Download or read book Essays on Microeconomic Theory and Behavioural Economics written by Zhuoqiong Chen and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Behavioral Economics and Microeconomic Theory written by Pauline Lisa Vorjohann and published by . This book was released on 2022* with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Behavioral Economics and Microeconomic Theory written by Lukas Bolte and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following my research interests, this dissertation covers two fields of economics--behavioral economics (Chapters 1 and 2) and microeconomic theory (Chapters 3 and 4). Behavioral economics. In the first strand of my research, I develop and experimentally test theories to better understand individual-level behavioral phenomena and biases. In the last decades, behavioral economists have documented a variety of behavioral phenomena and biases across a range of economic environments, including information avoidance in health and financial domains, default effects in dynamic choice, belief distortions and probability weighting in choices over lotteries, and time inconsistency in preferences over consumption sequences. Behavioral economists typically explain each of these phenomena with a distinct mechanism. In the first chapter titled ``Emotional Inattention'' (joint with Collin B. Raymond), I develop a model that can simultaneously generate all of these phenomena and more, helping provide a unified account for many observed biases. It is a model of attention allocation, where in addition to its usual instrumental role, attention generates and regulates emotions. This role has been highlighted by psychologists but is rarely formally studied by economists. This second role of attention leads decision-makers to ignore low-payoff situations, leading to the so-called ostrich effect (where individuals ignore poorly performing financial assets), avoidance of potentially negative health tests, and pessimistic defaults in order to account for future inattention. When attention is allocated across possible realizations of an unknown state, the decision-maker has as-if distorted beliefs with additional weight on states that receive high attention. Similarly, when attention is allocated across time, the decision-maker develops preferences over the timing of consumption--they value consumption more in time periods with high attention, leading to as-if discounting. Because my model suggests these biases all emerge from a desire to manage emotions, it comes with many new predictions and implications for policymaking. Many documented deviations from the Bayesian benchmark--e.g., individuals' tendency to neglect correlation when processing information--are traditionally attributed to bounded rationality and hence thought of as cognitive mistakes. In the second chapter, titled ``Motivated Mislearning: The Case of Correlation Neglect'' (with Tony Q. Fan), I show that such cognitive ``mistakes'' can arise because of preferences and may thus not be actual mistakes. We designed an experiment to study the role of motivated reasoning in correlation neglect. In the main treatment, participants receive potentially redundant signals about an ego-relevant state--their IQ test performance. We then ask them how likely the signals are from the same source (and thus contain redundant information). Participants generally underappreciate the extent to which identical signals are more likely to come from the same source, but the bias is stronger for identical ego-favorable signals than for identical ego-unfavorable signals. This suggests that individuals may neglect the correlation between desirable signals to sustain motivated beliefs. Thus, cognitive ``mistakes'' that have traditionally been attributed to bounded rationality may, in fact, be utility maximizing. Microeconomic theory. The second strand of my work uses the tools of applied microeconomic theory to understand equilibrium outcomes when economic agents interact. In the third chapter, titled ``Robust contracting under double moral hazard'' (with Gabriel Carroll; forthcoming at Theoretical Economics), I seek to understand the prevalence of profit-sharing rules in agency relationships between private agents. In franchising partnerships, for instance, the franchisee typically pays an upfront fee and a fixed share of the revenue as royalties to the franchisor. We study a general contracting problem between a principal and an agent where both parties need to exert effort for production to take place. We identify a specific virtue of linear contracts: They are robust to uncertainty about the details of the environment and provide the highest payoff guarantees. We thus offer a tractable general-purpose model of double moral hazard and specifically express the robustness intuition underlying linear contracts. In the fourth chapter, titled ``Interactions across multiple games: cooperation, corruption, and organizational design, '' (with Jonathan B. Bendor, Nicole Immorlica, and Matthew O. Jackson), I built a model to understand how desired cooperation and undesired cooperation (e.g., corruption) are interlinked and how organizations can encourage the former while discouraging the latter. We show that because cooperation in one situation may depend on expectations of cooperation in others, it may be impossible to get desirable types of cooperation without also getting undesirable ones. More generally, we characterize this interdependency and study how the level of cooperation depends on the assignment of workers to teams and teams to tasks. Lastly, we study performance bonuses, occupational safety, and whistle-blowing rewards as possibly effective tools to promote desired and limit undesired cooperation.
Download or read book Essays in Economic Dynamics written by Akio Matsumoto and published by Springer. This book was released on 2016-09-22 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reflects the state of the art in nonlinear economic dynamics, providing a broad overview of dynamic economic models at different levels. The wide variety of approaches ranges from theoretical and simulation analysis to methodological study. In particular, it examines the local and global asymptotical behavior of both macro- and micro- level mathematical models, theoretically as well as using simulation. It also focuses on systems with one or more time delays for which new methodology has to be developed to investigate their asymptotic properties. The book offers a comprehensive summary of the existing methodology with extensions to the more complex model variants, since considerations on bounded rationality of complex economic behavior provide the foundation underlying choice-theoretic and policy-oriented studies of macro behavior, which impact the real macro economy. It includes 13 chapters addressing traditional models such as monopoly, duopoly and oligopoly in microeconomics and Keynesian, Goodwinian, and Kaldor–Kaleckian models in macroeconomics. Each chapter presents new aspects of these traditional models that have never been seen before. This work renews the past wisdom and reveals tomorrow's knowledge.
Download or read book Essays in Microeconomic Theory and Behavioral Economics written by Dimitry Mezhvinsky and published by . This book was released on 2015 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Chapter 2, I demonstrate that buyers engage in boycotting and "buycotting'" in order to respectively punish and reward a seller's policies of which they are neither the victim nor the beneficiary. Notably, the experimental results show that third-party punishment and reward occurs even when the mechanism for executing such punishment and reward is not straightforward and when no punishment (reward) may be viewed as the neutral or default choice. This paper also finds that the average buyer does not condition her boycotting and buycotting decisions on the actions of other buyers in this setting. In Chapter 3, I explore a setting featuring two simultaneous, private value eBay-style auctions for heterogeneous goods, in order to explain the prevalence of multiple, unique bidding strategies in eBay auctions. I find that multiple broad strategies of bidding may be supported as equilibrium strategies when goods are horizontally differentiated. I also demonstrate that eBay-style auctions may yield greater social efficiency than second-price sealed-bid auctions, under certain assumptions. Furthermore, I demonstrate that, when bidding costs are sufficiently high, the eBay auction mechanism may not yield efficient outcomes for either horizontally or vertically differentiated goods.
Download or read book Microeconomics for Business and Marketing written by Peter E. Earl and published by Edward Elgar Publishing. This book was released on 1995 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text, which is designed for intermediate-level students of microeconomics, offers a series of alternative approaches to economic analysis. It emphasizes practical problem-solving, making it relevant to students of business and commerce. As well as neoclassical microeconomics, it seeks to promote an awareness of different approaches, including the application of behavioural-institutionalist economics to real world problems. Rather than emphasizing technical set pieces, this book offers students a range of approaches such as behavioural theories of consumer choice and institutionalist analysis of the economics.
Download or read book Essays in Economic Theory Routledge Revivals written by Vincent Crawford and published by Routledge. This book was released on 2015-08-11 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essays in Economic Theory, first published in 1983, combines two essays on game theory and its applications in economics. The first, "Learning Behavior and the Noncooperative Equilibrium", considers whether an adaptive justification, like those commonly available for the optimization models frequently employed elsewhere in economics, can be found for the Nash noncooperative equilibrium. The second essay, "A Game of Fair Division", was motivated by the desire to find attractive methods for solving allocation problems and bargaining disputes that are simple enough to provide useful alternatives to existing methods. It studies in detail one such simple method: the classical "divide-and-choose" procedure. This book will be of interest to students of economics.
Download or read book Essays on Microeconomics and Industrial Organisation written by Pablo Coto-Millán and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essays on Microeconomics and Industrial Organisation aims to serve as a source and work of reference and consultation for the field of Microeconomics in general and of Industrial Organisation in particular. The book consists of four parts: Demand, Production and Costs (Supply), Market and Industrial Structure, and Failures of Market and Industrial Regulation. It combines theoretical concepts and a variety of empirical cases.
Download or read book The Economics of Choice Change and Organization written by Mie Augier and published by Edward Elgar Publishing. This book was released on 2002 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of essays was commissioned for this volume in honour of the ideas and work of the late Richard M. Cyert who made a seminal contribution to the fields of industrial organization and change. In keeping with the range and significance of his work, the essays in this volume examine the economics of decision making, uncertainty, information processing, learning, evolution and organizational structure. Topics covered include: behavioural and evolutionary theories of the firm; cognitive factors in organization and economic action; the place of rules in organizations; learning from experience and from the knowledge of others; selection in economic change; and the impact of information technology and the evolution of organizational forms. The collection emphasizes the adaptive nature of economic action and the links between econmies and studies of human information processing and action. It should be interesting reading for scholars with an interest in behavioural and adaptive economics, along with industrial organization.
Download or read book Super Inequality Theoretical Essays in Economics and Social Policy written by Christian Aspalter and published by Springer. This book was released on 2023-09-27 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book bridges the disciplines of micro-economics and social policy in general, and, in particular, behavioral/explanatory social policy and public choice theory, plus Leibenstein’s X-efficiency theory. Being trained as an economist and social policy scientist, the author leaps out of the comfort zone of most social policy scientists and experts, right into the exciting world of micro-economic theory, and then extending and connecting those theories to explain major social, political and economic conundrums of our time. In doing so, the book offers a new set of theoretical—and practical—explanations derived from the general proposition of micro-economic theory, of how government officers, policymakers, administrators and the people themselves alike are, by and large, motivated in their daily as well as strategic (long-term) decision-making. Using a meta-analytical approach (based on a number of grand theories), this book also explains systemic factors behind human behavior and the thereof resulting shortcomings in lifetime outcomes (health, wealth and happiness of a person) and at the same time societal, policy-making, and economic outcomes on societal level, and in global comparison. The outcomes thereof can be measured exactly (and hence validated), especially through the method of empirical comparative social science/economic research. Here, the author also (but not only) introduces the new method of using Aspalter's Standardized Relative Performance (SRP) Index in measuring exactly complex, aggregate performances of multiple governments, and that at the same time also across the entire world.
Download or read book Microeconomic Analysis Routledge Revivals written by David Currie and published by Routledge. This book was released on 2016-05-20 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1981, this book brings together a collection of essays on microeconomics and development presented at the conference of the Association of University Teachers of Economics. Topics covered include the intergenerational transfer of economic inequality, a review of the recent development in the theory of equity in the economy’s distribution and production process, labour and unemployment, market structure and international trade, taxation and the public sector, Third World industrialisation and Indian agriculture. This book will be of interest to students of Economics and Development Studies.
Download or read book Incentives in Financial and Behavioral Economics written by Florian Hett and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis deals with the empirical identification of incentive effects in various settings.The central chapter looks at the financial crisis of 2007-2009 and the incentive effects caused by policy interventions in financial markets. A hypothesis controversially discussed by academics as well as policy makers is that public bailouts for banks destroy market discipline, that is the incentives for decentralized monitoring by market participants. In turn, this might induce stronger risk-taking by banks and finally make future crises more likely and severe. The thesis describes a new methodology to identify this effect and shows that market discipline strongly deteriorated during the crisis period. In additional chapters, this thesis empirically identifies incentive effects in dynamic contest situations.
Download or read book Studies in Economic Rationality written by Klaus Weiermair and published by University of Michigan Press. This book was released on 1990 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explores the X-efficiency paradigm in relation to the theory of the firm
Download or read book Applied Microeconomic Theory written by Buford Curtis Eaton and published by Edward Elgar Publishing. This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author's most important papers in a number of areas of applied microeconomic theory, many previously presented as articles in various journals during the 1970s-1990s, are collected here under categories of strategic behavior, efficiency wages, and applied price theory. Specific subjects include the durability of capital as a barrier to entry, agent compensation and the limits of bonding, and supporting collusion by choice of inferior technologies. Other topics covered are the economy of high wages, technology-trading coalitions in supergames, and the geometry of supply, demand, and competitive market structure with economies of scope. Eaton teaches economics at the University of Calgary, Canada. This work lacks a subject index. Annotation copyrighted by Book News, Inc., Portland, OR
Download or read book Microeconomics written by Samuel Bowles and published by Princeton University Press. This book was released on 2006-02-05 with total page 598 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing upon recent advances in evolutionary game theory, contract theory, behavioural experiments and modeling of dynamic processes, Bowles develops a theory about the interraction between economic institutions and individual behaviour.
Download or read book Renaissance in Behavioral Economics written by Roger Frantz and published by Routledge. This book was released on 2007-06-14 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists working on behavioral economics have been awarded the Nobel Prize four times in recent years. This book explores this innovative area and in particular focuses on the work of Harvey Leibenstein, one of the pioneers of the discipline. The topics covered in the book include agency theory; dynamic efficiency; evolutionary economics; X-efficiency; the effect of emotions, specifically affect on decision-making; market pricing; experimental economics; human resource management; the Carnegie School, and intra-industry efficiency in less developed countries.
Download or read book Microeconomics written by Franklin M. Fisher and published by Cambridge University Press. This book was released on 1999-03-28 with total page 581 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, the fourth volume of Franklin M. Fisher's collected articles, contains work in microeconomics stretching over four decades. Principal sections include essays on stability and disequilibrium, welfare economics and consumer theory, and applications of microeconomics. Topics include the decision whether or not to use statistical methods to adjust the census, and the economics of water in the Middle East, as well as the effect of computer reservations systems on airlines and the theory of united fund drives by charities. An autobiographical essay serves as an epilogue.
