Behavioral econometrics for psychologists
Copyright policy )Behavioral econometrics for psychologists
We make the case that psychologists should make wider use of structural econometricmethods. These methods involve the development of maximum likelihood estimatesof models, where the likelihood function is tailored to the structural model.In recent years these models have been developed for a wide range of behavioralmodels of choice under uncertainty. We explain the components of thismethodology, and illustrate with applications to major models from psychology. The goal is to build, and traverse, a constructive bridge between themodeling insights of psychology and the statistical tools of economists.
We make the case that psychologists should make wider use of structural econometricmethods. These methods involve the development of maximum likelihood estimatesof models, where the likelihood function is tailored to the structural model.In recent years these models have been developed for a wide range of behavioralmodels of choice under uncertainty. We explain the components of thismethodology, and illustrate with applications to major models from psychology. The goal is to build, and traverse, a constructive bridge between themodeling insights of psychology and the statistical tools of economists.
- University of South Carolina Lancaster United States
- Copenhagen Business School Denmark
- J. Mack Robinson College of Business United States
- Durham University United Kingdom
- University of Central Florida United States
HERTWIG 2006, Economics, ALLAIS, behavioral models, DECISION-MAKING, psychology, PROBABILITY WEIGHTING FUNCTION, RISK-AVERSION, Risk preferences, CUMULATIVE PROSPECT-THEORY, Psychology, UTILITY-THEORY, Econometrics, econometrcis, MODEL SELECTION, Multidisciplinary, psychology; econometrcis; behavioral models;, ddc:330, YORK-CITY CABDRIVERS, PARADOX, Behavioral economics, EXPECTED, na, D03, Decision making, NON-NESTED HYPOTHESES, C01, jel: jel:C01, jel: jel:D03
HERTWIG 2006, Economics, ALLAIS, behavioral models, DECISION-MAKING, psychology, PROBABILITY WEIGHTING FUNCTION, RISK-AVERSION, Risk preferences, CUMULATIVE PROSPECT-THEORY, Psychology, UTILITY-THEORY, Econometrics, econometrcis, MODEL SELECTION, Multidisciplinary, psychology; econometrcis; behavioral models;, ddc:330, YORK-CITY CABDRIVERS, PARADOX, Behavioral economics, EXPECTED, na, D03, Decision making, NON-NESTED HYPOTHESES, C01, jel: jel:C01, jel: jel:D03
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