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  • Article

Adam Smith, Behavioral Economist

By: Nava Ashraf, Colin Camerer and George Loewenstein
Adam Smith's psychological perspective in The Theory of Moral Sentiments is remarkably similar to "dual-process" frameworks advanced by psychologists, neuroscientists, and more recently by behavioral economists, based on behavioral data and detailed observations... View Details
Keywords: Behavior; Economics
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  • 2023
  • Working Paper

'De Gustibus' and Disputes about Reference Dependence

By: Thomas Graeber, Pol Campos-Mercade, Lorenz Goette, Alexandre Kellogg and Charles Sprenger
Existing tests of reference-dependent preferences assume universal loss aversion. This paper examines the implications of heterogeneity in gain-loss attitudes for such tests. In experiments on labor supply and exchange behavior we measure gain-loss attitudes and then... View Details
Keywords: Behavioral Economics; Decision Choices and Conditions; Forecasting and Prediction
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  • 16 Jan 2006
  • Research & Ideas

Adam Smith, Behavioral Economist?

Economic Perspectives, the authors find that Smith's insights from 1759 can contribute to modern thinking on everything from our fascination with celebrity to the theory of loss aversion. In fact, says Ashraf, Moral Sentiments presages... View Details
Keywords: by Ann Cullen
  • 2019
  • Article

More Amazon Effects: Online Competition and Pricing Behaviors

By: Alberto Cavallo
I study how online competition, with its shrinking margins, algorithmic pricing technologies, and the transparency of the web, can change the pricing behavior of large retailers in the U.S. and affect aggregate inflation dynamics. In particular, I show that in the past... View Details
Keywords: Amazon; Online Prices; Inflation; Uniform Pricing; Price Stickiness; Monetary Economics; Economics; Macroeconomics; Inflation and Deflation; System Shocks; United States
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    Behavioral Corporate Finance: A Survey

    In this chapter, we survey the theory and evidence of behavioral corporate finance, which generally takes one of two approaches. The market timing and catering approach views managerial financing and investment decisions as rational managerial responses to... View Details

    • Web

    Organizational Behavior - Doctoral

    Organizational Behavior In the field of Organizational Behavior, researchers draw on the methods and concepts of psychology and sociology to examine complex organizations and the ways that people behave within them. Scholars in the... View Details
    • Article

    Market Failure and the Environmental Policies of Firms: Economic Rationales for 'Beyond Compliance' Behavior

    By: F. L. Reinhardt
    Keywords: Failure; Policy; Business Ventures; Behavior; Economics
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    • 2018
    • Book

    A Crisis of Beliefs: Investor Psychology and Financial Fragility

    By: Nicola Gennaioli and Andrei Shleifer
    The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A... View Details
    Keywords: Financial Fragility; Economic Risk; Investor Behavior; Behavioral Economics; Financial Crisis; Risk and Uncertainty; Financial Markets; Investment; Values and Beliefs; United States
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    • 29 Apr 2009
    • News

    Economic Recovery

    • 2013
    • Chapter

    Behavioral Corporate Finance: A Current Survey

    By: Malcolm Baker and Jeffrey Wurgler
    We survey the theory and evidence of behavioral corporate finance, which generally takes one of two approaches. The market timing and catering approach views managerial financing and investment decisions as rational managerial responses to securities mispricing. The... View Details
    Keywords: Managerial Roles; Theory; Corporate Finance; Financial Management; Investment; Market Timing; Behavioral Finance; Prejudice and Bias; Economics; Forecasting and Prediction
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    • Forthcoming
    • Article

    On the Economic Origins of Concerns Over Women’s Chastity

    By: Anke Becker
    This paper studies the origins and function of customs and norms that intend to keep women from being promiscuous. Using large-scale survey data from more than 100 countries, I test the anthropological theory that a particular form of preindustrial... View Details
    Keywords: Infibulation; Female Sexuality; Paternity Uncertainty; Concern About Women's Chastity; Pastoralism; Economic Anthropology; History; Gender; Social Issues; Culture
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    • Article

    Nudging: Progress to Date and Future Directions

    By: John Beshears and Harry Kosowsky
    Nudges influence behavior by changing the environment in which decisions are made, without restricting the menu of options and without altering financial incentives. This paper assesses past empirical research on nudging and provides recommendations for future work in... View Details
    Keywords: Nudge; Choice Architecture; Behavioral Economics; Behavioral Science; Behavior; Change; Situation or Environment; Decision Choices and Conditions; Decision Making
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    • 12 Jul 2007
    • Working Paper Summaries

    Toward a Theory of Behavioral Operations

    Keywords: by Francesca Gino & Gary Pisano
    • January 2012
    • Article

    Paying to Be Nice: Consistency and Costly Prosocial Behavior

    By: Ayelet Gneezy, Alex Imas, Amber Brown, Leif D. Nelson and Michael I. Norton
    Building on previous research in economics and psychology, we propose that the costliness of initial prosocial behavior positively influences whether that behavior leads to consistent future behaviors. We suggest that costly prosocial behaviors serve as a signal of... View Details
    Keywords: Behavior; Perception; Performance Consistency; Identity
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    • Web

    Behavioral Finance & Financial Stability

    Financial Sector More Info The Impact of Pensions and Insurance on Global Yield Curves By: Robin Greenwood & Annette Vissing-Jorgensen JUN 2018 In this NBER working paper, researchers from the Behavioral Finance and Financial Stability... View Details
    • November 5, 2021
    • Article

    Leaders: Stop Confusing Correlation with Causation

    By: Michael Luca
    We’ve all been told that correlation does not imply causation. Yet many business leaders, elected officials, and media outlets still make causal claims based on misleading correlations. These claims are too often unscrutinized, amplified, and mistakenly used to guide... View Details
    Keywords: Behavioral Economics; Data Analysis; Organizations; Decision Making; Analytics and Data Science; Analysis; Learning
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    • 2023
    • Working Paper

    The Complexity of Economic Decisions

    By: Xavier Gabaix and Thomas Graeber
    We propose a theory of the complexity of economic decisions. Leveraging a macroeconomic framework of production functions, we conceptualize the mind as a cognitive economy, where a task’s complexity is determined by its composition of cognitive operations. Complexity... View Details
    Keywords: Decisions; Complexity; Perception; Consumer Behavior; Production
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    • Article

    Consumers' Misunderstanding of Health Insurance

    By: George Loewenstein, Joelle Y. Friedman, Barbara McGill, Sarah Ahmad, Suzanne Linck, Stacey Sinkula, John Beshears, James J. Choi, Jonathan Kolstad, David Laibson, Brigitte C. Madrian, John A. List and Kevin G. Volpp
    We report results from two surveys of representative samples of Americans with private health insurance. The first examines how well Americans understand, and believe they understand, traditional health insurance coverage. The second examines whether those insured... View Details
    Keywords: Behavioral Economics; Simplification; Insurance; Consumer Behavior; Health Care and Treatment; Cognition and Thinking; Insurance Industry; Health Industry; United States
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    • Research Summary

    Overview

    I am interested in modeling learning and information processing in behavioral agents, and its financial and macroeconomic implications. View Details
    Keywords: Finance; Behavioral Economics; Macroeconomics

      Economic Analysis of the Digital Economy

      As the cost of storing, sharing, and analyzing data has decreased, economic activity has become increasingly digital. But while the effects of digital technology and improved digital communication have been explored in a variety of contexts, the impact on... View Details