Behavioral Economist

Behavioral Economist

A theorist who attempts to explain economic participants' decisions as those of rational actors looking out for their self-interest given the sometimes inefficient nature of the market. Tracing its origins to Adam Smith's The Theory of Moral Sentiments, one of behavioral economists' primary observations holds that investors and people in general make decisions on imprecise impressions and beliefs rather than rational analysis. A second observation states that the way a question or problem is framed to an investor will influence the decision he/she ultimately makes. These two observations largely explain market inefficiencies; that is, behavioral economists hold that markets are sometimes inefficient because people are not mathematical equations. Behavioral economics stands in stark contrast to the efficient markets theory. See also: Naive diversification, Formula plan, Subjective probabilities.
Mentioned in ?
References in periodicals archive ?
Richard Thaler, a distinguished behavioral economist at the University of Chicago, has taken the profession to task for ignoring real-world behavior in favor of models that assume people are rational optimizers.
The app was inspired by Edmunds' conversations with Dan Ariely, acclaimed behavioral economist at Duke University, TED speaker and author of The (Honest) Truth About Dishonesty , Predictably Irrational , The Upside of Irrationality and a Q&A column for the Wall Street Journal.
Behavioral economist George Loewenstein, who teaches at Carnegie Mellon University, said people judge things in relative terms.
Dan Ariely, behavioral economist, has based his career on figuring out the answers to these questions, and in his bestselling book Predictably Irrational (re-released in expanded form in May 2009), he describes many unorthodox and often downright odd experiments used in the quest to answer this question.
I'm not a behavioral economist, but the value added here seems to fall squarely on Starbucks, which now boast augmented customer service by offering a sample of The New York Times, widely recognized as one of the best newspapers in the world.
Adam Smith, Behavioral Economist," The Journal of Economic Perspectives.
Had I understood this as emblematic of centric behavior rather than eccentric behavior, I might have become a behavioral economist.
Dan Ariely is part behavioral economist, part psychologist.
Records from the life-or-death situations on board the two ships provide a natural experiment that could never be done in a lab, comments behavioral economist Colin Camerer of Caltech.
To create successful incentives, a policy needs to specifically target the people whose behaviour it's trying to change, the report quoted Yale behavioral economist Dean Karlan as saying.
CREATE YOUR OWN ECONOMY: THE PATH TO PROSPERITY IN A DISORDERED WORLD comes from a behavioral economist and commentator who shows how our networked world is changing--and how to tap into its new structures.
According to Lehrer, in addition to documenting how bidders at auctions operate, Thaler--a behavioral economist at the University of Chicago--examines other anomalies, such as the stock market's seasonal fluctuations (nearly one-third of annual returns occur in January) and the surprising unselfishness of people playing economic games.

Full browser ?