Behavioral and neuroscientific analysis of economic decision making in animals
Behavioral and neuroscientific analysis of economic decision making in animals

Author: Tobias Kalenscher

Publisher: Frontiers E-books

Published:

Total Pages: 164

ISBN-13: 288919096X

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The experimental analysis of animal behavior has a rich tradition in psychology, behavioral ecology and many other scientific branches dedicated to the study of decision making. However, it has never enjoyed a similar popularity in economics. This has recently changed with the dawn of neuroeconomics – a discipline combining the analytic and experimental tools of psychology and economics with the technologies available in neuroscience to unravel the neurobiological mechanisms underlying economic behavior. Since many of the sophisticated neuroscientific techniques can only be used on animals, neuroeconomists have come up with a large and ever-growing repertoire of animal models to probe economic decision making. Besides the value of using animals as model systems to emulate human economic behavior, the discipline of animal economic decision making exists in its very own right: an abundance of animal species at various evolutionary stages show behavior that complies with many of the predictions of economic theory, whilst, at the same time demonstrating violations of optimal choice models that are reminiscent of similar anomalies found in human behavior. Hence, the analysis of animal choice does not only offer insights into the evolutionary origins of economic decision making, it also testifies that the analysis of animal behavior is a convenient, economical and sound way to test competing economic decision models in optimally controlled experimental environments, to probe their neural implementation and to yield common denominators in choice behavior. In short, economic theory provides more than just an alternative language to describe animal psychology: its combination with biology, psychology and neuroscience gives way to synergy effects that open up new venues for studying economic choice. In this special issue, we would like to gather the latest results from this cross-disciplinary topic, address the overlap and discrepancies in (the neurobiology of) economic decision making found between species and identify the challenges that lie ahead in translating results from species to species, and ultimately to humans. The exclusive focus on non-human animals makes this Research Topic unique and distinct from previous special issues which covered a broader range of matters and subjects in the neurobiological analysis of decision making.

Misbehaving: The Making of Behavioral Economics
Misbehaving: The Making of Behavioral Economics

Author: Richard H. Thaler

Publisher: W. W. Norton & Company

Published: 2015-05-11

Total Pages: 502

ISBN-13: 0393246779

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Winner of the Nobel Prize in Economics Get ready to change the way you think about economics. Nobel laureate Richard H. Thaler has spent his career studying the radical notion that the central agents in the economy are humans—predictable, error-prone individuals. Misbehaving is his arresting, frequently hilarious account of the struggle to bring an academic discipline back down to earth—and change the way we think about economics, ourselves, and our world. Traditional economics assumes rational actors. Early in his research, Thaler realized these Spock-like automatons were nothing like real people. Whether buying a clock radio, selling basketball tickets, or applying for a mortgage, we all succumb to biases and make decisions that deviate from the standards of rationality assumed by economists. In other words, we misbehave. More importantly, our misbehavior has serious consequences. Dismissed at first by economists as an amusing sideshow, the study of human miscalculations and their effects on markets now drives efforts to make better decisions in our lives, our businesses, and our governments. Coupling recent discoveries in human psychology with a practical understanding of incentives and market behavior, Thaler enlightens readers about how to make smarter decisions in an increasingly mystifying world. He reveals how behavioral economic analysis opens up new ways to look at everything from household finance to assigning faculty offices in a new building, to TV game shows, the NFL draft, and businesses like Uber. Laced with antic stories of Thaler’s spirited battles with the bastions of traditional economic thinking, Misbehaving is a singular look into profound human foibles. When economics meets psychology, the implications for individuals, managers, and policy makers are both profound and entertaining. Shortlisted for the Financial Times & McKinsey Business Book of the Year Award

Judgment and Decision Making
Judgment and Decision Making

Author: David Hardman

Publisher: John Wiley & Sons

Published: 2009-02-09

Total Pages: 246

ISBN-13: 1405123982

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Judgment and Decision Making is a refreshingly accessible text that explores the wide variety of ways people make judgments. An accessible examination of the wide variety of ways people make judgments Features up-to-date theoretical coverage, including perspectives from evolutionary psychology and neuroscience Covers dynamic decision making, everyday decision making, individual differences, group decision making, and the nature of mind and brain in relation to judgment and decision making Illustrates key concepts with boxed case studies and cartoons

Judgment and Decision Making
Judgment and Decision Making

Author: Peter Juslin

Publisher: Psychology Press

Published: 2007-09-26

Total Pages: 355

ISBN-13: 1135668728

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Research on human judgment and decision making has been strongly guided by a normative/descriptive approach, according to which human decision making is compared to the normative models provided by decision theory, statistics, and the probability calculus. A common empirical finding has been that human behavior deviates from the prescriptions by normative models--that judgments and decisions are subject to cognitive biases. It is interesting to note that Swedish research on judgment and decision making made an early departure from this dominating mainstream tradition, albeit in two different ways. The Neo-Brunswikian research highlights the relationship between the laboratory task and the adaptation to a natural environment. The process-tracing approach attempts to identify the cognitive processes before, during, and after a decision. This volume summarizes current Swedish research on judgment and decision making, covering topics, such as dynamic decision making, confidence research, the search for dominance structures and differentiation, and social decision making.

Neuroeconomic and Behavioral Aspects of Decision Making
Neuroeconomic and Behavioral Aspects of Decision Making

Author: Kesra Nermend

Publisher: Springer

Published: 2017-10-06

Total Pages: 409

ISBN-13: 3319629387

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This proceedings volume presents the latest scientific research and trends in experimental economics, with particular focus on neuroeconomics. Derived from the 2016 Computational Methods in Experimental Economics (CMEE) conference held in Szczecin, Poland, this book features research and analysis of novel computational methods in neuroeconomics. Neuroeconomics is an interdisciplinary field that combines neuroscience, psychology and economics to build a comprehensive theory of decision making. At its core, neuroeconomics analyzes the decision-making process not only in terms of external conditions or psychological aspects, but also from the neuronal point of view by examining the cerebral conditions of decision making. The application of IT enhances the possibilities of conducting such analyses. Such studies are now performed by software that provides interaction among all the participants and possibilities to register their reactions more accurately. This book examines some of these applications and methods. Featuring contributions on both theory and application, this book is of interest to researchers, students, academics and professionals interested in experimental economics, neuroeconomics and behavioral economics.

Behavioral Economics: The Psychology of Decision-Making
Behavioral Economics: The Psychology of Decision-Making

Author: Cybellium

Publisher: YouGuide Ltd

Published:

Total Pages: 224

ISBN-13: 1836790082

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Welcome to the forefront of knowledge with Cybellium, your trusted partner in mastering the cutting-edge fields of IT, Artificial Intelligence, Cyber Security, Business, Economics and Science. Designed for professionals, students, and enthusiasts alike, our comprehensive books empower you to stay ahead in a rapidly evolving digital world. * Expert Insights: Our books provide deep, actionable insights that bridge the gap between theory and practical application. * Up-to-Date Content: Stay current with the latest advancements, trends, and best practices in IT, Al, Cybersecurity, Business, Economics and Science. Each guide is regularly updated to reflect the newest developments and challenges. * Comprehensive Coverage: Whether you're a beginner or an advanced learner, Cybellium books cover a wide range of topics, from foundational principles to specialized knowledge, tailored to your level of expertise. Become part of a global network of learners and professionals who trust Cybellium to guide their educational journey. www.cybellium.com

The Applied Psychology of Sustainability
The Applied Psychology of Sustainability

Author: Robert G. Jones

Publisher: Routledge

Published: 2020-04-02

Total Pages: 389

ISBN-13: 0429948735

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Why doesn’t everyone see sustainability as a huge issue? Why don’t people think more carefully before making choices? What will it take for people to change? Examining the many psychological factors that lead to human behavioral effects on the environment, this book answers these questions definitively and provides practical guidance for approaches that have been used to successfully stimulate change. The Applied Psychology of Sustainability provides an extensive, integrated definition of the processes that lead to climatic, ecological, and socio-economic results: It defines a Psychology of Sustainability. Each chapter applies elements from the core research areas of cognitive, social, and developmental psychology into the context of criteria specific to sustainability. Comprehensively updated to embrace great change in the field, this new edition expands on critical issues yet maintains its strong foundation that the psychology of decisions is the essential precursor to sustainability and that these decisions should be treated as the primary target of change. Throughout the book, readers will find new ways of framing questions related to human adaptability and evolutionary psychology. The Applied Psychology of Sustainability is essential reading for students and professionals in a range of disciplines who wish to contribute to this crucial conversation.