency of coordination mechanisms that put some individuals at a disadvantage. The results from a laboratory experiment show that the existence of coordination mechanisms, such as action recommendations, increases efficiency, even if one party is strongly disadvantaged by the mechanism. Further, it is demonstrated that while individuals’ behavior does not depend on the fairness of the coordination mechanism, their beliefs about people’s behavior do. The second essay, Dishonesty and Competition. Evidence from a stiff competition environment, explores whether and how the possibility to behave dishonestly affects the willingness to compete and who the winner is in a competition between similarly skilled individuals. We do not find differences in competition entry between competitions in which dishonesty is possible and in which it is not. However, we find that due to the heterogeneity in propensity to behave dishonestly, around 20% of winners are not the best-performing individuals. This implies that the efficient allocation of resources cannot be ensured in a stiff competition in which behavior is unmonitored. The third essay, Tracing Risky Decision Making for Oneself and Others: The Role of Intuition and Deliberation, explores how individuals make choices under risk for themselves and on behalf of other people. The findings demonstrate that while there are no differences in preferences for taking risks when deciding for oneself and for others, individuals have greater decision error when choosing for other individuals. The differences in the decision error can be partly attributed to the differences in information processing; individuals employ more deliberative cognitive processing when deciding for themselves than when deciding for others. Conducting more information processing when deciding for others is related to the reduction in decision error. The fourth essay, The Effect of Decision Fatigue on Surgeons’ Clinical Decision Making, investigates how mental depletion, caused by a long session of decision making, affects surgeon’s decision to operate. Exploiting a natural experiment, we find that surgeons are less likely to schedule an operation for patients who have appointment late during the work shift than for patients who have appointment at the beginning of the work shift. Understanding how the quality of medical decisions depends on when the patient is seen is important for achieving both efficiency and fairness in health care, where long shifts are popular. The fifth essay, Preferences for Outcome Editing in Monetary and Social Contexts, compares whether individuals use the same rules for mental representation of monetary outcomes (e.g., purchases, expenses) as for social outcomes (e.g., having nice time with friends). Outcome editing is an operation in mental accounting that determines whether individuals prefer to first combine multiple outcomes before their evaluation (integration) or evaluate each outcome separately (segregation). I find that the majority of individuals express different preferences for outcome editing in the monetary context than in the social context. Further, while the results on the editing of monetary outcomes are consistent with theoretical predictions, no existing model can explain the editing of social outcomes.

Download or read book Cognitive Processes and Economic Behaviour written by Marcello Basili and published by Routledge. This book was released on 2012-12-06 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years the understanding of the cognitive foundations of economic behavior has become increasingly important. This volume contains contributions from such leading scholars as Adam Brandenburger, Michael Bacharach and Patrick Suppes. It will be of great interest to academics and researchers involved in the field of economics and psychology as well as those interested in political economy more generally.

Download or read book The Economics of Poverty Traps written by Christopher B. Barrett and published by University of Chicago Press. This book was released on 2018-12-07 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: What circumstances or behaviors turn poverty into a cycle that perpetuates across generations? The answer to this question carries especially important implications for the design and evaluation of policies and projects intended to reduce poverty. Yet a major challenge analysts and policymakers face in understanding poverty traps is the sheer number of mechanisms—not just financial, but also environmental, physical, and psychological—that may contribute to the persistence of poverty all over the world. The research in this volume explores the hypothesis that poverty is self-reinforcing because the equilibrium behaviors of the poor perpetuate low standards of living. Contributions explore the dynamic, complex processes by which households accumulate assets and increase their productivity and earnings potential, as well as the conditions under which some individuals, groups, and economies struggle to escape poverty. Investigating the full range of phenomena that combine to generate poverty traps—gleaned from behavioral, health, and resource economics as well as the sociology, psychology, and environmental literatures—chapters in this volume also present new evidence that highlights both the insights and the limits of a poverty trap lens. The framework introduced in this volume provides a robust platform for studying well-being dynamics in developing economies.

Download or read book Essays on Economic Psychology written by Hermann Brandstätter and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic behavior is explored from a psychological perspective by both, prominent economic psychologists with a long tradition in studying economic problems as well as economists who are open and interested in the psychological aspects of economic behavior. The contributions discuss the prospects and difficulties of this dialogue between psychology and economics and survey some important areas of research where such an interdisciplinary approach has proved to be successful. The text can also be used to introduce psychology to economists in order to give them an idea how to analyze economic problems from a psychological perspective. It also indicates many urgent and exciting research topics awaiting eager scholars to carry on the dialogue.

Download or read book Neuroeconomics Judgment and Decision Making written by Evan A. Wilhelms and published by Psychology Press. This book was released on 2014-07-11 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume explores how and why people make judgments and decisions that have economic consequences, and what the implications are for human well-being. It provides an integrated review of the latest research from many different disciplines, including social, cognitive, and developmental psychology; neuroscience and neurobiology; and economics and business. The book has six areas of focus: historical foundations; cognitive consistency and inconsistency; heuristics and biases; neuroeconomics and neurobiology; developmental and individual differences; and improving decisions. Throughout, the contributors draw out implications from traditional behavioral research as well as evidence from neuroscience. In recent years, neuroscientific methods have matured, beyond being simply correlational and descriptive, into theoretical prediction and explanation, and this has opened up many new areas of discovery about economic behavior that are reviewed in the book. In the final part, there are applications of the research to cognitive development, individual differences, and the improving of decisions. The book takes a broad perspective and is written in an accessible way so as to reach a wide audience of advanced students and researchers interested in behavioral economics and related areas. This includes neuroscientists, neuropsychologists, clinicians, psychologists (developmental, social, and cognitive), economists and other social scientists; legal scholars and criminologists; professionals in public health and medicine; educators; evidence-based practitioners; and policy-makers.

Download or read book Neuroscience and the Economics of Decision Making written by Alessandro Innocenti and published by Routledge. This book was released on 2013-06-19 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last two decades there has been a flourishing research carried out jointly by economists, psychologists and neuroscientists. This meltdown of competences has lead towards original approaches to investigate the mental and cognitive mechanisms involved in the way the economic agent collects, processes and uses information to make choices. This research field involves a new kind of scientist, trained in different disciplines, familiar in managing experimental data, and with the mathematical foundations of decision making. The ultimate goal of this research is to open the black-box to understandthe behavioural and neural processes through which humans set preferences and translate these behaviours into optimal choices. This volume intends to bring forward new results and fresh insights into this matter.

Download or read book The Cognitive Basis of Institutions written by Shinji Teraji and published by Academic Press. This book was released on 2018-02-16 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Cognitive Basis of Institutions: A Synthesis of Behavioral and Institutional Economics synthesizes modern research in behavioral economics with traditional institutional economics. This work emphasizes that institution and agent are inextricably linked, and that both cognitive and institutional processes coalesce to influence human decision-making. It integrates cognition and institution through the behavioral economics theoretical lens of bounded rationality. Methodologically, it develops game-theoretical, complexity and neuroeconomic solutions to unite study of the two areas. The work concludes by proposing general implications for the economic study of decisions using the cognitive-institutional approach, also providing specific recommendations for public policy. - Reveals how institutional structures and individual actions interact and coevolve cognitively - Connects individual decision-making, decision-making processes and institutional formation - Unites our understanding of cooperative 'prosocial' behavior with the institutional dynamics that may create it - Discusses the implications of the behavioral-institutional paradigm for paternalism and libertarianism in public policy

Download or read book Evolving Norms written by Shinji Teraji and published by Springer. This book was released on 2016-06-07 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents institutional evolution and individual choice as codependent results of behavioral patterns. Drawing on F.A. Hayek's concepts of cognition and cultural evolution, Teraji demonstrates how the relationship between the sensory and social orders can allow economists to track social norms and their effects on the global economy. He redirects attention from the conventional focus on what an individual chooses to the changing social order that determines how an individual chooses. Cultural shifts provide the environmental feedback that challenges the mental models governing individual choice, creating a cycle of coevolution. Teraji develops a general framework from which to examine this symbiotic relationship in order to identify predictive patterns. Not just for behavioral economists, this book will also appeal to those who specialize in institutional economics, the philosophy of economics, and economic sociology.

Download or read book The Cognitive Mechanics of Economic Development and Institutional Change written by Bertin Martens and published by Routledge. This book was released on 2004-02-05 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book seeks to explain long-term economic development and institutional change in terms of the cognitive features of human learning and communication processes. Martens links individual cognitive processes to macroeconomic growth theories, including economies of scale and scope, and to theories of institutional development based on asymmetric i

Download or read book Psychology And The Economic Mind written by Robert L. Leahy and published by Springer Publishing Company. This book was released on 2002-10-21 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book elaborates on a multidimensional model of decision-making that applies to how individuals make "mundane decisions." Decisions about pursuing relationships, exercise, work, or anything where people might have to "invest" time or behavioral effort are examples. The author utilizes cognitive-developmental theory to understand how children and adolescents make sense of economic inequality. This modern portfolio theory model of decision-making applies economic concepts to everyday life and may help us understand why individuals differ in their willingness to take risks. It also contributes to our knowledge of personality disorders such as depression and mania. For Further Information, Please Click Here!

Download or read book Essays in Behavioural Economics written by Ceren Bengü Çıbık and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Cognitive Processes in Choice and Decision Behavior written by Thomas S. Wallsten and published by Taylor & Francis. This book was released on 2024-05-01 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: Decision theory is a uniquely interdisciplinary field of study with contributions from economics, statistics, mathematics, philosophy, operations research, and psychology. The 1970s had seen important changes in research on behavioral decision theory in terms of a shift from a reliance on economic and statistical models to an emphasis on concepts drawn from cognitive psychology. Originally published in 1980, Cognitive Processes in Choice and Decision Behavior contains papers that explore the reasons why these changes had come about and discuss the future directions to which they pointed. It was clear at the time that research in behavioral decision theory was changing dramatically. The chapters in this book represent a good assessment of the reasons the changes were coming about and some of the merits and problems of the directions in which it was moving. Today it can be read in its historical context.

Download or read book Psychology in Economics and Business written by Gerrit Antonides and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is targeted at students of economics and business administration and presents the state of the art in behavioral economics and economic psychology and their applications to economics and business. It discusses economic psychological themes, information processing, and applications in fields including entrepreneurial behavior, perceptions of price, risk, inflation and economic activities, and economic socialization.