Incentives In Financial And Behavioral Economics

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Behavioral Public Economics

Shinji Teraji
Behavioral Public Economics Book PDF

Author : Shinji Teraji
Publisher : Routledge
Page : 319 pages
File Size : 47,8 Mb
Release : 2021-09-26
Category : Business & Economics
ISBN : 9781000456493

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Behavioral Public Economics by Shinji Teraji Pdf

Behavioral Public Economics shows how standard public economics can be improved using insights from behavioral economics. Public economics typically lists four market failures that may justify government intervention in markets—imperfect competition (or natural monopoly), externalities, public goods, and asymmetric information. Under the rational choice paradigm (‘agents choose what is best for them’), public economics has examined the welfare effects of policy. Recent research in behavioral economics highlights a fifth market failure—individuals may make mistakes in pursuing their own well-being. This book calls for a rethinking of assumptions of individual behavior and provides a good foundation for public economic theory. Key features: Introduces behavioral perspectives into public economics. Explains why economic incentives often undermine social preferences. Reveals that social incentives matter for public policy. This book will be an invaluable resource for researchers and postgraduate students in public economics, behavioral economics, and public policy.

Incentives in Financial and Behavioral Economics

Florian Hett
Incentives in Financial and Behavioral Economics Book PDF

Author : Florian Hett
Publisher : Unknown
Page : 0 pages
File Size : 43,7 Mb
Release : 2015
Category : Microeconomics
ISBN : 3832536787

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Incentives in Financial and Behavioral Economics by Florian Hett Pdf

This thesis deals with the empirical identification of incentive effects in various settings.The central chapter looks at the financial crisis of 2007-2009 and the incentive effects caused by policy interventions in financial markets. A hypothesis controversially discussed by academics as well as policy makers is that public bailouts for banks destroy market discipline, that is the incentives for decentralized monitoring by market participants. In turn, this might induce stronger risk-taking by banks and finally make future crises more likely and severe. The thesis describes a new methodology to identify this effect and shows that market discipline strongly deteriorated during the crisis period. In additional chapters, this thesis empirically identifies incentive effects in dynamic contest situations.

Policy and Choice

William J. Congdon,Jeffrey R. Kling,Sendhil Mullainathan
Policy and Choice Book PDF

Author : William J. Congdon,Jeffrey R. Kling,Sendhil Mullainathan
Publisher : Brookings Institution Press
Page : 260 pages
File Size : 55,6 Mb
Release : 2011-04-01
Category : Business & Economics
ISBN : 9780815705017

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Policy and Choice by William J. Congdon,Jeffrey R. Kling,Sendhil Mullainathan Pdf

Traditional public finance provides a powerful framework for policy analysis, but it relies on a model of human behavior that the new science of behavioral economics increasingly calls into question. In Policy and Choice economists William Congdon, Jeffrey Kling, and Sendhil Mullainathan argue that public finance not only can incorporate many lessons of behavioral economics but also can serve as a solid foundation from which to apply insights from psychology to questions of economic policy. The authors revisit the core questions of public finance, armed with a richer perspective on human behavior. They do not merely apply findings from psychology to specific economic problems; instead, they explore how psychological factors actually reshape core concepts in public finance such as moral hazard, deadweight loss, and incentives. Part one sets the stage for integrating behavioral economics into public finance by interpreting the evidence from psychology and developing a framework for applying it to questions in public finance. In part two, the authors apply that framework to specific topics in public finance, including social insurance, externalities and public goods, income support and redistribution, and taxation. In doing so, the authors build a unified analytical approach that encompasses both traditional policy levers, such as taxes and subsidies, and more psychologically informed instruments. The net result of this innovative approach is a fully behavioral public finance, an integration of psychology and the economics of the public sector that is explicit, systematic, rigorous, and realistic.

The Handbook of Behavior Change

Martin S. Hagger,Linda D. Cameron,Kyra Hamilton,Nelli Hankonen,Taru Lintunen
The Handbook of Behavior Change Book PDF

Author : Martin S. Hagger,Linda D. Cameron,Kyra Hamilton,Nelli Hankonen,Taru Lintunen
Publisher : Cambridge University Press
Page : 730 pages
File Size : 49,7 Mb
Release : 2020-07-15
Category : Psychology
ISBN : 9781108750110

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The Handbook of Behavior Change by Martin S. Hagger,Linda D. Cameron,Kyra Hamilton,Nelli Hankonen,Taru Lintunen Pdf

Social problems in many domains, including health, education, social relationships, and the workplace, have their origins in human behavior. The documented links between behavior and social problems have compelled governments and organizations to prioritize and mobilize efforts to develop effective, evidence-based means to promote adaptive behavior change. In recognition of this impetus, The Handbook of Behavior Change provides comprehensive coverage of contemporary theory, research, and practice on behavior change. It summarizes current evidence-based approaches to behavior change in chapters authored by leading theorists, researchers, and practitioners from multiple disciplines, including psychology, sociology, behavioral science, economics, philosophy, and implementation science. It is the go-to resource for researchers, students, practitioners, and policy makers looking for current knowledge on behavior change and guidance on how to develop effective interventions to change behavior.

Mixed Signals

Uri Gneezy
Mixed Signals Book PDF

Author : Uri Gneezy
Publisher : Yale University Press
Page : 318 pages
File Size : 50,7 Mb
Release : 2023
Category : Business & Economics
ISBN : 9780300255539

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Mixed Signals by Uri Gneezy Pdf

An informative and entertaining account of how actions send signals that shape behaviors and how to design better incentives for better results in our life, our work, and our world "Getting [an] incentives balance right can be complicated. But Gneezy hopes his book provides insights that help people feel prepared to take on the concept and design better incentives."--Financial Times "If you think you understand how incentives work, think again. A pioneering behavioral economist reveals how we can create reward systems that minimize unintended consequences and maximize happiness, health, wealth, and success."--Adam Grant, Granted (blog) Incentives send powerful signals that aim to influence behavior. But often there is a conflict between what we say and what we do in response to these incentives. The result: mixed signals. Consider the CEO who urges teamwork but designs incentives for individual success, who invites innovation but punishes failure, who emphasizes quality but pays for quantity. Employing real-world scenarios just like this to illustrate this everyday phenomenon, behavioral economist Uri Gneezy explains why incentives often fail and demonstrates how the right incentives can change behavior by aligning with signals for better results. Drawing on behavioral economics, game theory, psychology, and fieldwork, Gneezy outlines how to be incentive smart, designing rewards that are simple and effective. He highlights how the right combination of economic and psychological incentives can encourage people to drive more fuel-efficient cars, be more innovative at work, and even get to the gym. "Incentives send a signal," Gneezy writes, "and your objective is to make sure this signal is aligned with your goals."

Behavioural Economics and Finance

Michelle Baddeley
Behavioural Economics and Finance Book PDF

Author : Michelle Baddeley
Publisher : Routledge
Page : 330 pages
File Size : 43,7 Mb
Release : 2013-05-07
Category : Business & Economics
ISBN : 9781136250095

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Behavioural Economics and Finance by Michelle Baddeley Pdf

Standard models in economics and finance usually assume that people are rational, self-interested maximisers, effectively co-ordinated via the invisible hand of the price mechanism. Whilst these approaches produce tractable, simple models, they cannot fully capture the uncertainties and instabilities that affect everyday choices in today’s complex world. Insights from the other social and behavioural sciences can help to fill the gap and behavioural economics is the subject which brings economics and finance together with psychology, neuroscience and sociology. Behavioural Economics and Finance introduces the reader to some of the key concepts and insights from this rich, inter-disciplinary approach to real-world decision-making.

The Moral Economy

Samuel Bowles
The Moral Economy Book PDF

Author : Samuel Bowles
Publisher : Yale University Press
Page : 200 pages
File Size : 54,5 Mb
Release : 2016-05-28
Category : Business & Economics
ISBN : 9780300221084

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The Moral Economy by Samuel Bowles Pdf

Should the idea of economic man—the amoral and self-interested Homo economicus—determine how we expect people to respond to monetary rewards, punishments, and other incentives? Samuel Bowles answers with a resounding “no.” Policies that follow from this paradigm, he shows, may “crowd out” ethical and generous motives and thus backfire. But incentives per se are not really the culprit. Bowles shows that crowding out occurs when the message conveyed by fines and rewards is that self-interest is expected, that the employer thinks the workforce is lazy, or that the citizen cannot otherwise be trusted to contribute to the public good. Using historical and recent case studies as well as behavioral experiments, Bowles shows how well-designed incentives can crowd in the civic motives on which good governance depends.

Public Finance with Behavioural Agents

Raphaël Lardeux
Public Finance with Behavioural Agents Book PDF

Author : Raphaël Lardeux
Publisher : Cambridge University Press
Page : 141 pages
File Size : 45,9 Mb
Release : 2022-12-31
Category : Business & Economics
ISBN : 9781009034517

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Public Finance with Behavioural Agents by Raphaël Lardeux Pdf

Recent developments in behavioural economics have deeply influenced the way governments design public policies. They give citizens access to online simulators to cope with tax and benefits systems and increasingly rely on nudges to guide individual decisions. The recent surge of interest in Behavioural Public Finance is grounded on the conviction that a better understanding of individual behaviours could improve predictions of tax revenue and help design better-suited incentives to save for retirement, search for a new job, go to school or seek medical attention. Through a presentation of the most recent developments in Behavioural Public Finance, this Element discusses the way Behavioural Economics has improved our understanding of fiscal policies.

How Markets Fail

Cassidy John,John Cassidy
How Markets Fail Book PDF

Author : Cassidy John,John Cassidy
Publisher : Penguin UK
Page : 485 pages
File Size : 41,7 Mb
Release : 2013-01-31
Category : Business & Economics
ISBN : 9780141939421

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How Markets Fail by Cassidy John,John Cassidy Pdf

How did we get to where we are? John Cassidy shows that the roots of our most recent financial failure lie not with individuals, but with an idea - the idea that markets are inherently rational. He gives us the big picture behind the financial headlines, tracing the rise and fall of free market ideology from Adam Smith to Milton Friedman and Alan Greenspan. Full of wit, sense and, above all, a deeper understanding, How Markets Fail argues for the end of 'utopian' economics, and the beginning of a pragmatic, reality-based way of thinking. A very good history of economic thought Economist How Markets Fail offers a brilliant intellectual framework . . . fine work New York Times An essential, grittily intellectual, yet compelling guide to the financial debacle of 2009 Geordie Greig, Evening Standard A powerful argument . . . Cassidy makes a compelling case that a return to hands-off economics would be a disaster BusinessWeek This book is a well constructed, thoughtful and cogent account of how capitalism evolved to its current form Telegraph Books of the Year recommendation John Cassidy ... describe[s] that mix of insight and madness that brought the world's system to its knees FT, Book of the Year recommendation Anyone who enjoys a good read can safely embark on this tour with Cassidy as their guide . . . Like his colleague Malcolm Gladwell [at the New Yorker], Cassidy is able to lead us with beguiling lucidity through unfamiliar territory New Statesman John Cassidy has covered economics and finance at The New Yorker magazine since 1995, writing on topics ranging from Alan Greenspan to the Iraqi oil industry and English journalism. He is also now a Contributing Editor at Portfolio where he writes the monthly Economics column. Two of his articles have been nominated for National Magazine Awards: an essay on Karl Marx, which appeared in October, 1997, and an account of the death of the British weapons scientist David Kelly, which was published in December, 2003. He has previously written for Sunday Times in as well as the New York Post, where he edited the Business section and then served as the deputy editor. In 2002, Cassidy published his first book, Dot.Con. He lives in New York.

The Theory of Incentives

Jean-Jacques Laffont,David Martimort
The Theory of Incentives Book PDF

Author : Jean-Jacques Laffont,David Martimort
Publisher : Princeton University Press
Page : 440 pages
File Size : 50,9 Mb
Release : 2009-12-27
Category : Business & Economics
ISBN : 9781400829453

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The Theory of Incentives by Jean-Jacques Laffont,David Martimort Pdf

Economics has much to do with incentives--not least, incentives to work hard, to produce quality products, to study, to invest, and to save. Although Adam Smith amply confirmed this more than two hundred years ago in his analysis of sharecropping contracts, only in recent decades has a theory begun to emerge to place the topic at the heart of economic thinking. In this book, Jean-Jacques Laffont and David Martimort present the most thorough yet accessible introduction to incentives theory to date. Central to this theory is a simple question as pivotal to modern-day management as it is to economics research: What makes people act in a particular way in an economic or business situation? In seeking an answer, the authors provide the methodological tools to design institutions that can ensure good incentives for economic agents. This book focuses on the principal-agent model, the "simple" situation where a principal, or company, delegates a task to a single agent through a contract--the essence of management and contract theory. How does the owner or manager of a firm align the objectives of its various members to maximize profits? Following a brief historical overview showing how the problem of incentives has come to the fore in the past two centuries, the authors devote the bulk of their work to exploring principal-agent models and various extensions thereof in light of three types of information problems: adverse selection, moral hazard, and non-verifiability. Offering an unprecedented look at a subject vital to industrial organization, labor economics, and behavioral economics, this book is set to become the definitive resource for students, researchers, and others who might find themselves pondering what contracts, and the incentives they embody, are really all about.

The Impact of Financial Incentives on Individual Performance: An Experimental Approach

Steffen Hetzel
The Impact of Financial Incentives on Individual Performance An Experimental Approach Book PDF

Author : Steffen Hetzel
Publisher : GRIN Verlag
Page : 79 pages
File Size : 54,8 Mb
Release : 2011-08-04
Category : Business & Economics
ISBN : 9783640976904

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The Impact of Financial Incentives on Individual Performance: An Experimental Approach by Steffen Hetzel Pdf

Diploma Thesis from the year 2010 in the subject Economics - Job market economics, grade: 1,3, University of Mannheim, language: English, abstract: The thesis on hand is dealing with the impact of financial incentives on individual performance. For this, the perception of an experimental approach has been chosen. The target of the thesis is the development of the blueprint of an experiment to provide further research input on the effectiveness of financial incentives. To do so, the theoretical background for studying this problem is introduced by investigating the psychological and economical approaches to analyze the topic. Additionally, empirical and experimental studies dealing with this issue are presented. Based on those findings, the structure of an experiment to be carried out at university with students is developed and objectives, design and supplementary requirements for conducting this are discussed. Subsequent, suggestions for the analysis, reporting and possibly occurring challenges throughout the process of implementation are illustrated. The design of the experiment is giving a verification of before detected findings of a non-linear correlation between incentives and performance. In contrary to standard economic models, the relation is not predicted to be monotonic, but S-shaped. For this perspective, not only performance on varying incentive levels is analyzed, but also performance if payments are absent. Furthermore, the influence of publishing the course of incentive levels in the beginning of the experiment, in comparison to a task-to-task announcement is investigated. An evaluation of this relation is undertaken by studying the impact of financial incentives on performance of three observation groups through two different exercises with varying incentive levels during a real-effort experiment.

Social Incentives

Joseph Veroff,Joanne B. Veroff
Social Incentives Book PDF

Author : Joseph Veroff,Joanne B. Veroff
Publisher : Elsevier
Page : 326 pages
File Size : 55,8 Mb
Release : 2013-10-22
Category : Psychology
ISBN : 9781483264745

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Social Incentives by Joseph Veroff,Joanne B. Veroff Pdf

Social Incentives: A Life-Span Developmental Approach presents a developmental perspective about universal social goals, one that provides an examination of human motivation over the life span. The book aims to discover the kind of goals people display in their interactions with one another, how to understand them, how are they acquired, and how do they help in understanding human social behavior. Discussions on the theory of social incentives from the point of view of developmental psychology; social motivations during the different stages of life; and the socialization process based on a life-span developmental model of social motivation brings us closer to understanding the topic. Social and developmental psychologists, motivational experts, and clinicians will find the text invaluable.

Incentives

Donald E. Campbell
Incentives Book PDF

Author : Donald E. Campbell
Publisher : Cambridge University Press
Page : 699 pages
File Size : 54,6 Mb
Release : 2018-02-22
Category : Business & Economics
ISBN : 9781107035249

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Incentives by Donald E. Campbell Pdf

This book examines incentives at work to see how and how well coordination is achieved by motivating individual decision makers.

Behavioral Economics and Healthy Behaviors

Yaniv Hanoch,Andrew Barnes,Thomas Rice
Behavioral Economics and Healthy Behaviors Book PDF

Author : Yaniv Hanoch,Andrew Barnes,Thomas Rice
Publisher : Routledge
Page : 241 pages
File Size : 44,8 Mb
Release : 2017-05-18
Category : Psychology
ISBN : 9781317269519

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Behavioral Economics and Healthy Behaviors by Yaniv Hanoch,Andrew Barnes,Thomas Rice Pdf

The field of behavioural economics can tell us a great deal about cognitive bias and unconscious decision-making, challenging the orthodox economic model whereby consumers make rational and informed choices. But it is in the arena of health that it perhaps offers individuals and governments the most value. In this important new book, the most pernicious health issues we face today are examined through a behavioral economic lens. It provides an essential and timely overview of how this growing field of study can reframe and offer solutions to some of the biggest health issues of our age. The book opens with an overview of the core theoretical concepts, after which each chapter assesses how behavioral economic research and practice can inform public policy across a range of health issues. Including chapters on tobacco, alcohol and drug use, physical activity, dietary intake, cancer screening and sexual health, the book integrates the key insights from the field to both developed and developing nations. Also asking important ethical questions around paternalism and informed choice, this book will be essential reading for students and researchers across psychology, economics and business and management, as well as public health professionals wishing for a concise overview of the role behavioral economics can potentially play in allowing people to live healthier lives.

Advances in Behavioral Economics

Colin F. Camerer,George Loewenstein,Matthew Rabin
Advances in Behavioral Economics Book PDF

Author : Colin F. Camerer,George Loewenstein,Matthew Rabin
Publisher : Princeton University Press
Page : 769 pages
File Size : 49,8 Mb
Release : 2011-12-12
Category : Business & Economics
ISBN : 9781400829118

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Advances in Behavioral Economics by Colin F. Camerer,George Loewenstein,Matthew Rabin Pdf

Twenty years ago, behavioral economics did not exist as a field. Most economists were deeply skeptical--even antagonistic--toward the idea of importing insights from psychology into their field. Today, behavioral economics has become virtually mainstream. It is well represented in prominent journals and top economics departments, and behavioral economists, including several contributors to this volume, have garnered some of the most prestigious awards in the profession. This book assembles the most important papers on behavioral economics published since around 1990. Among the 25 articles are many that update and extend earlier foundational contributions, as well as cutting-edge papers that break new theoretical and empirical ground. Advances in Behavioral Economics will serve as the definitive one-volume resource for those who want to familiarize themselves with the new field or keep up-to-date with the latest developments. It will not only be a core text for students, but will be consulted widely by professional economists, as well as psychologists and social scientists with an interest in how behavioral insights are being applied in economics. The articles, which follow Colin Camerer and George Loewenstein's introduction, are by the editors, George A. Akerlof, Linda Babcock, Shlomo Benartzi, Vincent P. Crawford, Peter Diamond, Ernst Fehr, Robert H. Frank, Shane Frederick, Simon Gächter, David Genesove, Itzhak Gilboa, Uri Gneezy, Robert M. Hutchens, Daniel Kahneman, Jack L. Knetsch, David Laibson, Christopher Mayer, Terrance Odean, Ted O'Donoghue, Aldo Rustichini, David Schmeidler, Klaus M. Schmidt, Eldar Shafir, Hersh M. Shefrin, Chris Starmer, Richard H. Thaler, Amos Tversky, and Janet L. Yellen.