Behavioral Economics. Lernzusammenfassung

Résumé , 2014 , 41 Pages

Sociologie - Divers

Zusammenfassung der Mastervorlesung Behavioral Economics (Verhaltensökonomik) mit den Schwerpunkten: Behavioral Decision Theory, Behavioral Game Theory, Social Preferences.

Inhaltsverzeichnis

• Behavioral Decision Theory
• Expected Utility Theory
• Axioms of Expected Utility Theory
• Classical Anomalies
• Value formation
• Menu effects -> violates generally the invariance assumption (relevant marketing practice).
• Status Quo and endowment effect: nur für greifbare Dinge........
• Preferences reversals.
• Probability judgment
• Representativeness heuristic......
• Availability and anchoring heuristic:......
• Self-evaluation bias (egocentric bias)
• Prospect Theory
• General principles.
• Loss Aversion.........
• Shape of the utility (value) function
• Decision weighting..
• Mental Accounting........
• Intertemporal Choice and sustainable decisions
• The Discounted utility model (DUM)
• Assumptions and features of the Discounted utility model:
• Some anomalies in the Discounted Utility Model (DUM).....
• Alternative intertemporal choice models .....
• Time inconsistent preferences (bspw. Wecker auf 8e stellen, um 8e dann nicht aufstehen)
• Hyperbolic discounting.
• Behavioral Game Theory
• Nature of (Behavioral) Game Theory.
• Equilibrium concepts …………
• Bargaining
• Iterated dominance games
• Models of bounded rationality (limited cognitive capacity).
• Level-k-Model
• Cognitive Hierarchy Model
• Signaling.
• Learning.....
• Social preferences...
• Empirical evidence.
• Factors affecting social preferences
• Modeling social preferences.
• Inequality aversion models.
• The inequality aversion model of Fehr & Schmidt, FS-Model
• The ERC-Model of Bolton & Ockenfels
• Zusammenfassung Behavorial Economics
• Literaturverzeichnis

Zielsetzung und Themenschwerpunkte

This text aims to provide a comprehensive overview of behavioral economics, a field that combines insights from psychology and economics to understand how people make decisions in real-world situations. It explores how individuals deviate from the assumptions of traditional economic models, particularly in areas like decision-making under risk, intertemporal choice, and social preferences.

• Expected Utility Theory and its limitations
• Prospect Theory and its implications for risk aversion
• Intertemporal choice and the Discounted Utility Model
• Behavioral Game Theory and its applications
• Social preferences and their impact on economic behavior

Zusammenfassung der Kapitel

The first chapter delves into the foundations of behavioral decision theory, introducing the concept of expected utility theory and its axioms. It then explores classical anomalies like the Allais Paradox and the Ellsberg Paradox, which challenge the assumptions of expected utility theory. The chapter concludes with a discussion of prospect theory, a more realistic model of decision-making under risk that incorporates loss aversion and the shape of the utility function.

The second chapter examines intertemporal choice, focusing on the discounted utility model (DUM) and its assumptions. It highlights anomalies in the DUM, such as time inconsistent preferences and hyperbolic discounting, and explores alternative models that better capture human behavior in intertemporal decision-making.

The third chapter introduces behavioral game theory, exploring the nature of game theory and its equilibrium concepts. It delves into bargaining, iterated dominance games, and models of bounded rationality, including the Level-k-Model and the Cognitive Hierarchy Model. The chapter also discusses signaling and learning in game theory.

The fourth chapter focuses on social preferences, examining empirical evidence for altruism, fairness, and reciprocity. It explores factors that affect social preferences and presents models for capturing these preferences, including the inequality aversion models of Fehr & Schmidt and Bolton & Ockenfels.

Schlüsselwörter

The keywords and focus themes of the text include behavioral decision theory, expected utility theory, prospect theory, loss aversion, intertemporal choice, discounted utility model, hyperbolic discounting, behavioral game theory, equilibrium concepts, bounded rationality, social preferences, altruism, fairness, reciprocity, and inequality aversion.

• Université: University of Ulm (Institut für Wirtschaftswissenschaften)
• Cours: Behavioral Economics / Verhaltensökonomik
• Auteur: Marcus Kreysch (Auteur)
• Année de publication: 2014
• Pages: 41
• N° de catalogue: V278066
• ISBN (ebook): 9783656715368
• ISBN (Livre): 9783656715344
• Langue: anglais
• mots-clé: Decision Theory, Game Theory, Prospect Theory, Social Preferences, Theory, Bolton, Ockenfels, ERC-Model