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13 Apr 2012
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£26.99
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9780230304543
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DescriptionReviewsContentsAuthors

A Course in Behavioral Economics is a concise and reader-friendly introduction to one of the most influential areas of economics today. Covering all core areas of the subject, the book requires no advanced mathematics and is full of examples, exercises, and problems drawn from the fields of economics, management, marketing, political science, and public policy, among others. It is an ideal first textbook for students coming to behavioral economics from a wide range of disciplines, and would also appeal to the general reader looking for a thorough and readable introduction to the subject.

Available to lecturers: access to an Instructor's Manual at www.palgrave.com/economics/angner, containing sample syllabi, an instructor guide, sample handouts and examinations, and PowerPoint slides.


Description

A Course in Behavioral Economics is a concise and reader-friendly introduction to one of the most influential areas of economics today. Covering all core areas of the subject, the book requires no advanced mathematics and is full of examples, exercises, and problems drawn from the fields of economics, management, marketing, political science, and public policy, among others. It is an ideal first textbook for students coming to behavioral economics from a wide range of disciplines, and would also appeal to the general reader looking for a thorough and readable introduction to the subject.

Available to lecturers: access to an Instructor's Manual at www.palgrave.com/economics/angner, containing sample syllabi, an instructor guide, sample handouts and examinations, and PowerPoint slides.


Reviews

"Written with great gusto and striking an elegant balance between forest and trees, Angner's Course in Behavioral Economics is one of those rare textbooks that students pick up for fun. What more can you want?" Peter D. van der Meer, School of Economics, Utrecht University, The Netherlands 

'''A course in Behavioral Economics' guides the reader to develop their own understanding of behavioral economics through contrasting it against the foundations of neoclassical theory. The textbook will appeal to all: the instructor will appreciate the cohesion and brevity of explanations, the critical reader will be rewarded by the thought-provoking exercises embedded into the text, the interested researcher will be delighted to find the 'Further reading' section – a significant upgrade from the traditional reference list.'' Natalia V. Czap, Department of Social Sciences, University of Michigan-Dearborn, USA 
 
"The author did an excellent job by writing a highly-needed comprehensive textbook on behavioral economics that can very well be used for teaching undergraduates. The book covers individual decision-making as well as strategic decision-making, is well-structured, and contains many exercises." Kirsten I.M. Rohde, Erasmus School of Economics, Erasmus University Rotterdam, The Netherlands 
 
"Angner has done an outstanding job of introducing the field of behavioral economics with this very well-written and extremely fun-to-read book. With its compare-and-contrast approach, this book will appeal not only to students interested in exploring behavioral economics, but also to the devout followers of mainstream economics." Elif Incekara-Hafalir, Tepper School of Business, Carnegie Mellon University, USA
 
"One of the very first textbooks on behavioral economics! An excellent introduction that is accessible to economics and non-economics undergraduates alike. Covers all major topics in this increasingly influential field." Dan Benjamin, Economics Department, Cornell University, USA
 
''This is a superb introduction to behavioral economics. Angner skillfully balances rigor, accessibility and humor to produce a book that is as enjoyable to teach from as it is to read.'' Jonathan Lafky, Economics Department, Lafayette College, USA
 
'Erik Angner has provided the ideal textbook for an introductory course in behavioral economics. It is comprehensive, rigourous, and accessible. It is rich with examples and exercises and it conveys the essence of behavioral economics by contrasting it with standard economic theory. This book makes behavioral economics more easy to teach and more fun to learn.' Jan Potters, Department of Economics, Tilburg University, The Netherlands 
 
"Erik Angner's textbook is both exact and entertaining. Not compromising on properly introducing mainstream decision theory, the author demonstrates how certain behavioral regularities pose a serious challenge to it. Importantly, the reader is left with a good basis for solving their own behavioral puzzles rather than merely with a collection offered by the author. The text is suitable both as a starting point for a behaviorally-minded microeconomics course, as well as an introduction into the field of behavioral economics." Jana Vyrastekova, Economics Department, Nijmegen School of Management, University of Nijmegen, The Netherlands 
 
"This is an excellent introductory textbook that fills an important niche. It discusses the history and methodology of behavioral economics and covers the most important research topics in an engaging way. To illustrate challenging concepts and ideas, the text includes intuitive examples ranging from the importance of your wingman's attractiveness through reasons for becoming a drug addict or curiosity about your colleague's salary. In the preface, Erik Angner writes: '[This is] the book I wish I had had as a student and the book that I want to use as a teacher.' I could not agree more!" Maroš Servátka, New Zealand Experimental Economics Laboratory, Department of Economics and Finance, University of Canterbury, New Zealand




Contents

Preface
INTRODUCTION
1 Introduction
1.1 What is this book?
1.2 The origins of behavioral economics
1.3 Methods
1.4 Looking ahead
I CHOICE UNDER CERTAINTY
2 Rational Choice Under Certainty
2.1 Introduction
2.2 Preferences
2.3 Rational preferences
Box: Logical symbols
2.4 Indifference and strict preference
Box: How to do proofs
2.5 Preference orderings
2.6 Choice under certainty
2.7 Utility
Box: A final word about proofs
2.8 Discussion
3 Decision-making Under Certainty
3.1 Introduction
3.2 Opportunity costs
3.3 Sunk costs
3.4 Menu dependence and the decoy effect
3.5 Loss aversion and the endowment effect 
3.6 Anchoring and adjustment
3.7 Discussion
II JUDGMENT UNDER RISK AND UNCERTAINTY
4 Probability Judgment
4.1 Introduction
4.2 Fundamentals of probability theory
4.3 Unconditional probability
Box: Odds
4.4 Conditional probability
4.5 Total probability and Bayes's rule
4.6 Bayesian updating
4.7 Discussion
5 Judgment Under Risk and Uncertainty
5.1 Introduction
5.2 The gambler's fallacy
5.3 Conjunction and disjunction fallacies
5.4 Base-rate neglect
5.5 Confirmation bias
5.6 Availability
5.7 Discussion
III CHOICE UNDER RISK AND UNCERTAINTY
6 Rational Choice Under Risk and Uncertainty
6.1 Introduction
6.2 Uncertainty
6.3 Expected value
6.4 Expected utility
6.5 Attitudes toward risk
6.6 Discussion
7 Decision-Making under Risk and Uncertainty
7.1 Introduction
7.2 Framing effects in decision-making under risk
7.3 Bundling and mental accounting
7.4 The Allais problem and the sure-thing principle
7.5 The Ellsberg problem and ambiguity aversion 
7.6 Probability weighting
7.7 Discussion
IV INTERTEMPORAL CHOICE
8 The Discounted Utility Model
8.1 Introduction
8.2 Interest rates
8.3 Exponential discounting
Box: Discount rates
8.4 Discussion
9 Intertemporal Choice
9.1 Introduction
9.2 Hyperbolic discounting
9.3 Choosing not to choose
9.4 Preferences over profiles
9.5 Discussion
V STRATEGIC INTERACTION
10 Analytical Game Theory
10.1 Introduction
10.2 Nash equilibrium in pure strategies
10.3 Nash equilibrium in mixed strategies
10.4 Equilibrium refinements
10.5 Discussion
11 Behavioral Game Theory
11.1 Introduction
11.2 Social preferences: altruism, envy, fairness, and justice
11.3 Intentions, reciprocity, and trust
11.4 Limited strategic thinking
11.5 Discussion
VI CONCLUDING REMARKS
12 General Discussion
12.1 Introduction
12.2 Behavioral welfare economics
12.3 Assessing behavioral economics
12.4 Conclusion
Answer Key
Bibliography
Index


Authors

Erik Angner is Associate Professor of Philosophy, Economics, and Public Policy at George Mason University, USA. He is a Fellow of the Institute for Philosophy and Public Policy and has affiliate appointments in the Department of Economics and in the School of Public Policy. As a result of serious mission creep, he holds two PhDs – one in Economics and one in History and Philosophy of Science – both from the University of Pittsburgh. He is the author of multiple journal articles and book chapters on behavioral and experimental economics, the economics of happiness, and the history, philosophy, and methodology of contemporary economics.