Thursday, November 2018
Pietro Ortoleva, “Econographics”
Decades of research in economics and psychology has identified a large number of behavioral regularities—specific patterns of behavior present in the choices of a large fraction of decision makers, such as the endowment effect, ambiguity aversion, or altruism—that run counter to the standard rational model of economic decision-making. However, these regularities are often studied in isolation, and their theoretical or empirical relationship is rarely discussed. In this paper, we study the pattern of correlations across a large number of behavioral…
Find out more »Tom Griffiths, “Resource-rational models of decision-making”
Anybody trying to understand human decision-making faces a challenge: the two dominant perspectives on how human minds work are fundamentally at odds with one another. The classic approach of assuming that people are rational agents has the advantage of making it possible to derive generalizable models for any new circumstance, but has been shown to give a poor characterization of actual human behavior. By contrast, the “heuristics and biases” perspective that has replaced it provides explanations for the ways in…
Find out more »Monday, December 2018
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