Showing 1 - 10 of 17
We focus on four stylized facts of behavior under risk. Decision makers: (1) Overweight low probabilities and underweight high probabilities. (2) Ignore events of extremely low probability and treat extremely high probability events as certain. (3) Buy inadequate insurance for very low...
Persistent link: https://www.econbiz.de/10003954032
The Becker proposition (BP) is one of the founding pillars of the modern literature on Law and Economics. It states that it is optimal to impose the severest possible punishment (to maintain effective deterrence) at the lowest possible probability (to economize on enforcement costs). The BP is...
Persistent link: https://www.econbiz.de/10003957034
Persistent link: https://www.econbiz.de/10009679190
Persistent link: https://www.econbiz.de/10009296309
Persistent link: https://www.econbiz.de/10012880760
How do human beings make decisions when, as the evidence indicates, the assumptions of the Bayesian rationality approach in economics do not hold? Do human beings optimize, or can they? Several decades of research have shown that people possess a toolkit of heuristics to make decisions under...
Persistent link: https://www.econbiz.de/10011926917
Persistent link: https://www.econbiz.de/10012159959
This is the first definitive introduction to behavioral economics aimed at advanced undergraduate and postgraduate students. Authoritative, cutting edge, yet accessible, it guides the reader through theory and evidence, providing engaging and relevant applications throughout
Persistent link: https://www.econbiz.de/10011485040
Persistent link: https://www.econbiz.de/10012255392
Persistent link: https://www.econbiz.de/10012098171