Year: 2004
Type: book-chapter
Abstract: The crucial leap in behavioral economics is taking the details of thinking seriously, rather than settling for the conventional apology that models are only “as if”representations of the output of a neural “black box.”Thinking seriously about cognitive detail, and formalizing those ideas, has become more fashionable in economics recently. Models of intertemporal choice seek to understand precisely how people think about the future (see Frederick, Loewenstein, and O”Donoghue 2002). Theories of social preference formalize how people feel about allocations of payoffs to themselves and others (Fehr and Gachter 2000; Camerer 2003: ch. 2). Another major innovation in economics is the observation that people think differently about gains and losses, which implies that the way outcomes are described or “framed”can affect which choices are made (Tversk:y and Kahneman 1991; Rabin 2000).
Source: Oxford University Press eBooks
Author: Colin F Camerer ,Eric J Johnson
Language: English
Subfield: General Decision Sciences
Field: Decision Sciences
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W4388063039