14.13 Economics and Psychology, Spring 2004
Author(s)
Gabaix, Xavier
Alternative Title
Economics and Psychology
Date Issued
June 2004
Abstract
This course integrates psychological insights into economic models of behavior. It discusses the limitations of standard economic models and surveys the ways in which psychological experiments have been used to learn about preferences, cognition, and behavior. Topics include: trust, vengeance, fairness, impatience, impulsivity, bounded rationality, learning, reinforcement, classical conditioning, loss-aversion, over-confidence, self-serving biases, cognitive dissonance, altruism, subjective well-being, and hedonic adaptation. Economic concepts such as equilibrium, rational choice, utility maximization, Bayesian beliefs, game theory, and behavior under uncertainty are discussed in light of these phenomena.
Subjects
behavioral economics
finance
psychology
prospect
prospect theory
bias
probabilistic judgment
self-control
mental accounting
fairness
altruism
public goods
market anomalies
market theories
economics
psychology
behavior
preferences
cognition
trust
vengence
fairness
impatience
impulsivity
bounded rationality
learning
reinforcement
classical conditioning
loss-aversion
over-confidence
self-serving biases
cognitive dissonance
altruism
subjective well-being
hedonic adaptation
equilibrium
rational choice
utility maximization
Bayesian beliefs
game theory
neuroeconomics
prospect theory
MIT Department
Massachusetts Institute of Technology. Department of Economics
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