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Home / Tag Archives: Behavioral Economics

Tag Archives: Behavioral Economics

Gigerenzer: “The Bias Bias in Behavioral Economics,” including discussion of political implications — Andrew Gelman

Gerd Gigerenzer takes aim at Daniel Kahneman, Richard Thaler and Cass Sunstein for being uncritical and going too far. While not endorsing rational choice theory, he stresses that the truth lies between the extremes of rationality and irrationality and claims behavioral economics tends to over emphasize irrationality consequent on cognitive-effective bias. It's neither reason or all bias, either all or mostly, but a combination of rationality and irrationality.Statistical Modeling, Causal...

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IPA’s weekly links

(From the video at the end of the post)Guest post by Jeff Mosenkis of Innovations for Poverty Action Oxfam releases a report around the same time as Davos every year on who owns what portion of global wealth. Their spin on it is designed to make headlines, but Dylan Matthews explains why it’s really hard to measure.Also in Vox, Stephanie Wykstra provides a nice plain-language summary of what the research says about microloans. A very cool very cross randomized experiment (more than 50...

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Alexander Beunder — Behavioral Economics: Still Too Devoted To Homo Economicus?

I think Alexander Beunder attacks the wrong target — rationality. The foundational assumption of homo economics is methodological individualism based on a hidden assumption of ontological individualism, which is characteristic of many forms of liberalism as a philosophical position. The major opposing view is that of Aristotle, that humans are social animals. Thus, the key conceptual distinction is between homo economicus and homo socialis. The basic assumption of homo socialis is that...

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I want to talk about an interesting overconfidence experiment…

I want to talk about an interesting overconfidence experiment that one of my professors subjected us to back in the day… So the deal is that you are given 10 numbers you are supposed to come up with guesses for, say like the current Wal-Mart stock price (you’re not allowed to check), the number of jelly beans in a jar, whatever. More specifically, you’re asked to come up with a “90% confidence interval” as your guess- in other words, give a range where you think the real number is going to...

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