Behavioral Economics Commons^™

The Evolution Of Irrationality, Owen D. Jones

Owen Jones

The place of the rational actor model in the analysis of individual and social behavior relevant to law remains unresolved. In recent years, scholars have sought frameworks to explain: a) disjunctions between seemingly rational behavior and seemingly irrational behavior; b) the origins of and influences on law-relevant preferences, and c) the nonrandom development of norms. This Article explains two components of an evolutionary framework that, building from accessible insights of behavioral biology, can encompass all three. The components are: "time-shifted rationality" and "the law of law's leverage."

Endowment Effects In Chimpanzees, Owen D. Jones, Sarah F. Brosnan, Susan P. Lambeth, Mary Catherine Mareno, Amanda S. Richardson, Steven Schapiro

Owen Jones

Human behavior is not always consistent with standard rational choice predictions. The much-investigated variety of apparent deviations from rational choice predictions provides a promising arena for the merger of economics and biology. Although little is known about the extent to which other species also exhibit these seemingly irrational patterns of human decision-making and choice behavior, similarities across species would suggest a common evolutionary root to the phenomena.

The present study investigated whether chimpanzees exhibit an endowment effect, a seemingly paradoxical behavior in which humans tend to value a good they have just come to possess more than they would have …

Law And Behavioral Biology, Owen D. Jones, Timothy H. Goldsmith

Owen Jones

Society uses law to encourage people to behave differently than they would behave in the absence of law. This fundamental purpose makes law highly dependent on sound understandings of the multiple causes of human behavior. The better those understandings, the better law can achieve social goals with legal tools. In this Article, Professors Jones and Goldsmith argue that many long held understandings about where behavior comes from are rapidly obsolescing as a consequence of developments in the various fields constituting behavioral biology. By helping to refine law's understandings of behavior's causes, they argue, behavioral biology can help to improve law's …

Willingness To Pay For Flood And Ecological Risk Reduction In An Urban Watershed, David Clark, Diane Novotny, Robert Griffin, Douglas Booth, Alena Bartosova, M Hutchinson

Robert Griffin

Urban watershed managers frequently must address alternative policy goals; flood control and ecological risk reduction. This study combines hydrologic models of flood control and biotic models of ecologic risk with economic models of willingness-to-pay and psychological models of risk processing and planned behavior to evaluate these two alternative policy objectives. The findings reveal that flood risk exposure, especially for those individuals who would remain outside the 100 year flood plain if the project were enacted, does influence the financial support that local residents would be willing to make to a flood control project. Other important determinants include demographic factors such …

Urbanization And Pattern Of Urban Food Consumption In Ashanti Region, Ghana: Implications For Food Security, Stephen Frimpong

Stephen Frimpong

The study assesses the influence of rapid urbanization on urban consumption pattern and food security of the urban dweller using primary data collected from urban households in Ashanti region of Ghana. The food security index was estimated based on a minimum daily calorie requirement of 2900Kcal. The consumption pattern indicates that yam, cassava and rice are gaining importance in urban household diet in the region. The expenditure share also shows that food constitutes 74.6% of urban household budget. The estimated food security index of the region is 0.66, implying that on average urban households in the region are food insecure. …

Ethics And The Economist: What Climate Change Demands Of Us, Julie A. Nelson

Julie A. Nelson

Climate change is changing not only our physical world, but also our intellectual, social, and moral worlds. We are realizing that our situation is profoundly unsafe, interdependent, and uncertain. What, then, does climate change demand of economists, as human beings and as professionals? A discipline of economics based on Enlightenment notions of mechanism and disembodied rationality is not suited to present problems. This essay suggests three major requirements: first, that we take action; second, that we work together; and third, that we focus on avoiding the worst, rather than obtaining the optimal. The essay concludes with suggestions of specific steps …

Inadequate Feeding Of Infant And Young Children In India: Lack Of Nutritional Information Or Food Affordability?, Nisha Malhotra

Nisha Malhotra

Why does child malnutrition persist in India? Amongst the fastest growing economies over the last two decades, India has struggled to make progress in the health of its children. In this article the author argues that the reason malnutrition persists is not limited to poverty or inadequate access to food; but that a lack of nutritional knowledge amongst families plays a very important role.

Scientific Abstract Objective: Despite a rapidly growing economy and rising income levels in India, improvements in child malnutrition have lagged. Data from the most recent National Family Health Survey reveal that the infant and young child …

Bearing The Costs Of Human-Wildlife Conflict: The Challenges Of Compensation Schemes, Philip J. Nyhus, Steve A. Osofsky, Paul Ferraro, H Fischer, Francine Madden

Philip J. Nyhus

No abstract provided.