This essay illustrates that if Savage's small world assumption is relaxed, one can construct a theory of bounded rationality that incorporates some of the insights from recent work in cognitive psychology. The theory can be used to explain why contracts are incomplete and the existence of endowment effects in exchange. /// Décision, contrat et émotion: une économique pour un monde complexe et confus. Ce mémoire...

We investigate a novel dynamic choice problem in an experiment where emotions are measured through self‐reports. The choice problem concerns the investment of an amount of money in a safe option and a risky option when there is a ‘global risk’ of losing all earnings, from both options, including any return from the risky option. Our key finding is that global risk can reduce the...

  초록 없음    Lewin, S. B. (1996). Economics and psychology: Lessons for our own day from the early twentieth century. Journal of Economic Literature, 34(3), 1293-1323.  https://www.jstor.org/stable/2729503  

 In this column, we discuss a version of the utility maximization hypothesis that can be tested—and we find that it is false. We review empirical challenges to utility maximization, which return to the old question of whether preferences optimize the experience of outcomes. Much of this work has focused on a necessary condition for utility-maximizing choices: an ability of economic agents to make accurate, or...

Reigning measures of psychological well-being have little theoretical grounding, despite an extensive literature on the contours of positive functioning. Aspects of well-being derived from this literature (i.e., self-acceptance, positive relations with others, autonomy, environmental mastery, purpose in life, and personal growth) were operationalized. Three hundred and twenty-one men and women, divided among young, middle-aged, and older adults, rated themselves on these measures along with six...

초록 없음 Bjørnskov, C. (2003). The happy few: Cross–country evidence on social capital and life satisfaction. Kyklos, 56(1), 3-16. https://doi.org/10.1111/1467-6435.00207           

 From sleep and energy use to exercise and health, consumers have access to more information about their behavior than ever before. The appeal of personal quantification seems clear. By better understanding our behavior, we can make the necessary changes to live happier, healthier lives. But might the new tools people are using—quantifying life— rob them of some of the benefits of engaging in those activities?...

 Although research has shown that the Internet has lowered the prices in some established industries, little is known about how use of the Internet lowers prices. The authors address this issue for the automobile retailing industry with matched survey and transaction data on 1500 car purchases in California. They show that the Internet lowers prices for two distinct reasons: First, the Internet informs consumers about...

초록 없음  Waber, R. L., Shiv, B., Carmon, Z., &Ariely, D. (2008). Commercial features of placebo and therapeutic. Jama, 299(9), 1016-7.doi:10.1001/jama.299.9.1016    

 Despite increases in the human life span, people have not increased their rate of saving. In a phenomenon known as ‘temporal discounting’, people value immediate gains over future gains. According to a future self-continuity hypothesis, individuals perceive and treat the future self differently from the present self, and so might fail to save for their future. Neuroimaging offers a novel means of testing this hypothesis,...