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Oct 10, 2019 · Why? Because behavioral economics combines a unique collection of insights from social science. It brings together economists’ powerful analytical tools, traditionally applied in a restricted...
- Michelle Baddeley
- What Is Ergodicity?
- Why Should Ergodicity Matter to You?
- Are Economics and Behavioral Economics Wrong?
As Peters explains at the start of the article, "we will call an observable ergodic if its time average equals its expectation value." Breaking this idea down more simply, we are essentially comparing decision-making here from two perspectives—making the same decision over a period of time (time average) versus making multiple decisions at the same...
The most important take-home message here is that the perspective used to evaluate a decision can have a big impact on the final choice. This is true, whether you are an individual consumer deciding on a purchase, or a professional working to persuade a group. Even large theoretical areas can be influenced by adopting a specific frame of reference,...
Given the above, debating whether a single perspective is entirely right or wrong may not be the best approach...even here. Instead, it may be more constructive to ask where and how each viewpoint is most useful. For example, Peters' analysis makes some strong points that traditional economic models may fall short under conditions of uncertainty an...
Oct 10, 2017 · by Francesca Gino. October 10, 2017. Joao Inacio/Getty Images. Summary. Richard Thaler, the University of Chicago professor who just won the Nobel Memorial Prize in Economic Sciences, inspired...
Nov 7, 2017 · Nature Human Behaviour - The Nobel Prize in Economic Sciences this year, in honouring the work of Richard H. Thaler, highlights the growing impact of behavioural economics in science and policy.
This line of research—dubbed heuristics and biases, although you may be more familiar with its offshoot, behavioral economics—has become the dominant academic approach to understanding...
It is impossible to have an intelligent discussion of economics, of game theory, or of behavioral economics – let alone their successes and failures – without some idea of what they are about. Homo economicus is a far different creature than commonly imagined. Let us begin by examining this mythical construct more closely.
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Jul 20, 2019 · This chapter identifies four problems for Behavioral Economics. It explores their causes. It then suggests and illustrates ways around them, including a path for integrating multi-disciplinary insights.
