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This first volume of The Foundations of Behavioral Economic Analysis covers the opening topic found in this definitive introduction to the subject: the behavioral economics of risk, uncertainty, and ambiguity. It is an essential guide for advanced undergraduate and postgraduate students seeking a concise and focused text on this important subject, and examines how the decision maker chooses his optimal action in the presence of risk, uncertainty, and ambiguity.
This updated extract from Dhami's leading textbook allows the reader to pursue subsections of this vast and rapidly growing field and to tailor their reading to their specific interests in behavioural economics.
List of contents
- Preface to Volume I: Behavioral Economics of Risk, Uncertainty, and Ambiguity
- Preface to the Foundations of Behavioral Economic Analysis
- Introduction to Volume I
- Introduction to Behavioral Economics and the Book Volumes
- 1: The Evidence on Human Choice under Risk and Uncertainty
- 2: Behavioral Models of Decision Making
- 3: Applications of Behavioral Decision Theory
- 4: Human Behavior under Ambiguity
- A Selected Guide to the Recent Literature (2015--2018)
- References
About the author
Sanjit Dhami is Professor of Economics at the University of Leicester. He studied at the Delhi School of Economics and the University of Toronto for his Masters, MPhil, and PhD degrees in economics. He has previously taught at the Universities of Toronto, Essex, and Newcastle. His research has mainly focused on behavioral economic theory and its applications. He has published on the axiomatic foundations of the various components of prospect theory, behavioral political economy using other-regarding preferences, behavioral time preferences, foundations of behavioral game theory, and applications in tax evasion, stochastic dominance concepts under other-regarding preferences, and in behavioral law and economics.
Summary
This is the first volume of focused texts developed from leading textbook The Foundations of Behavioral Economics. Authoritative, cutting edge, and accessible, this volume covers the behavioral economics of risk, uncertainty, and ambiguity.
Additional text
Almost all the chapters follow a basic structure: they sketch the neoclassical theory; review evidence on its empirical plausibility; introduce alternative behavioral theories; finally go on to discuss further evidence of the newer theories' relative successes and failures compared to the neoclassical theories. A lot of thought has gone into writing the introductions of each section as they outline the broad trends, debates, and core empirical results, making it easy to get into the detailed chapters with a clear idea of the direction of research in that topic.To sum it up, the book ends up doing exactly what it promised, take stock of behavioral economicscourse text for advanced students.., a research handbook for behavioral economists, and an invitation to economists and other social scientists of all persuasions to explore this exciting new field.
Report
The Foundations of Behavioral Economic Analysis is a masterpiece. It covers the whole field of behavioral economics. And it is also an easy read, as beautiful examples throughout lead readers to appreciate behavioral decisions from the perspective of their own lifetime experience. George A. Akerlof, Daniel E. Koshland, Sr. Distinguished Professor Emeritus of Economics, University of California at Berkeley and 2001 Nobel Laureate in economics
