S. Andersen
Behavioral Econometrics for Psychologists
Andersen, S.; Harrison, G.W.; Lau, M.I.; Rutström, E.E.
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 |
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