Behavioral Economics of Preferences, Choices, and Happiness
Behavioral Economics of Preferences, Choices, and Happiness

Author: Shinsuke Ikeda

Publisher: Springer

Published: 2016-01-13

Total Pages: 717

ISBN-13: 4431554025

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This book is a collection of important contributions by Japanese researchers and their coauthors to present current advances in behavioral economics and finance, particularly in relation to decision making and human well-being. The topics covered in this volume include decision making under the conditions of inter-temporal choices, risk and social relations, happiness and the neuro-scientific/biological basis of behavior. The book includes works of research, both theoretical and empirical, on time discounting, time preferences, risk aversion, altruism, social status, happiness, addiction, limited attention and health and financial investments. The authors of the chapters add supplementary discussions to survey more recent advances on related topics or to provide detailed information that were abbreviated in the original publications. The addenda will enable readers to deepen their understanding of decision making and human well-being.

Behavioral Heterogeneity
Behavioral Heterogeneity

Author: Jean-Michel Grandmont

Publisher:

Published: 2017

Total Pages: 38

ISBN-13:

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We evaluate the income elasticity of the aggregate budget share spent on a sub-group of commodities, in a competitive framework, by a continuum of agents having the same income, but heterogeneous behavior described by an "homothetic preferences scaling factor" having a bounded Pareto distribution in the population. If individual budget share increases globally significantly in the limit from low to large incomes, aggregate budget share is locally increasing with medium range incomes when the logarithm of the heterogeneity factor has an increasing (exponential) density with a large support. Aggregate income elasticity converges to that exponential density parameter when its support becomes infinitely large. Symmetric results hold in the decreasing case. Applications are made to market expenditures, wealth effects on portfolio choice with many risky assets, concave expenditures, that are compatible with standard (expected) utility maximization or other "behavioral" decision making processes.

Lifecycle Investing
Lifecycle Investing

Author: Ian Ayres

Publisher: ReadHowYouWant.com

Published: 2010-05

Total Pages: 358

ISBN-13: 1458758427

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Diversification provides a well-known way of getting something close to a free lunch: by spreading money across different kinds of investments, investors can earn the same return with lower risk (or a much higher return for the same amount of risk). This strategy, introduced nearly fifty years ago, led to such strategies as index funds. What if we were all missing out on another free lunch that’s right under our noses? InLifecycle Investing, Barry Nalebuff and Ian Ayres-two of the most innovative thinkers in business, law, and economics-have developed tools that will allow nearly any investor to diversify their portfolios over time. By using leveraging when young-a controversial idea that sparked hate mail when the authors first floated it in the pages ofForbes-investors of all stripes, from those just starting to plan to those getting ready to retire, can substantially reduce overall risk while improving their returns. InLifecycle Investing, readers will learn How to figure out the level of exposure and leverage that’s right foryou How the Lifecycle Investing strategy would have performed in the historical market Why it will work even if everyone does it Whennotto adopt the Lifecycle Investing strategy Clearly written and backed by rigorous research,Lifecycle Investingpresents a simple but radical idea that will shake up how we think about retirement investing even as it provides a healthier nest egg in a nicely feathered nest.

Managing Safety of Heterogeneous Systems
Managing Safety of Heterogeneous Systems

Author: Yuri Ermoliev

Publisher: Springer Science & Business Media

Published: 2012-01-31

Total Pages: 390

ISBN-13: 3642228844

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Managing safety of diverse systems requires decision-making under uncertainties and risks. Such systems are typically characterized by spatio-temporal heterogeneities, inter-dependencies, externalities, endogenous risks, discontinuities, irreversibility, practically irreducible uncertainties, and rare events with catastrophic consequences. Traditional scientific approaches rely on data from real observations and experiments; yet no sufficient observations exist for new problems, and experiments are usually impossible. Therefore, science-based support for addressing such new class of problems needs to replace the traditional “deterministic predictions” analysis by new methods and tools for designing decisions that are robust against the involved uncertainties and risks. The new methods treat uncertainties explicitly by using “synthetic” information derived by integration of “hard” elements, including available data, results of possible experiments, and formal representations of scientific facts, with “soft” elements based on diverse representations of scenarios and opinions of public, stakeholders, and experts. The volume presents such effective new methods, and illustrates their applications in different problem areas, including engineering, economy, finance, agriculture, environment, and policy making.

Handbook of Behavioral Economics - Foundations and Applications 1
Handbook of Behavioral Economics - Foundations and Applications 1

Author:

Publisher: Elsevier

Published: 2018-09-27

Total Pages: 749

ISBN-13: 0444633898

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Handbook of Behavioral Economics: Foundations and Applications presents the concepts and tools of behavioral economics. Its authors are all economists who share a belief that the objective of behavioral economics is to enrich, rather than to destroy or replace, standard economics. They provide authoritative perspectives on the value to economic inquiry of insights gained from psychology. Specific chapters in this first volume cover reference-dependent preferences, asset markets, household finance, corporate finance, public economics, industrial organization, and structural behavioural economics. This Handbook provides authoritative summaries by experts in respective subfields regarding where behavioral economics has been; what it has so far accomplished; and its promise for the future. This taking-stock is just what Behavioral Economics needs at this stage of its so-far successful career. - Helps academic and non-academic economists understand recent, rapid changes in theoretical and empirical advances within behavioral economics - Designed for economists already convinced of the benefits of behavioral economics and mainstream economists who feel threatened by new developments in behavioral economics - Written for those who wish to become quickly acquainted with behavioral economics

Exotic Preferences
Exotic Preferences

Author: George Loewenstein

Publisher: Oxford University Press

Published: 2007-08-02

Total Pages: 688

ISBN-13: 0199257078

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George Loewenstein analyses how individual preferences are formed, whether they can be predicted and the extent to which they are influenced by emotion rather than reason. These writings include the author's most influential papers on this intriguing topic.