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Articles 1 - 30 of 578
Full-Text Articles in Behavioral Economics
A New Cost-Benefit And Rate Of Return Analysis For The Perry Preschool Program: A Summary, James Heckman, Seong Moon, Rodrigo Pinto, Peter A. Savelyev
A New Cost-Benefit And Rate Of Return Analysis For The Perry Preschool Program: A Summary, James Heckman, Seong Moon, Rodrigo Pinto, Peter A. Savelyev
Peter Savelyev
Childhood Programs and Practices in the First Decade of Life presents research findings on the effects of early childhood programs and practices in the first decade of life and their implications for policy development and reform. Leading scholars in the multidisciplinary field of human development and in early childhood learning discuss the effects and cost-effectiveness of the most influential model, state, and federally funded programs, policies, and practices. These include Head Start, Early Head Start, the WIC nutrition program, Nurse Family Partnership, and Perry Preschool as well as school reform strategies. This volume provides a unique multidisciplinary approach to understanding …
An Analysis Of The Effects Of Financial Education On Financial Literacy And Financial Behaviors, Jamie Wagner
An Analysis Of The Effects Of Financial Education On Financial Literacy And Financial Behaviors, Jamie Wagner
Jamie Wagner
This study estimates how financial education affects a person’s financial literacy score, short-term financial behaviors, and long-term financial behaviors using data from the 2012 National Financial Capability Study (NFCS). There are seven categories of financial education—high school, college, employer, high school and college, high school and employer, college and employer, and combinations of all three courses—to estimate the effectiveness of financial education. This course detail has not been studied in previous literature about financial education.
Financial education has a positive relationship with a person’s financial literacy score. Splitting the sample into groups based on education and income results show that …
Time-Shifted Rationality And The Law Of Law's Leverage: Behavioral Economics Meets Behavioral Biology, Owen D. Jones
Time-Shifted Rationality And The Law Of Law's Leverage: Behavioral Economics Meets Behavioral Biology, Owen D. Jones
Owen Jones
A flood of recent scholarship explores legal implications of seemingly irrational behaviors by invoking cognitive psychology and notions of bounded rationality. In this article, I argue that advances in behavioral biology have largely overtaken existing notions of bounded rationality, revealing them to be misleadingly imprecise - and rooted in outdated assumptions that are not only demonstrably wrong, but also wrong in ways that have material implications for subsequent legal conclusions. This can be remedied. Specifically, I argue that behavioral biology offers three things of immediate use. First, behavioral biology can lay a foundation for both revising bounded rationality and fashioning …
The Evolution Of Irrationality, Owen D. Jones
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
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
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 …
Decision Incision Collision: Modeling Patient Choice With Social Network Analysis, Justin Clark, Jaret Treber
Decision Incision Collision: Modeling Patient Choice With Social Network Analysis, Justin Clark, Jaret Treber
Jaret Treber
No abstract provided.
Imitation In Heterogeneous Populations, Jonas Hedlund, Carlos Oyarzun
Imitation In Heterogeneous Populations, Jonas Hedlund, Carlos Oyarzun
Carlos Oyarzun
Precarious Paradise: The Financial Well-Being Of Hispanic Immigrant Day Laborers In Malibu, Luisa Blanco, Lila M. Carlsen, Daniel R. Morrison, George Carlsen, Ashley Chaparro, Erick Molina
Precarious Paradise: The Financial Well-Being Of Hispanic Immigrant Day Laborers In Malibu, Luisa Blanco, Lila M. Carlsen, Daniel R. Morrison, George Carlsen, Ashley Chaparro, Erick Molina
Lila McDowell Carlsen
Decision-Making In Simultaneous Games: Reviewing The Past For The Future, Mohsen Ahmadian, Ehsan Elahi, Roger Blake
Decision-Making In Simultaneous Games: Reviewing The Past For The Future, Mohsen Ahmadian, Ehsan Elahi, Roger Blake
Mohsen Ahmadian
An Examination Of Consumer Willingness To Pay For Local Products, Aaron Adalja, James Hanson, Charles Towe, Elina Tselepidakis
An Examination Of Consumer Willingness To Pay For Local Products, Aaron Adalja, James Hanson, Charles Towe, Elina Tselepidakis
Aaron Adalja
We use data from hypothetical and nonhypothetical choice-based conjoint analysis to estimate willingness to pay for local food products. The survey was administered to three groups: consumers from a buying club with experience with local and grass-fed production markets, a random sample of Maryland residents, and shoppers at a nonspecialty Maryland supermarket. We find that random-sample and supermarket shoppers are willing to pay a premium for local products but view local and grass-fed production as substitutes. Conversely, buying-club members are less willing to pay for local production than the other groups but do not confllate local and grass-fed production.
Datos Para Replicar Los Cálculos Del Artículo "La Consar: Balanceando Los Intereses De Los Ahorradores Y Las Afores", Rodrigo Garcia-Verdu
Datos Para Replicar Los Cálculos Del Artículo "La Consar: Balanceando Los Intereses De Los Ahorradores Y Las Afores", Rodrigo Garcia-Verdu
Rodrigo Garcia-Verdu
Response Functions, Carlos Oyarzun, Adam Sanjurjo, Hien Nguyen
Response Functions, Carlos Oyarzun, Adam Sanjurjo, Hien Nguyen
Carlos Oyarzun
Comparing And Validating Measures Of Character Skills: Findings From A Nationally Representative Sample
Gema Zamarro
I Share, Therefore It's Mine, Donald J. Kochan
I Share, Therefore It's Mine, Donald J. Kochan
Donald J. Kochan
Behavioral Public Choice And The Law, Gary M. Lucas Jr., Slaviša Tasić
Behavioral Public Choice And The Law, Gary M. Lucas Jr., Slaviša Tasić
Gary M. Lucas Jr.
Behavioral public choice is the study of irrationality among political actors. In this context, irrationality means systematic bias, a deviation from rational expectations, or other departure from economists’ conception of rationality. Behavioral public choice scholars extend the insights of behavioral economics to the political realm and show that irrational behavior is an important source of government failure. This Article makes an original contribution to the legal literature by systematically reviewing the findings of behavioral public choice and explaining their implications for the law and legal institutions. We discuss the various biases and heuristics that lead political actors to support and …
Inattention To Deferred Increases In Tax Bases: How Michigan Homebuyers Are Paying For Assessment Limits, Sebastien J. Bradley
Inattention To Deferred Increases In Tax Bases: How Michigan Homebuyers Are Paying For Assessment Limits, Sebastien J. Bradley
Sebastien J Bradley
Market Matters: How Market-Driven Is 'The Newsroom'?, Patrick Ferrucci, Chad Painter
Market Matters: How Market-Driven Is 'The Newsroom'?, Patrick Ferrucci, Chad Painter
Chad Painter
This study examines whether the award-winning news show The Newsroom depicted on HBO practices what John McManus defined as market-driven journalism. McManus posited that organizations practicing market-driven journalism compete in the four markets he describes in his market theory for news production. This study found that The Newsroom depicts an organization that does indeed practice market-driven journalism, with results interpreted through the lens of market theory for news production.
Conservatism And Switcher's Curse, Aaron Edlin
Conservatism And Switcher's Curse, Aaron Edlin
Aaron Edlin
Income Distribution, Export Instability, And Savings Behavior, David Lim
Income Distribution, Export Instability, And Savings Behavior, David Lim
Prof. David Lim
This paper examines the effects of income distribution and export instability on the savings ratios of a group of 12 developed and 52 less developed countries (DCs and LDCs) for 1968-73. The effect of income distribution on savings has been studied before but not on as comprehensive a group of countries as presented here. The effect of export instability on savings has not been examined before in the literature on the determinants of savings behavior. It has, however, been discussed in the literature on the relationship between export instability and economic growth and part of the purpose of this paper …
The Bidder's Curse: Comment, Henry S. Schneider
The Bidder's Curse: Comment, Henry S. Schneider
Henry S Schneider
The prices of auctions on eBay often exceed eBay’s fixed-price “Buy-It-Now” prices. I investigate the causes of this overbidding, focusing on the interpretation in Malmendier and Lee (2011) that the observed overbidding cannot be explained “without allowing for nonstandard preferences or beliefs” and that the “strongest direct evidence points to limited attention.” Using data from their study and new data from eBay, I provide evidence that a key condition for identifying nonstandard behavior may not have been met, and that the observed overbidding is not inconsistent with standard behavior once we allow for the likely presence of search costs.
A Unified Model Of Adaptive Learning In Normal Form Games, Naoki Funai
A Unified Model Of Adaptive Learning In Normal Form Games, Naoki Funai
Naoki Funai
We investigate an adaptive learning model which nests several existing learning models such as payoff assessment learning, valuation learning, stochastic fictitious play learning, experience-weighted attraction learning and delta learning with indirect payoff information in normal form games. In this paper, we consider adaptive players each of whom (i) assigns payoff assessments to his own actions, (ii) chooses an action which has the highest assessment with some perturbations, and (iii) updates the assessments using observed payoffs, which may include payoffs from unchosen actions, in each period. Utilising the asynchronous stochastic approximation method introduced by Tsitsiklis (1994), we provide conditions under which …
Limited Rationality And Convergence To Equilibrium Play, Kristen Cooper, Henry S. Schneider, Michael Waldman
Limited Rationality And Convergence To Equilibrium Play, Kristen Cooper, Henry S. Schneider, Michael Waldman
Henry S Schneider
The psychology and behavioral economics literatures show that real world decision making at the individual level is frequently inconsistent with the rational actor model. An important question is therefore the extent to which a proportion of agents who make mistakes affects market level outcomes. Previous theoretical and experimental research showed that market level outcomes are less likely to match the rational actor model in settings characterized by strategic complementarity and more likely in settings characterized by strategic substitutability. We extend this research both theoretically and experimentally by introducing important real world complications – specifically, periodic shocks to the payoff structure …
Nonstandard Bidder Behavior In Real-World Auctions, Joseph U. Podwol, Henry S. Schneider
Nonstandard Bidder Behavior In Real-World Auctions, Joseph U. Podwol, Henry S. Schneider
Henry S Schneider
Empirical work on auctions has found that bidders deviate from standard behavior in important ways. We investigate a range of these behaviors, including nonrational herding, auction fever, quasi-endowment effect, and escalation of commitment. Our innovations are to more completely control for unobservables by using new data from a field experiment on eBay, and by accounting for censoring of bids below the starting price. Consistent with standard auction theory and in contrast to the predictions of the nonstandard behaviors, we find that auction starting price has no effect on bidder willingness to pay in a private-values setting. We conclude that there …
Opec, The Seven Sisters, And Oil Market Dominance: An Evolutionary Game Theory And Agent-Based Modeling Approach, Aaron Wood, Charles F. Mason, David C. Finnoff
Opec, The Seven Sisters, And Oil Market Dominance: An Evolutionary Game Theory And Agent-Based Modeling Approach, Aaron Wood, Charles F. Mason, David C. Finnoff
Charles F Mason
No abstract provided.
Are They Worth Reading? An In-Depth Analysis Of Online Trackers’ Privacy Policies, Candice Hoke, Lorrie Faith Cranor, Pedro Giovanni Leon, Alyssa Au
Are They Worth Reading? An In-Depth Analysis Of Online Trackers’ Privacy Policies, Candice Hoke, Lorrie Faith Cranor, Pedro Giovanni Leon, Alyssa Au
Lorrie F Cranor
We analyzed the privacy policies of 75 online tracking companies with the goal of assessing whether they contain information relevant for users to make privacy decisions. We compared privacy policies from large companies, companies that are members of self-regulatory organizations, and nonmember companies and found that many of them are silent with regard to important consumer-relevant practices including the collection and use of sensitive information and linkage of tracking data with personally-identifiable information. We evaluated these policies against self-regulatory guidelines and found that many policies are not fully compliant. Furthermore, the overly general requirements established in those guidelines allow companies …
Ancillary Revenue And Price Fairness: An Exploratory Study Pre & Post Flight, Blaise P. Waguespack, Tamilla Curtis
Ancillary Revenue And Price Fairness: An Exploratory Study Pre & Post Flight, Blaise P. Waguespack, Tamilla Curtis
Dr. Tamilla Curtis
The growing impact of Ancillary Revenue on consumer choice and shopping behavior continues to be a highly debated issue. In the US, the Department of Transportation (DOT) has stepped into the debate and is investigating the possibility of new rules on how airlines must report and display such ancillary offerings. While the DOT collects data, reports on the amount of ancillary revenue earned by the airlines continue to rise. Examining past research on price fairness from the marketing literature and the impact of revenue management on price fairness from the aviation literature, this article joins new research appearing on the …
Behavioral Economics And Poverty [En Español] Behavioral Economics Y Pobreza, Daniel A. Monroy
Behavioral Economics And Poverty [En Español] Behavioral Economics Y Pobreza, Daniel A. Monroy
Daniel A Monroy C
No abstract provided.
Retirement Planning Among Middle-Aged And Older Hispanics, Luisa Blanco, Emma Aguila, Arturo Gongora, Beverly Weidmer, O. Kenrik Duru
Retirement Planning Among Middle-Aged And Older Hispanics, Luisa Blanco, Emma Aguila, Arturo Gongora, Beverly Weidmer, O. Kenrik Duru
Luisa Blanco
The goal of this study is to deepen the understanding of how middle age and older Hispanics plan for retirement, where we conducted four focus groups in the Los Angeles area with a total of 38 participants. Our study provides interesting findings, specifically for women since 84 percent of the participants were female. We find that that most participants, whether they were already retired or not, are not well prepared for retirement since they have been unable to save for retirement and have not made specific retirement plans, such as determining desired retirement age, estimating retirement budget, and collecting information …
Cynicism In Negotiation: When Communication Increases Buyers’ Skepticism, Eyal Ert, Stephanie J. Creary, Max H. Bazerman
Cynicism In Negotiation: When Communication Increases Buyers’ Skepticism, Eyal Ert, Stephanie J. Creary, Max H. Bazerman
Stephanie J. Creary
The economic literature on negotiation shows that strategic concerns can be a barrier to agreement, even when the buyer values the good more than the seller. Yet behavioral research demonstrates that human interaction can overcome these strategic concerns through communication. We show that there is also a downside of this human interaction: cynicism. Across two studies we focus on a seller-buyer interaction in which the buyer has uncertain knowledge about the goods for sale, but has a positive expected payoff from saying “yes” to the available transaction. Study 1 shows that most buyers accept offers made by computers, but that …