14.13 Economics and Psychology, Spring 2004

This course integrates psychological insights into economic models of behavior. It discusses the limitations of standard economic models and surveys the ways in which psychological experiments have been used to learn about preferences, cognition, and behavior. Topics include: trust, vengeance, fairn...

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Bibliographic Details
Main Author: Gabaix, Xavier
Other Authors: Massachusetts Institute of Technology. Department of Economics
Format: Learning Object
Language:en-US
Published: 2021
Subjects:
Online Access:https://hdl.handle.net/1721.1/136760
Description
Summary:This course integrates psychological insights into economic models of behavior. It discusses the limitations of standard economic models and surveys the ways in which psychological experiments have been used to learn about preferences, cognition, and behavior. Topics include: trust, vengeance, fairness, impatience, impulsivity, bounded rationality, learning, reinforcement, classical conditioning, loss-aversion, over-confidence, self-serving biases, cognitive dissonance, altruism, subjective well-being, and hedonic adaptation. Economic concepts such as equilibrium, rational choice, utility maximization, Bayesian beliefs, game theory, and behavior under uncertainty are discussed in light of these phenomena.