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14.13 Economics and Psychology, Spring 2004

Author(s)
Gabaix, Xavier
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Alternative title
Economics and Psychology
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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.
Date issued
2004-06
URI
https://hdl.handle.net/1721.1/136760
Department
Massachusetts Institute of Technology. Department of Economics
Other identifiers
14.13-Spring2004
Other identifiers
14.13
IMSCP-MD5-24404fe41a4c7f0d62dae35021695070
Keywords
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
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