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  1. added 2020-01-22
    Uncertainty, ‘Irrational Exuberance’ and the Psychology of Bubbles: An Argument Over the Legitimacy of Financial Regulation for Bounded Rational Agents.Ramiro Ávila Peres - 2019
    One of the explanations for the Great Crisis of 2007-2008 was that financial authorities should have issued stricter regulations to prevent the housing bubble. However, according to Alan Greenspan, President of the Federal Reserve System (FED) from 1987 to 2006, this is to judge with hindsight. No one can guess when a “bubble” begins, nor when it ends; they happen because of the “irrational exuberance” in investors’ behavior, which causes boom and bust cycles. Regulators are not in a better situation (...)
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  2. added 2019-12-04
    Expanding the Nudge: Designing Choice Contexts and Choice Contents.Kalle Grill - 2014 - Rationality, Markets and Morals 5:139-162.
    To nudge is to design choice contexts in order to improve choice outcomes. Richard Thaler and Cass Sunstein emphatically endorse nudging but reject more restrictive means. In contrast, I argue that the behavioral psychology that motivates nudging also motivates what may be called jolting — i.e. the design of choice content. I defend nudging and jolting by distinguishing them from the sometimes oppressive means with which they can be implemented, by responding to some common arguments against nudging, and by showing (...)
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  3. added 2019-09-21
    Moral Hazard, the Savage Framework, and State-Dependent Utility.Jean Baccelli - forthcoming - Erkenntnis:1-21.
    In this paper, I investigate the betting behavior of a decision-maker who can influence the likelihood of the events upon which she is betting. In decision theory, this is best known as a situation of moral hazard. Focusing on a particularly simple case, I sketch the first systematic analysis of moral hazard in the canonical Savage framework. From the results of this analysis, I draw two philosophical conclusions. First, from an observational and a descriptive point of view, there need to (...)
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  4. added 2019-09-21
    Моделі споживання коміксів як варіант постмодерністської соціально-економічної комунікації.Tatyana Pavlova, Roman Pavlov & Oksana Levkovich - 2019 - In Управління розвитком суб'єктів підприємництва в умовах викликів ХХІ століття. Днипро, Днепропетровская область, Украина, 49000: pp. 313-324.
    Авторами розглянуті умови соціалізації споживання коміксів у мікросоціальному масштабі, що дає змогу описати особливості формування та розвитку різноманітних поведінкових моделей попиту на даний продукт сучасної культури. Запропоновано доповнити сегментацію споживачів коміксів такими критеріями як схильність до домінантного формату читання та потенційні умови перегляду домінантного формату читання. Ключові слова: комікс, варіативність моделей споживання, суспільство, постмодернізм, соціальна комунікація. -/- Авторами рассмотрены условия социализации потребления комиксов в микросоциальном масштабе, что позволяет описать особенности формирования и развития разнообразных поведенческих моделей спроса на данный продукт современной (...)
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  5. added 2019-07-09
    Restoring Trustworthiness in the Financial System: Norms, Behaviour and Governance.Aisling Crean, Natalie Gold, David Vines & Annie Williamson - 2018 - Journal of the British Academy 6 (S1):131-155.
    Abstract: We examine how trustworthy behaviour can be achieved in the financial sector. The task is to ensure that firms are motivated to pursue long-term interests of customers rather than pursuing short-term profits. Firms’ self-interested pursuit of reputation, combined with regulation, is often not sufficient to ensure that this happens. We argue that trustworthy behaviour requires that at least some actors show a concern for the wellbeing of clients, or a respect for imposed standards, and that the behaviour of these (...)
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  6. added 2018-08-02
    Rethinking Nudge: Not One But Three Concepts.Philippe Mongin & Mikael Cozic - 2018 - Behavioural Public Policy 2:107-124.
    Nudge is a concept of policy intervention that originates in Thaler and Sunstein's (2008) popular eponymous book. Following their own hints, we distinguish three properties of nudge interventions: they redirect individual choices by only slightly altering choice conditions (here nudge 1), they use rationality failures instrumentally (here nudge 2), and they alleviate the unfavourable effects of these failures (here nudge 3). We explore each property in semantic detail and show that no entailment relation holds between them. This calls into question (...)
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  7. added 2017-12-17
    From Homo-Economicus to Homo-Virtus: A System-Theoretic Model for Raising Moral Self-Awareness.Julian Friedland - 2019 - Journal of Business Ethics 155 (1):191-205.
    There is growing concern that a global economic system fueled predominately by financial incentives may not maximize human flourishing and social welfare externalities. If so, this presents a challenge of how to get economic actors to adopt a more virtuous motivational mindset. Relying on historical, psychological, and philosophical research, we show how such a mindset can be instilled. First, we demonstrate that historically, financial self-interest has never in fact been the only guiding motive behind free markets, but that markets themselves (...)
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  8. added 2017-01-08
    In Search of Lost Nudges.Guilhem Lecouteux - 2015 - Review of Philosophy and Psychology 6 (3):397-408.
    This paper discusses the validity of nudges to tackle time-inconsistent behaviours. I show that libertarian paternalism is grounded on a peculiar model of personal identity, and that the argument according to which nudges may improve one’s self-assessed well-being can be seriously questioned. I show that time inconsistencies do not necessarily reveal that the decision maker is irrational: they can also be the result of discounting over the degree of psychological connectedness between our successive selves rather than over time. Time inconsistency (...)
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  9. added 2016-11-07
    Effects of Mental Accounting on Intertemporal Choice.Niklas Karlsson, Tommy Gärling & Marcus Selart - 1997 - Göteborg Psychological Reports 27 (5).
    Two experiments with undergraduates as subjects were carried out with the aim of replicating and extending previous results showing that the implication of the behavioral life-cycle hypothesis (H. M. Shefrin & R. H. Thaler, 1988) that people classify assets in different mental accounts (current income, current assets, and future income) may explain how consumption choices are influenced by temporary income changes. In both experiments subjects made fictitious choices between paying for a good in cash or according to a more expensive (...)
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  10. added 2016-10-25
    Contingency and Value in Social Decision Making.Marcus Selart & Daniel Eek - 1999 - In Peter Juslin & Henry Montgomery (eds.), Judgment and Decision Making. Erlbaum. pp. 261-273.
    This chapter discusses different perspectives and trends in social decision making, especially the actual processes used by humans when they make decisions in their everyday lives or in business situations. The chapter uses cognitive psychological techniques to break down these processes and set them in their social context. Most of our decisions are made in a social context and are therefore influenced by other people. If you are at an auction and bidding on a popular item, you will try to (...)
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  11. added 2016-10-25
    The Role of Mental Accounting in Everyday Economic Decision Making.Tommy Gärling, Niklas Karlsson & Marcus Selart - 1999 - In Peter Juslin & Henry Montgomery (eds.), Judgment and decision making. Erlbaum. pp. 199-218.
    Mental accounting is a concept associated with the work of Richard Thaler. According to Thaler, people think of value in relative rather than absolute terms. They derive pleasure not just from an object’s value, but also the quality of the deal – its transaction utility (Thaler, 1985). In addition, humans often fail to fully consider opportunity costs (tradeoffs) and are susceptible to the sunk cost fallacy. Why are people willing to spend more when they pay with a credit card than (...)
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  12. added 2016-10-25
    Influences of the Past on Choices of the Future.Tommy Gärling, Niklas Karlsson, Joakim Romanus & Marcus Selart - 1997 - In Rob Ranyard, Ray Crozier & Ola Svenson (eds.), Decision making: Cognitive models and explanations. Routledge. pp. 167-189.
    Intertemporal choice is the study of how people make choices about what and how much to do at various points in time, when choices at one time influence the possibilities available at other points in time. These choices are influenced by the relative value people assign to two or more payoffs at different points in time. Most choices require decision-makers to trade off costs and benefits at different points in time. These decisions may be about savings, work effort, education, nutrition, (...)
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  13. added 2016-10-25
    Aspects of Compatibility and the Construction of Preference.Marcus Selart - 1997 - In Rob Ranyard, Ray Crozier & Ola Svenson (eds.), Decision making: Cognitive models and explanations. Routledge. pp. 58-72.
    This chapter focuses on the psychological mechanisms behind the construction of preference, especially the actual processes used by humans when they make decisions in their everyday lives or in business situations. The chapter uses cognitive psychological techniques to break down these processes and set them in their social context. When attributes are compatible with the response scale, they are assigned greater weight because they are most easily mapped onto the response. For instance, when subjects are asked to set a price (...)
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  14. added 2016-10-24
    Self-Control and Loss Aversion in Intertemporal Choice.Marcus Selart, Niklas Karlsson & Tommy Gärling - 1997 - Journal of Socio-Economics 26 (5):513-524.
    The life-cycle theory of saving behavior (Modigliani, 1988) suggests that humans strive towards an equal intertemporal distribution of wealth. However, behavioral life-cycle theory (Shefrin & Thaler, 1988) proposes that people use self-control heuristics to postpone wealth until later in life. According to this theory, people use a system of cognitive budgeting known as mental accounting. In the present study it was found that mental accounts were used differently depending on if the income change was positive or negative. This was shown (...)
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  15. added 2016-10-23
    The Role of Planning for Intention-Behavior Consistency.Robert Gillholm, Dick Ettema, Marcus Selart & Tommy Gärling - 1999 - Scandinavian Journal of Psychology 40 (4):241-250.
    Two studies investigated how planning affects intention-behavior consistency. In Study 1 an experimental group and control group which each consisted of 14 undergraduates were requested in computerized interviews to indicate which activities they intended to perform on the following day. Subjects in the experimental group were also requested in a second phase of the interviews to specify when and where they intended to perform the activities. The results showed that activities for which time and place had been specified were more (...)
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  16. added 2016-10-23
    Explanations of Effects of Prior Income Changes on Bying Decisions.Niklas Karlsson, Tommy Gärling & Marcus Selart - 1999 - Journal of Economic Psychology 20:449-463.
    Two experiments with undergraduates as subjects tested explanations of how a prior temporary income change influences choices between buying and deferred buying. In Experiment 1 predictions from the behavioral life-cycle theory (Shefrin & Thaler, 1988), the renewable resources model (Linville & Fischer, 1991) and the loss-sensitivity principle (Garling & Romanus, 1997) were contrasted. The results are inconsistent with the latter two explanations since the framing of buying as positive (buying a new model of a product) or negative (replacing a broken (...)
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  17. added 2016-10-23
    Compatibility and the Use of Information Processing Strategies.Marcus Selart, Tommy Gärling & Henry Montgomery - 1998 - Journal of Behavioral Decision Making 11 (1):59-72.
    When a prominent attribute looms larger in one response procedure than in another, a violation of procedure invariance occurs. A hypothesis based on compatibility between the structure of the input information and the required output was tested as an explanation of this phenomenon. It was also compared with other existing hypotheses in the field. The study had two aims: (1) to illustrate the prominence effect in a selection of preference tasks (choice, acceptance decisions, and preference ratings); (2) to demonstrate the (...)
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  18. added 2016-10-23
    Structure Compatibility and Restructuring in Judgment and Choice.Marcus Selart - 1996 - Organizational Behavior and Human Decision Processes 65:106-116.
    The use of different response modes has been found to influence how subjects evaluate pairs of alternatives described by two attributes. It has been suggested that judgments and choices evoke different kinds of cognitive processes, leading to an overweighing of the prominent attribute in choice (Tversky, Sattath, & Slovic, 1988; Fischer & Hawkins, 1993). Four experiments were conducted to compare alternative cognitive explanations of this so-called prominence effect in judgment and choice. The explanations investigated were the structure compatibility hypothesis and (...)
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  19. added 2016-10-23
    The Judgment-Choice Discrepancy.Henry Montgomery, Marcus Selart, Tommy Gärling & Erik Lindberg - 1994 - Journal of Behavioral Decision Making 7 (2):145-155.
    The study examines the relative merits of a noncompatibility and a restructuring explanation of the recurrent empirical finding that a prominent attribute looms larger in choices than in judgments. Pairs of equally attractive options were presented to 72 undergraduates who were assigned to six conditions in which they performed (1) only preference judgments or choices, (2) preference judgments or choices preceded by judgments of attractiveness of attribute levels, or (3) preference judgments or choices accompanied by think-aloud reports. The results replicated (...)
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  20. added 2016-10-23
    Violations of Procedure Invariance in Preference Measurement: Cognitive Explanations.Marcus Selart, Henry Montgomery, Joakim Romanus & Tommy Gärling - 1994 - European Journal of Cognitive Psychology 6:417-435.
    A violation of procedure invariance in preference measurement is that the predominant or prominent attribute looms larger in choice than in a matching task. In Experiment 1, this so-called prominence effect was demonstrated for choices between pairs of options, choices to accept single options, and preference ratings of single options. That is, in all these response modes the prominent attribute loomed larger than in matching. The results were replicated in Experiment 2, in which subjects chose between or rated their preference (...)
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  21. added 2015-10-05
    When, and How, Should Cognitive Bias Matter to Law.Govind Persad - 2014 - Law and Ineq 32:31.
    Recent work in the behavioral sciences asserts that we are subject to a variety of cognitive biases. For example, we mourn losses more than we prize equivalently sized gains; we are more inclined to believe something if it matches our previous beliefs; and we even relate more warmly or coldly to others depending on whether the coffee cup we are holding is warm or cold. Drawing on this work, case law and legal scholarship have asserted that we have reason to (...)
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  22. added 2015-10-05
    Libertarian Patriarchalism: Nudges, Procedural Roadblocks, and Reproductive Choice.Govind Persad - 2014 - Women’s Rights L. Rep 35:273--466.
    Cass Sunstein and Richard Thaler's proposal that social and legal institutions should steer individuals toward some options and away from others-a stance they dub "libertarian paternalism"-has provoked much high-level discussion in both academic and policy settings. Sunstein and Thaler believe that steering, or "nudging," individuals is easier to justify than the bans or mandates that traditional paternalism involves. -/- This Article considers the connection between libertarian paternalism and the regulation of reproductive choice. I first discuss the use of nudges to (...)
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  23. added 2015-09-22
    Neuroeconomics and Confirmation Theory.Christopher Clarke - 2014 - Philosophy of Science 81 (2):195-215.
    Neuroeconomics is a research programme founded on the thesis that cognitive and neurobiological data constitute evidence for answering economic questions. I employ confirmation theory in order to reject arguments both for and against neuroeconomics. I also emphasize that some arguments for neuroeconomics will not convince the skeptics because these arguments make a contentious assumption: economics aims for predictions and deep explanations of choices in general. I then argue for neuroeconomics by appealing to a much more restrictive (and thereby skeptic-friendly) characterization (...)
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  24. added 2015-09-12
    On Risk and Rationality.Brad Armendt - 2014 - Erkenntnis 79 (S6):1-9.
    It is widely held that the influence of risk on rational decisions is not entirely explained by the shape of an agent’s utility curve. Buchak (Erkenntnis, 2013, Risk and rationality, Oxford University Press, Oxford, in press) presents an axiomatic decision theory, risk-weighted expected utility theory (REU), in which decision weights are the agent’s subjective probabilities modified by his risk-function r. REU is briefly described, and the global applicability of r is discussed. Rabin’s (Econometrica 68:1281–1292, 2000) calibration theorem strongly suggests that (...)
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  25. added 2015-07-29
    A Behavioral Perspective on Technology Evolution and Domain Name Regulation.Todd Davies - 2008 - Pacific McGeorge Global Business and Development Law Journal 21 (1):1-25.
    This paper argues that private property and rights assignment, especially as applied to communication infrastructure and information, should be informed by advances in both technology and our understanding of psychology. Current law in this area in the United States and many other jurisdictions is founded on assumptions about human behavior that have been shown not to hold empirically. A joint recognition of this fact, together with an understanding of what new technologies make possible, leads one to question basic assumptions about (...)
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  26. added 2015-05-27
    Reason-Based Choice and Context-Dependence: An Explanatory Framework.Franz Dietrich & Christian List - 2016 - Economics and Philosophy 32 (2):175-229.
    We introduce a “reason-based” framework for explaining and predicting individual choices. It captures the idea that a decision-maker focuses on some but not all properties of the options and chooses an option whose motivationally salient properties he/she most prefers. Reason-based explanations allow us to distinguish between two kinds of context-dependent choice: the motivationally salient properties may (i) vary across choice contexts, and (ii) include not only “intrinsic” properties of the options, but also “context-related” properties. Our framework can accommodate boundedly rational (...)
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  27. added 2014-03-21
    Framing as Path Dependence.Natalie Gold & Christian List - 2004 - Economics and Philosophy 20 (2):253-277.
    A framing effect occurs when an agent's choices are not invariant under changes in the way a decision problem is presented, e.g. changes in the way options are described (violation of description invariance) or preferences are elicited (violation of procedure invariance). Here we identify those rationality violations that underlie framing effects. We attribute to the agent a sequential decision process in which a “target” proposition and several “background” propositions are considered. We suggest that the agent exhibits a framing effect if (...)
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  28. added 2013-12-07
    A Reason-Based Theory of Rational Choice.Franz Dietrich & Christian List - 2013 - Noûs 47 (1):104-134.
    There is a surprising disconnect between formal rational choice theory and philosophical work on reasons. The one is silent on the role of reasons in rational choices, the other rarely engages with the formal models of decision problems used by social scientists. To bridge this gap, we propose a new, reason-based theory of rational choice. At its core is an account of preference formation, according to which an agent’s preferences are determined by his or her motivating reasons, together with a (...)
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  29. added 2013-12-05
    Mentalism Versus Behaviourism in Economics: A Philosophy-of-Science Perspective.Christian List & Franz Dietrich - 2016 - Economics and Philosophy 32 (2):249-281.
    Behaviourism is the view that preferences, beliefs, and other mental states in social-scientific theories are nothing but constructs re-describing people's behaviour. Mentalism is the view that they capture real phenomena, on a par with the unobservables in science, such as electrons and electromagnetic fields. While behaviourism has gone out of fashion in psychology, it remains influential in economics, especially in ‘revealed preference’ theory. We defend mentalism in economics, construed as a positive science, and show that it fits best scientific practice. (...)
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  30. added 2013-11-26
    Redirection of Talent.Miro Brada - manuscript
    The interview with economist William Baumol, published in 2003 in weekly Respekt, deals with alternative activities for talented individuals. If they can't pursue productive activities (technological innovations) they go for rent-seeking activities or activities with negligible social return (e.g. chess). I also present a thesis, that if there is no sophisticated alternative activities, the talent may be redirected into pathological ones: psychopathy, neurosis, paranoia, psychosis... The article was exhibited in Holland Park, W8 6LU, The Ice House between 18. Oct - (...)
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