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When Does Behavioural Economics Really Matter?
When does behavioural economics really matter? Ian McAuley, University of Canberra and Centre for Policy Development (www.cpd.org.au) Paper to accompany presentation to Behavioural Economics stream at Australian Economic Forum, August 2010. Summary Behavioural economics integrates the formal study of psychology, including social psychology, into economics. Its empirical base helps policy makers in understanding how economic actors behave in response to incentives in market transactions and in response to policy interventions. This paper commences with a short description of how behavioural economics fits into the general discipline of economics. The next section outlines the development of behavioural economics, including its development from considerations of individual psychology into the fields of neurology, social psychology and anthropology. It covers developments in general terms; there are excellent and by now well-known detailed descriptions of the specific findings of behavioural economics. The final section examines seven contemporary public policy issues with suggestions on how behavioural economics may help develop sound policy. In some cases Australian policy advisers are already using the findings of behavioural economics to advantage. It matters most of the time In public policy there is nothing novel about behavioural economics, but for a long time it has tended to be ignored in formal texts. Like Molière’s Monsieur Jourdain who was surprised to find he had been speaking prose all his life, economists have long been guided by implicit knowledge of behavioural economics, particularly in macroeconomics. Keynes, for example, understood perfectly the “money illusion” – people’s tendency to think of money in nominal rather than real terms – in his solution to unemployment. -
Samuelson's Dictum and the Stock Market
SAMUELSON’S DICTUM AND THE STOCK MARKET BY JEEMAN JUNG and ROBERT J. SHILLER COWLES FOUNDATION PAPER NO. 1183 COWLES FOUNDATION FOR RESEARCH IN ECONOMICS YALE UNIVERSITY Box 208281 New Haven, Connecticut 06520-8281 2006 http://cowles.econ.yale.edu/ SAMUELSON’S DICTUM AND THE STOCK MARKET JEEMAN JUNG and ROBERT J. SHILLER* Samuelson has offered the dictum that the stock market is ‘‘micro efficient’’ but ‘‘macro inefficient.’’ That is, the efficient markets hypothesis works much better for individual stocks than it does for the aggregate stock market. In this article, we review a strand of evidence in recent literature that supports Samuelson’s dictum and present one simple test, based on a regression and a simple scatter diagram, that vividly illus- trates the truth in Samuelson’s dictum for the U.S. stock market data since 1926. (JEL G14) I. INTRODUCTION dividends or earnings or cash flows) of indi- vidual firms than there is about future changes Paul A. Samuelson has argued that one would expect that the efficient markets hy- in the fundamentals of the aggregate stock market. Individual firms’ activities are highly pothesis should work better for individual diverse: Some have breakthrough discoveries stocks than for the stock market as a whole: or important new patents; others are in declin- Modern markets show considerable micro ing industries or have fundamental structural efficiency (for the reason that the minority who spot aberrations from micro efficiency can make problems. Hence some firms at some times money from those occurrences and, in doing so, may be well known to the market to have they tend to wipe out any persistent inefficiencies). -
Restoring Rational Choice: the Challenge of Consumer Financial Regulation
NBER WORKING PAPER SERIES RESTORING RATIONAL CHOICE: THE CHALLENGE OF CONSUMER FINANCIAL REGULATION John Y. Campbell Working Paper 22025 http://www.nber.org/papers/w22025 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 February 2016 This paper is the Ely Lecture delivered at the annual meeting of the American Economic Association on January 3, 2016. I thank the Sloan Foundation for financial support, and my coauthors Steffen Andersen, Cristian Badarinza, Laurent Calvet, Howell Jackson, Brigitte Madrian, Kasper Meisner Nielsen, Tarun Ramadorai, Benjamin Ranish, Paolo Sodini, and Peter Tufano for joint work that I draw upon here. I also thank Cristian Badarinza for his work with international survey data on household balance sheets, Laurent Bach, Laurent Calvet, and Paolo Sodini for sharing their results on Swedish wealth inequality, Ben Ranish for his analysis of Indian equity data, Annamaria Lusardi for her assistance with financial literacy survey data, Steven Bass, Sean Collins, Emily Gallagher, and Sarah Holden of ICI and Jack VanDerhei of EBRI for their assistance with data on US retirement savings, Eduardo Davila and Paul Rothstein for correspondence and discussions about behavioral welfare economics, and Daniel Fang for able research assistance. I have learned a great deal from my service on the Academic Research Council of the Consumer Financial Protection Bureau, and from conversations with CFPB staff. Finally I gratefully acknowledge insightful comments from participants in the Sixth Miami Behavioral -
Collective Action and the Evolution of Social Norm Internalization Sergey Gavriletsa,B,C,1 and Peter J
Collective action and the evolution of social norm internalization Sergey Gavriletsa,b,c,1 and Peter J. Richersond aDepartment of Ecology and Evolutionary Biology, University of Tennessee, Knoxville, TN 37996; bDepartment of Mathematics, University of Tennessee, Knoxville, TN 37996; cNational Institute for Mathematical and Biological Synthesis, University of Tennessee, Knoxville, TN 37996; and dDepartment of Environmental Science and Policy, University of California, Davis, CA 95616 Edited by Simon A. Levin, Princeton University, Princeton, NJ, and approved May 4, 2017 (received for review March 7, 2017) Human behavior is strongly affected by culturally transmitted processing, and decision making (11) and the costs of monitor- norms and values. Certain norms are internalized (i.e., acting ing, punishments, or conditional rewards that would otherwise be according to a norm becomes an end in itself rather than merely necessary to ensure cooperation (9, 14). Internalization of norms a tool in achieving certain goals or avoiding social sanctions). allows individuals and groups to adjust their utility functions Humans’ capacity to internalize norms likely evolved in our ances- in situations with a rapidly changing environment when genetic tors to simplify solving certain challenges—including social ones. mechanisms would be too slow to react (9). A society’s values are Here we study theoretically the evolutionary origins of the capac- transmitted through the internalization of norms (15), with some ity to internalize norms. In our models, individuals can choose societies being more successful than others due to their norms to participate in collective actions as well as punish free rid- and institutions (16). The presence of both costs and benefits of ers. -
Trends in Factor Shares: Facts and Implications
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Karabarbounis, Loukas; Neiman, Brent Article Trends in factor shares: Facts and implications NBER Reporter Provided in Cooperation with: National Bureau of Economic Research (NBER), Cambridge, Mass. Suggested Citation: Karabarbounis, Loukas; Neiman, Brent (2017) : Trends in factor shares: Facts and implications, NBER Reporter, National Bureau of Economic Research (NBER), Cambridge, MA, Iss. 4, pp. 19-22 This Version is available at: http://hdl.handle.net/10419/178760 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu systematically benefit firstborns and help 2 S. Black, P. Devereux, and K. Adolescent Behavior,” Economic Inquiry, Trends in Factor Shares: Facts and Implications explain their generally better outcomes. -
Transient Solidarities: Commitment and Collective Action in Post-Industrial Societies Charles Heckscher and John Mccarthy
bs_bs_banner British Journal of Industrial Relations doi: 10.1111/bjir.12084 52:4 December 2014 0007–1080 pp. 627–657 Transient Solidarities: Commitment and Collective Action in Post-Industrial Societies Charles Heckscher and John McCarthy Abstract Solidarity has long been considered essential to labour, but many fear that it has declined. There has been relatively little scholarly investigation of it because of both theoretical and empirical difficulties. This article argues that solidarity has not declined but has changed in form, which has an impact on what kinds of mobilization are effective. We first develop a theory of solidarity general enough to compare different forms. We then trace the evolution of solidarity through craft and industrial versions, to the emergence of collaborative solidarity from the increasingly fluid ‘friending’ relations of recent decades. Finally, we examine the question of whether these new solidarities can be mobilized into effective collective action, and suggest mechanisms, rather different from tra- ditional union mobilizations, that have shown some power in drawing on friending relations: the development of member platforms, the use of purposive campaigns and the co-ordination of ‘swarming’ actions. In the best cases, these can create collective actions that make a virtue of diversity, openness and participative engagement, by co-ordinating groups with different foci and skills. 1. Introduction In the last 30 years, there is every evidence that labour solidarity has weak- ened across the industrialized world. Strikes have widely declined, while the most effective recent movements have been fundamentalist and restrictive — turning back to traditional values and texts, narrowing the range of inclusion. -
David Laibson RAND Summer 2006
David Laibson RAND Summer 2006 All readings are recommended. Starred readings will be particularly useful complements for the lecture. George Akerlof "Procastination and Obedience," The Richard T. Ely Lecture, American Economic Review, Papers and Proceedings, May 1991. *George-Marios Angeletos, David Laibson, Andrea Repetto, Jeremy Tobacman and Stephen Weinberg,“The Hyperbolic Consumption Model: Calibration, Simulation, and Empirical Evaluation ” Journal of Economic Perspectives, August 2001, pp. 47-68. Shlomo Benartzi and Richard H. Thaler "How Much Is Investor Autonomy Worth?" Journal of Finance, 2002, 57(4), pp. 1593-616. Camerer, Colin F., George Loewenstein and Drazen Prelec. Mar. 2005. "Neuroeconomics: How neuroscience can inform economics." Journal of Economic Literature. Vol. 34, No. 1. Colin Camerer, Samuel Issacharoff, George Loewenstein, Ted O'Donoghue, and Matthew Rabin. Jan 2003. "Regulation for Conservatives: Behavioral Economics and the Case for 'Assymetric Paternalism.'" University of Pennsylvania Law Review. 151, 1211- 1254. *James Choi, David Laibson, and Brigitte Madrian. $100 Bills on the Sidewalk: Suboptimal Saving in 401(k) Plans July 16, 2005. *James Choi, Brigitte Madrian, David Laibson, and Andrew Metrick. Optimal Defaults and Active Decisions December 3, 2004. James Choi, David Laibson, and Brigitte C. Madrian “Are Education and Empowerment Enough? Under-Diversification in 401(k) Plans” forthcoming, Brookings Papers on Economic Activity. *James Choi, David Laibson, Brigitte Madrian, and Andrew Metrick “Optimal Defaults” American Economic Review Papers and Proceedings, May 2003, pp. 180-185. Dominique J.-F. de Quervain, Urs Fischbacher, Valerie Treyer, Melanie Schellhammer, Ulrich Schnyder, Alfred Buck, Ernst Fehr. The Neural Basis of Altruistic Punishment Science 305, 27 August 2004, 1254-1258 Shane Frederick, George Loewenstein, and O'Donoghue, T. -
AN INVESTIGATION INTO the FORMATION of CONSENSUS AROUND NEOCLASSICAL ECONOMICS in the 1950S
THE ECLIPSE OF INSTITUTIONALISM? AN INVESTIGATION INTO THE FORMATION OF CONSENSUS AROUND NEOCLASSICAL ECONOMICS IN THE 1950s A Dissertation Submitted to the Temple University Graduate Board In Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy By Julie Ragatz May, 2019 Committee Members: Dr. Miriam Solomon, Department of Philosophy Dr. David Wolfsdorf, Department of Philosophy Dr. Dimitrios Diamantaras, Department of Economics Dr. Matthew Lund, Department of Philosophy, Rowan University, External Reader © Copyright 2019 by Julie Ragatz Norton All Rights Reserved ii ABSTRACT The Eclipse of Institutionalism? An Investigation into the Formation of Consensus Around Neoclassical Economics in the 1950s Julie Ragatz Norton Temple University, 2019 Doctoral Advisory Committee Chair: Dr. Miriam Solomon As the discipline of economics professionalized during the interwar period, two schools of thought emerged: institutionalism and neoclassical economics. By 1954, after the publication of Arrow and Debreu’s landmark article on general equilibrium theory, consensus formed around neoclassical economics. This outcome was significantly influenced by trends in the philosophy of science, notably the transformation from the logical empiricism of the Vienna Circle to an ‘Americanized’ version of logical empiricism that was dominant through the 1950s. This version of logical empiricism provided a powerful ally to neoclassical economics by affirming its philosophical and methodological commitments as examples of “good science”. This dissertation explores this process of consensus formation by considering whether consensus would be judged normatively appropriate from the perspective of three distinct approaches to the philosophy of science; Carl Hempel’s logical empiricism, Thomas Kuhn’s account of theory change and Helen Longino’s critical contextual empiricism. -
CURRICULUM VITAE August, 2015
CURRICULUM VITAE August, 2015 Robert James Shiller Current Position Sterling Professor of Economics Yale University Cowles Foundation for Research in Economics P.O. Box 208281 New Haven, Connecticut 06520-8281 Delivery Address Cowles Foundation for Research in Economics 30 Hillhouse Avenue, Room 11a New Haven, CT 06520 Home Address 201 Everit Street New Haven, CT 06511 Telephone 203-432-3708 Office 203-432-6167 Fax 203-787-2182 Home [email protected] E-mail http://www.econ.yale.edu/~shiller Home Page Date of Birth March 29, 1946, Detroit, Michigan Marital Status Married, two grown children Education 1967 B.A. University of Michigan 1968 S.M. Massachusetts Institute of Technology 1972 Ph.D. Massachusetts Institute of Technology Employment Sterling Professor of Economics, Yale University, 2013- Arthur M. Okun Professor of Economics, Yale University 2008-13 Stanley B. Resor Professor of Economics Yale University 1989-2008 Professor of Economics, Yale University, 1982-, with joint appointment with Yale School of Management 2006-, Professor Adjunct of Law in semesters starting 2006 Visiting Professor, Department of Economics, Massachusetts Institute of Technology, 1981-82. Professor of Economics, University of Pennsylvania, and Professor of Finance, The Wharton School, 1981-82. Visitor, National Bureau of Economic Research, Cambridge, Massachusetts, and Visiting Scholar, Department of Economics, Harvard University, 1980-81. Associate Professor, Department of Economics, University of Pennsylvania, 1974-81. 1 Research Fellow, National Bureau of Economic Research, Research Center for Economics and Management Science, Cambridge; and Visiting Scholar, Department of Economics, Massachusetts Institute of Technology, 1974-75. Assistant Professor, Department of Economics, University of Minnesota, 1972-74. -
The Neighborhood As a Social Structure for Collective Action
THE NEIGHBORHOOD AS A SOCIAL STRUCTURE FOR COLLECTIVE ACTION: THE ROLE OF BONDING SOCIAL CAPITAL, CIVIC ENGAGEMENT, AND NEIGHBORHOOD RACIAL HOMOGENEITY By Charles Collins A DISSERTATION Submitted to Michigan State University in partial fulfillment of the requirements for the degree of Psychology – Doctor of Philosophy 2013 ABSTRACT THE NEIGHBORHOOD AS A SOCIAL STRUCTURE FOR COLLECTIVE ACTION: THE ROLE OF BONDING SOCIAL CAPITAL, CIVIC ENGAGEMENT, AND NEIGHBORHOOD RACIAL HOMOGENEITY By Charles Collins Collective action is a process by which individuals linked by a common goal engage in cooperative activities in order to affect socio-political change. Collective action takes a variety of forms including protests, sit-ins, and marches, and can address a wide swath of social justice issues. However, research on the mechanisms by which collective action takes place is still developing. Utilizing a national sample of urban neighborhood residents within seven cities, this dissertation is comprised of two related studies investigating the role that civic engagement, bonding social capital, and neighborhood homogeneity play in influencing collective action. Using path analysis, Study 1 investigates the mediating role of bonding social capital in the relationship between civic engagement and collective action. Study 2 utilized multilevel modeling (MLM) and includes a neighborhood level indicator – neighborhood racial homogeneity – to understand the relationship between individual level bonding social capital and collective action. Overall, the results reveal a complex relationship between civic engagement, bonding social capital, and neighborhood homogeneity on the outcome variable of collective action. Study 1 found that collective action was directly related to both bonding social capital and civic engagement, but that bonding social capital partially mediated the relationship between civic engagement and collective action. -
Nine Lives of Neoliberalism
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Plehwe, Dieter (Ed.); Slobodian, Quinn (Ed.); Mirowski, Philip (Ed.) Book — Published Version Nine Lives of Neoliberalism Provided in Cooperation with: WZB Berlin Social Science Center Suggested Citation: Plehwe, Dieter (Ed.); Slobodian, Quinn (Ed.); Mirowski, Philip (Ed.) (2020) : Nine Lives of Neoliberalism, ISBN 978-1-78873-255-0, Verso, London, New York, NY, https://www.versobooks.com/books/3075-nine-lives-of-neoliberalism This Version is available at: http://hdl.handle.net/10419/215796 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative -
Self-Command in Practice, in Policy, and in a Theory of Rational Choice Author(S): Thomas C
American Economic Association Self-Command in Practice, in Policy, and in a Theory of Rational Choice Author(s): Thomas C. Schelling Reviewed work(s): Source: The American Economic Review, Vol. 74, No. 2, Papers and Proceedings of the Ninety- Sixth Annual Meeting of the American Economic Association (May, 1984), pp. 1-11 Published by: American Economic Association Stable URL: http://www.jstor.org/stable/1816322 . Accessed: 15/12/2011 13:46 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [email protected]. American Economic Association is collaborating with JSTOR to digitize, preserve and extend access to The American Economic Review. http://www.jstor.org RICHARDT. ELYLECTURE Self-Command in Practice, in Policy, and in a Theory of Rational Choice By THOMASC. SCHELLING* An increasingly familiar occurrence for conflict, if, say, the husband disagreeswith obstetriciansis being asked by patients to the physician in the delivery room about withhold anesthesia during delivery. The what his wife really wants. physicianoften proposes that a facemaskbe put beside the patient who may inhale ni- I. AnticipatorySelf-Command trous oxide as she needs it. But some de- terminedpatients ask that no such opportu- This obstetricalexample, though special in nity be provided:if gas is availablethey will certain respects, is not a bad paradigmfor use it, and they want not to be able to.