Over the past five years or so, applied economists have been relying increasingly on subjective perceptions to explain behavior. In Bellemare (2009a, 2009b) I elicited from landlords subjective perception of tenurial insecurity as a result of the land tenancy contract they signed with their...

Much of neoclassical economics is concerned with prices—more specifically, with relative prices. Similarly, economists have studied behavior in the face of risk and uncertainty for at least a century, and risk and uncertainty are without a doubt a feature of economic life. It is thus puzzling...