Title
Behavioral Econometrics For Psychologists
Keywords
Behavioral economics; Decision making; Econometrics; Risk preferences
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. © 2010 Elsevier B.V.
Publication Date
8-1-2010
Publication Title
Journal of Economic Psychology
Volume
31
Issue
4
Number of Pages
553-576
Document Type
Article
Personal Identifier
scopus
DOI Link
https://doi.org/10.1016/j.joep.2010.03.017
Copyright Status
Unknown
Socpus ID
77955058725 (Scopus)
Source API URL
https://api.elsevier.com/content/abstract/scopus_id/77955058725
STARS Citation
Andersen, Steffen; Harrison, Glenn W.; Lau, Morten Igel; and Rutström, Elisabet E., "Behavioral Econometrics For Psychologists" (2010). Scopus Export 2010-2014. 743.
https://stars.library.ucf.edu/scopus2010/743