Skip to main content

Research Repository

Advanced Search

Behavioral Econometrics for Psychologists

Andersen, S.; Harrison, G.W.; Lau, M.I.; Rutström, E.E.

Authors

S. Andersen

G.W. Harrison

E.E. Rutström



Abstract

We make the case that psychologists should make wider use of econometric methods for the estimation of structural models. These methods involve the development of maximum likelihood estimates of models, where the likelihood function is tailored to the structural model. In recent years these models have been developed for a wide range of behavioral models of choice under uncertainty. We explain the components of this methodology, and illustrate with applications to major models from psychology. The goal is to build, and traverse, a constructive bridge between the modeling insights of psychology and the statistical tools of economists.

Citation

Andersen, S., Harrison, G., Lau, M., & Rutström, E. (2010). Behavioral Econometrics for Psychologists. Journal of Economic Psychology, 31(4), 553-576. https://doi.org/10.1016/j.joep.2010.03.017

Journal Article Type Article
Publication Date Aug 1, 2010
Deposit Date Oct 25, 2010
Journal Journal of Economic Psychology
Print ISSN 0167-4870
Publisher Elsevier
Peer Reviewed Peer Reviewed
Volume 31
Issue 4
Pages 553-576
DOI https://doi.org/10.1016/j.joep.2010.03.017
Keywords Econometrics, Behavioral economics, Decision making, Risk preferences.
Public URL https://durham-repository.worktribe.com/output/1538026