Edward Glaeser__Psychology and the Market

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2004-10-27 00:54:00 上传

Edward Glaeser__Psychology and the Market

Psychology and the Market

---- Abstract -----

Prospect theory, loss aversion, mental accounts, hyperbolic discounting, cues, and the endowment effect can all be seen as examples of situationalism -- the view that people isolate decisions and overweight immediate aspects of the situation relative to longer term concerns. But outside of the laboratory, emotionally-powerful situational factors -- frames, social influence, mental accounts -- are almost always endogenous and often the result of self-interested entrepreneurs. As such, laboratory work and, indeed, psychology more generally, gives us little guidance as to market outcomes. Economics provides a stronger basis for understanding the supply of emotionally-relevant situational variables. Paradoxically situationalism actually increases the relative importance of economics.

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关键词：Psychology Glaeser psycho Edward market market Psychology Edward Glaeser

For a critique of behavioral economics, see Edward Glaeser, "Psychology and the Market," AER, May, 2004, 408-13. This is an attack on Kahneman whose Nobel lecture summarizes his findings--"Maps of Bounded Rationality: Psychology for Behavioral Economics," AER, Dec, 2003, 1449-75. I never thought Kahneman believed that a critique of the rational choice model was an argument for government and paternalism, but Glaeser seems to think so. Mullainathan and Thaler's paper "Behavioral Economics" anticipates Glaeser's critique. Perhaps the emphasis in Kahneman's experimental research on mistaken estimates of objectivly knowable numbers misses the point that different frames produce different choices where there is no prior truth. There is no such thing as my true preferences that different frames may distort. All my preferences have some frame and evolve as I learn. What do you think?

______ Allan Schmid

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