Links for the Week of May 20, 2017

Must-Attend: But, alas!, I will not—I have to miss it. It is really a shame...

Berkeley Behaviorial Economics Initiative: Celebration of 30 Years of Behavioral Economics at Berkeley: May 20, 2017 :: Wells Fargo Room at U.C. Berkeley:

  • 12:00 noon: Lunch On Site in Haas Courtyard, with Gelato on the cone from Caravaggio Gelato
  • 1:00 PM: Introduction: Carla Hesse (Dean of Social Sciences, Berkeley)
  • 1:10 PM: Behavioral Economics On the Field: Farhan Zaidi (General Manager, LA Dodgers), introduced by Stefano DellaVigna (Co-Director of Behavioral Initiative)
  • 2:00 PM: Back to 1987: Some Ideas for the Future: George Akerlof and Daniel Kahneman (Instructors of 1987 PhD Class in Berkeley on “Psychology and Economics”)
  • 3:00 PM: Becoming Behavioral Economists at Berkeley: Saurabh Bhargava (CMU), Zack Grossman (UCSB), Devin Pope (University of Chicago), Gautam Rao (Harvard), Paige Skiba (Vanderbilt), Justin Sydnor (University of Wisconsin)
  • 3:30 PM: Coffee Break
  • 4:00 PM: Roundtable on Behavioral Economics in Berkeley: The Past and the Next 30 Years Matthew Rabin (Harvard). “Behavioral Models for the Future”
  • 4:20 PM: Roundtable: Five-Minute Takes: “Witnessing the Rise”: Daniel McFadden (Berkeley), Hal Varian (Berkeley and Google); “Training in Behavioral in the Early Years”: Gary Charness (UCSB), Ted O’Donoghue (Cornell), Terry Odean (Berkeley); “Behavioral Faculty at Berkeley”: Shachar Kariv (Berkeley), Botond Koszegi (CEU)
  • 5:00 PM: Round Table: Open Discussion
  • 5:35 PM: Closing Reflections: Rich Lyons (Dean of Berkeley Haas)

Economics 296 and Psychology 290Q :: Spring 1987

University of California :: Professors Akerlof and Kahneman :: Departments of Economics and Psychology

1. Violations of Assumptions of Economic Theory

  • W. Bazerman: JUDGMENT IN MANAGERIAL DECISION-MAKING (Wiley, 1986), chs. 1-3, pp. 1-66.

2. Situations in Which Violations Make No Difference

  • M. Miller and F. Modigliania: The Cost of Capital, Corporation Finance, and the Theory of Investment: AMERICAN ECONOMIC REVIEW (June 1958), pp. 261-97.
  • G. Becker: THE ECONOMICS OF DISCRIMINATION, Introduction, chs. 1-3, pp. 1-54.
  • R. Nisbett and L. Ross: HUMAN INFERENCE: STRATEGIES AND SHORTCOMINGS OF SOCIAL JUDGMENT, chs 11.

3. Models Where Violations of Assumptions Make a Difference

  • S. Salop and J. Stiglitz: Bargains and Ripoffs: A Model of Monopolistically Competitive Price Dispersion: REVIEW OF ECONOMIC STUDIES (1977) pp. 493-510.
  • G. Akerlof and W. Dickens: The Economic Consequence of Cognitive Dissonance: AMERICAN ECONOMIC REVIEW 72 (June 1982), pp. 307-19.
  • J. Haltiwanger and M. Waldman: Rational Expectations and the Limits of Rationality: An Analysis of Heterogeneity: AMERICAN ECONOMIC REVIEW (June 1985), pp. 326-40.
  • T. Russell and R. Thaler: The Relevance of Quasi-Rationality in Competitive Markets: AMERICAN ECONOMIC REVIEW (December 1985), pp. 1071-82.

4. Near Rationality Theory

  • G. Akerlof and J. Yellen: A Near Rational Model of the Business Cycle with Wage and Price Inertia: AMERICAN ECONOMIC REVIEW
  • G. Akerlof and J. Yellen: Can Small Deviations from Rationality Make Significant Differences to Economic Equilibrium?: QUARTERLY JOURNAL OF ECONOMICS (September 1985), pp. 708-820.
  • G. Akerlof and J. Yellen: A Dynamic Envelope Theorem (1986).

5. Detailed Discussion of Assumptions

  • Bazerman, chs. 6-9, pp. 67-169.
  • A. Tversky and D. Kahneman: Rational Choice and the Framing of Decision: JOURNAL OF BUSINESS (October 1986), pt. 2,= pp. S251-76.
  • D. Kahneman and A. Tversky: Prospect Theory: An Analysis of Decision Under Risk: ECONOMETRICA (March 1979), pp. 263-91.
  • H. Arkes and C. Blumer: The Psychology of Sunk Cost: ORGANIZATIONAL BEHAVIOR AND HUMAN DECISION (1985), pp, 124-40.
  • R. Thaler: Toward a Positive Theory of Consumer Choice: JOURNAL OF ECONOMIC BEHAVIOR AND ORGANIZATION (March 1980), pp. 39-60.
  • E. Hoffman and M. Spitzer: The Coase Theorem: Some Experimental Tests: JOURNAL OF LAW AN ECONOMICS (1982), pp. 73-98.
  • D. Kahneman, J. Knetsch, and R. Thaler: Fairness and the Assumptions of Economics: JOURNAL OF BUSINESS (October 1986), pt. 2 pp. S285-300.
  • J. Knetsch and Sinden: Willingness to Pay and Compensation Demanded: QUARTERLY JOURNAL OF ECONOMICS (August 1984), pp. 507-21.
  • J. Kagel and D. Levin: The Winner's Curse and Public Information in Common Value Auctions: AMERICAN ECONOMIC REVIEW (December 1986), pp. 894-921.
  • R. Bishop and T. Heberlein: Measuring Values of Extra-Market Goods: Are Indirect Measures Biased?: AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS (1979), pp. 926-30.
  • B. McNeil, S. Parker, H.. Sox, and A. Tversky: On the Elicitation of Preferences for Alternative Therapies: NEW ENGLAND JOURNAL OF MEDICINE no. 306 (1982), pp 1259-62.

6. Applications to Markets

  • R. Frank: Are Workers Paid Their Marginal Products?: AMERICAN ECONOMIC REVIEW (September 1984), pp. 549-71.
  • D Kahneman, J. Knetsh, and R. Thaler: Fairness as a Constraint on Profit Seeking: Entitlements in the Market: AMERICAN ECONOMIC REVIEW (September 1986), pp. 728-41.
  • G. Akerlof: Labor Contracts as Partial Gift Exchange: QUARTERLY JOURNAL OF ECONOMICS (November 1982), pp. 543-69.
  • M. Weitzman: The Simple Macroeconomics of Profit Sharing: AMERICAN ECONOMIC REVIEW (December 1985), pp. 937-53.
  • R. Shiller: Stock Prices and Social Dynamics: BROOKINGS PAPERS ON ECONOMIC ACTIVITY 1984:2 (1984), pp. 457-510.
  • W. De Bondt and R. Thaler: Does the Stock Market Overreact?: JOURNAL OF FINANCE (July 1985), pp. 793-808.
  • K. Arrow: Risk Perception in Psychology and Economics: ECONOMIC ENQUIRY (1982), pp. 1-9.

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