两部分回答,全是硬核干货。第一部分 - 我预测了诺贝尔经济学奖得奖主Duflo, 介绍一下她;第二部分 - 行为经济学的文献综述一篇。文章已收录在我的专栏,在回答末尾。
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下面介绍一下Esther Duflo, 获2019诺经奖的三位之一。获奖原因是表扬三位“在减轻全球贫困方面的实验性做法”
诺经奖是炸药之父原始奖项。Esther Duflo是获诺经奖的第二位女性经济学家。
师启巴黎École normale supérieure,就职MIT麻省。
Michael Kremer 和 Banerjee 是她的学术牵连。
以下为Duflo老师最近的论文
E-Governance, Accountability, and Leakage in Public Programs: Experimental Evidence froma Financial Management Reform in India Forthcoming, American Economic Journal: Applied Economics with Abhijit Banerjee, Clement Imbert, Santhosh Mathew and Rohini Pande
Using Gossips to Spread Information: Theory and Evidence from Two Randomized Controlled Trials The Review of Economic Studies, February 2019 with Abhijit Banerjee, Arun G. Chandrasekhar and Matthew O. Jackson
知性美。
在麻省理工的博士生导师Banerjee今年也获同奖,夫妻档。附二人合照。
合照在文章专栏中。看最后。
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Behavioral Economics Literature Review
Name
Institution
Introduction
Understanding human beings and their decision making process are complicated in the discipline of economics. The rational behavior influences their decisions in terms of consumption, their taste and preferences as well as their utility. Understanding human behavior is not only applicable in economics but also other disciplines such as psychology, social sciences, neuroscience and cognitive science, among others. Behavioral economics is, therefore, sub-discipline in the field of mainstream economics, which predominantly deals with human behavior deviations from the existing model of home economics or rational man. Centrally to other disciplines, it does not have a theoretical or normative assumption through which an economic system works or should work. However, its primary focus is on the observable behavior of human beings. The central concepts of the discipline are mainly focused on human and their decisions. Behavioral research, as established in behavioral economics, seeks to provide an understanding or an explanation of human behavior through the lens of social preferences and their norms from which new behavioral patterns or models are developed. The purpose of this study is, therefore, to develop a literature review on behavioral economics.
Literature Review
The development of behavioral economics began in the 17th century in an attempt to understand rational behavior. The concept of rational behavior involves a decision making process which is based on making choices that help an individual achieve the optimal level of utility (Thaler & Ganser, 2015). The general idea under rational behavior is the assumption that people would rather be better off than worse off. Behavioral economics, therefore, describes that many people would choose an option or make a rational decision that prefers a decision that will help them maximize their utility. It combines insights from both fields of economics and psychology to elaborate on human decision making process with their primary focus on achieving an outcome that would be considered irrational in some theoretical frameworks such as the classical economies conceptual framework. Richard Thaler a professor at the University of Chicago and a winner of Nobel Memorial Prize in Economic sciences describes behavioral economics as a relatively new filed in the field of economics which has been developed through combination of insights from decision making, judgment, psychology and economics to help in generating a more accurate behavior of human beings.
Contrary to the tradition economic believe or the classical economic believe that assumed that people economic decisions are based on utility maximization principle, behavioral economics examines what affects individual economic decisions as well as the consequences of those decisions. Behavioral economics neither assumes that individuals are good at utility maximization nor is utility maximization their only goal (Thaler & Ganser, 2015). Through behavioral economic research, it has become evident that there are other factors which affect human decisions to maximize their utility such as individual psychological biases, limited cognitive resources as well as their concern and care about other values such as fairness. One of the first economic researches who developed an understanding of the development of behavioral economics was Adam smith by acknowledging that human economic decision is imperfect and is affected by values of fairness and justice. The development of the prospect theory has also contributed to understanding of behavioral economics and postulates that people suffer from cognitive biases which affect their economic decision making process (Thaler, 2017). The theory assumes that people or individuals make decisions based on expectations of loss or gain from their current relative position. The theory, however, differs from the Expected utility theory, which assumes that individuals will choose the outcome, which gives them maximum utility given the probability of outcomes. Prospect theory, however, allows for the fact that individuals may adopt a decision which does not necessarily maximize utility because they place other considerations above utility which affect their decision making process.
According to Gary Becker, behavioral economics examines the limitation of the assumption that individuals are perfectly rational. It is focused on three primary areas which include understanding decision making, changing behavior and behavioral finance. In understanding decision making, behavioral economics helps in examining how individuals make a decision in the real world as opposed to economic models (Wilkinson & Klaes, 2017). Once we can understand the individual decision making, behavioral economics helps us in understanding how to use the knowledge of behavioral economics to change our behavior through nudges as well as the application of the knowledge in behavioral finance. One of the critical factors influencing the development of behavioral economics is norms. According to research, norms can influence individual decision making, such as consumption decisions. Norms that are typically held within societies and tell individuals in a prescriptive manner what they should or in a proscriptive manner what they should not do. Individual economic decisions are, therefore influenced by these norms and changing behavior is linked to the values associated with the different behavioral options.
In most cases, the economic, behavioral approach arises whenever what is considered to be rationally expected of a maximizing utility agent is not borne out in observed behavior (Kanev & Terziev, 2017). The theory of consumer behavior shows how individuals make choices, given restraints, such as their income and the prices of goods and services. This implies that there are factors which affect human decisions and limit them from satisfying their needs or maximizing their utility as assumed by the traditional approach to human behavior and the expected utility theory.
Therefore based on the above literature review, behavioral economics is abroad and a new dimension in economics which seeks to understand individual decision making process and the consequences of those decisions. The theory supports the rationale for the development of behavioral economics, especially based on the three factors which affect consumer behavior, including psychological, personal and social factors (Laibson & List, 2015). Behavioral economics, therefore, provides a more diversified approach to understanding human behavior as compared to classical economic theories which are based on various theoretical underpinnings rather than a tested hypothesis which produces a more positive lens of understanding human behavior. Behavioral economics has therefore been able to distinguish itself from another economic discipline by providing a framework that analyzes human behavior from the construed understanding that human beings are rational in their decision making.
References
Kanev, D., & Terziev, V. (2017). Behavioral economics: development, condition and perspectives. IJASOS-International E-Journal of Advances in Social Sciences, 3(8).
Laibson, D., & List, J. A. (2015). Principles of (behavioral) economics. American Economic Review, 105(5), 385-90.
Thaler, R. H. (2017). Behavioral economics. Journal of Political Economy, 125(6), 1799-1805.
Thaler, R. H., & Ganser, L. J. (2015). Misbehaving: The making of behavioral economics. New York: WW Norton.
Wilkinson, N., & Klaes, M. (2017). An introduction to behavioral economics. Macmillan International Higher Education.
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