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The behavioral economics concept of "nudging" people's behavior and actions is often illustrated with this urinal with a housefly image embossed in the enamel; the image "nudges" users into improving their aim, which lowers cleaning costs.

The behavioral economics concept of "nudging" people's behavior and actions is often illustrated with this urinal with a housefly image embossed in the enamel; the image "nudges" users into improving their aim, which lowers cleaning costs.

“轻推”人们的行为和动作的行为经济学概念通常用这个小便池来说明，小便池的珐琅上浮雕着家蝇的图像; 这个图像“轻推”使用者提高他们的目标，从而降低了清洁成本。

行为经济学概念'''<font color = 'ff8000'>助推nudging</font>'''人们的行为和行动，通常用这个釉面装饰了家蝇图像的小便器来说明; 这个图像“助推”使用者改善他们的目标，从而降低了清洁成本。

'''Behavioral economics''' studies the effects of [[psychological]], [[cognitive bias|cognitive]], emotional, cultural and social factors on the [[decision making|decisions]] of individuals and institutions and how those decisions vary from those implied by classical economic theory.<ref name="ssrn.com">{{cite journal|ssrn=2040946|title=A Behavioral Framework for Securities Risk|publisher =SSRN|last = Lin|first = Tom C. W. |date = 16 April 2012|journal = Seattle University Law Review}}</ref><ref name=":0">{{Cite journal|last=[[Kathryn Zeiler|Zeiler]]|first=Kathryn|last2=Teitelbaum|first2=Joshua|date=2018-03-30|title=Research Handbook on Behavioral Law and Economics|url=https://scholarship.law.bu.edu/books/35|journal=Books}}</ref>

'''Behavioral economics''' studies the effects of [[psychological]], [[cognitive bias|cognitive]], emotional, cultural and social factors on the [[decision making|decisions]] of individuals and institutions and how those decisions vary from those implied by classical economic theory.<ref name="ssrn.com">{{cite journal|ssrn=2040946|title=A Behavioral Framework for Securities Risk|publisher =SSRN|last = Lin|first = Tom C. W. |date = 16 April 2012|journal = Seattle University Law Review}}</ref><ref name=":0">{{Cite journal|last=[[Kathryn Zeiler|Zeiler]]|first=Kathryn|last2=Teitelbaum|first2=Joshua|date=2018-03-30|title=Research Handbook on Behavioral Law and Economics|url=https://scholarship.law.bu.edu/books/35|journal=Books}}</ref>

Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals and institutions and how those decisions vary from those implied by classical economic theory.

Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals and institutions and how those decisions vary from those implied by classical economic theory.

Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. The study of behavioral economics includes how market decisions are made and the mechanisms that drive public choice. The three prevalent themes in behavioral economics are:

Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. The study of behavioral economics includes how market decisions are made and the mechanisms that drive public choice. The three prevalent themes in behavioral economics are:

行为经济学主要研究经济行为主体的理性界限。行为模型通常综合了心理学、神经科学和微观经济学理论的见解。行为经济学的研究包括市场决策是如何做出的，以及驱动公共选择的机制。行为经济学中三个流行的主题是:

行为经济学主要研究经济行为主体的理性的界限。行为模型通常综合了心理学、神经科学和微观经济学理论的见解。行为经济学研究包括'''<font color = 'ff8000'>市场决策market decisions</font>'''是如何做出的，和驱动'''<font color = 'ff8000'>公共选择public choice</font>'''的机制是什么。行为经济学中三个流行的主题是:

* [[Heuristics in judgment and decision making|Heuristics]]: Humans make 95% of their decisions using mental shortcuts or [[rules of thumb]].{{Citation needed|date=May 2020}}

* [[Heuristics in judgment and decision making|Heuristics]]: Humans make 95% of their decisions using mental shortcuts or [[rules of thumb]].{{Citation needed|date=May 2020}}

* [[Market anomaly|Market inefficiencies]]: These include [[price mechanism|mis-pricing]] and [[rationality|non-rational decision making]].

* [[Market anomaly|Market inefficiencies]]: These include [[price mechanism|mis-pricing]] and [[rationality|non-rational decision making]].

In 2002, psychologist [[Daniel Kahneman]] was awarded the [[Nobel Memorial Prize in Economic Sciences]] "for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty."<ref name="Winners2002">{{cite web|url=http://nobelprize.org/nobel_prizes/economics/laureates/2002/|title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2002|publisher=Nobel Foundation|accessdate=2008-10-14}}</ref> In 2013, economist [[Robert J. Shiller]] received the [[Nobel Memorial Prize in Economic Sciences]] "for his empirical analysis of asset prices" (within the field of [[#Behavioral finance|behavioral finance]]).<ref>{{cite web|url=https://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2013/|title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2013|publisher=Nobel Foundation|accessdate=2016-07-01}}</ref> In 2017, economist [[Richard Thaler]] was awarded the [[Nobel Memorial Prize in Economic Sciences]] for "his contributions to behavioral economics and his pioneering work in establishing that people are predictably irrational in ways that defy economic theory."<ref>{{Cite news|url=https://www.nytimes.com/2017/10/09/business/nobel-economics-richard-thaler.html|title=Nobel in Economics is Awarded to Richard Thaler|last=Appelbaum|first=Binyamin|date=2017-10-09|work=The New York Times|access-date=2017-11-04}}</ref><ref>{{Cite news|url=http://lucidez.pe/economia/richard-thaler-y-el-auge-de-la-economia-conductual-por-marco-carrasco/|title=Richard Thaler y el auge de la Economía Conductual|last=Carrasco-Villanueva|first=Marco|date=2017-10-18|language=es|work=Lucidez|access-date=2018-10-31}}</ref>

In 2002, psychologist [[Daniel Kahneman]] was awarded the [[Nobel Memorial Prize in Economic Sciences]] "for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty."<ref name="Winners2002">{{cite web|url=http://nobelprize.org/nobel_prizes/economics/laureates/2002/|title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2002|publisher=Nobel Foundation|accessdate=2008-10-14}}</ref> In 2013, economist [[Robert J. Shiller]] received the [[Nobel Memorial Prize in Economic Sciences]] "for his empirical analysis of asset prices" (within the field of [[#Behavioral finance|behavioral finance]]).<ref>{{cite web|url=https://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2013/|title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2013|publisher=Nobel Foundation|accessdate=2016-07-01}}</ref> In 2017, economist [[Richard Thaler]] was awarded the [[Nobel Memorial Prize in Economic Sciences]] for "his contributions to behavioral economics and his pioneering work in establishing that people are predictably irrational in ways that defy economic theory."<ref>{{Cite news|url=https://www.nytimes.com/2017/10/09/business/nobel-economics-richard-thaler.html|title=Nobel in Economics is Awarded to Richard Thaler|last=Appelbaum|first=Binyamin|date=2017-10-09|work=The New York Times|access-date=2017-11-04}}</ref><ref>{{Cite news|url=http://lucidez.pe/economia/richard-thaler-y-el-auge-de-la-economia-conductual-por-marco-carrasco/|title=Richard Thaler y el auge de la Economía Conductual|last=Carrasco-Villanueva|first=Marco|date=2017-10-18|language=es|work=Lucidez|access-date=2018-10-31}}</ref>

In 2002, psychologist Daniel Kahneman was awarded the Nobel Memorial Prize in Economic Sciences "for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty." In 2013, economist Robert J. Shiller received the Nobel Memorial Prize in Economic Sciences "for his empirical analysis of asset prices" (within the field of behavioral finance). In 2017, economist Richard Thaler was awarded the Nobel Memorial Prize in Economic Sciences for "his contributions to behavioral economics and his pioneering work in establishing that people are predictably irrational in ways that defy economic theory."

In 2002, psychologist Daniel Kahneman was awarded the Nobel Memorial Prize in Economic Sciences "for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty." In 2013, economist Robert J. Shiller received the Nobel Memorial Prize in Economic Sciences "for his empirical analysis of asset prices" (within the field of behavioral finance). In 2017, economist Richard Thaler was awarded the Nobel Memorial Prize in Economic Sciences for "his contributions to behavioral economics and his pioneering work in establishing that people are predictably irrational in ways that defy economic theory."

2002年，心理学家丹尼尔 · 卡尼曼被授予诺贝尔经济学奖，“因为他将心理学研究的成果整合到经济科学中，特别是关于不确定条件下人类的判断和决策。”2013年，经济学家罗勃·席勒因“对资产价格的实证分析”(行为金融学领域)而获得诺贝尔经济学奖。2017年，经济学家 Richard Thaler 被授予诺贝尔经济学奖，以表彰他对行为经济学的贡献和他的开创性工作，他的工作是建立人们是怪诞行为学的方式藐视经济学理论

2002年，心理学家'''<font color = 'ff8000'>丹尼尔 · 卡尼曼Daniel Kahneman</font>'''被授予诺贝尔经济学奖，“因为他将心理学研究的成果整合到经济科学中，特别是关于不确定条件下人类的判断和决策。”2013年，经济学家'''<font color = 'ff8000'>罗伯特·希勒Robert J. Shiller</font>'''因“对资产价格的实证分析”（行为金融学领域）而获得诺贝尔经济学奖。2017年经济学家理查德·泰勒 Richard Thaler 因为他“对行为经济学的贡献，和他在人们的行为可预测地不理性且不符合经济学理论方面的开创性工作”被授予诺贝尔经济学奖。

== History <!--'Economic psychology' redirects here--> ==

== History 历史==

[[File:Adam Smith The Muir portrait.jpg|thumb|140px|[[Adam Smith]], author of ''The Wealth of Nations'' (1776) and ''The Theory of Moral Sentiments'' (1759).]]

[[File:Adam Smith The Muir portrait.jpg|thumb|140px|[[Adam Smith]], author of ''The Wealth of Nations'' (1776) and ''The Theory of Moral Sentiments'' (1759).]]

[[Adam Smith, author of The Wealth of Nations (1776) and The Theory of Moral Sentiments (1759).]]

[[Adam Smith, author of The Wealth of Nations (1776) and The Theory of Moral Sentiments (1759).]]

[亚当史密斯，《国富论》(1776)和《道德情操论》(1759)的作者]

['''<font color = 'ff8000'>亚当·斯密Adam Smith</font>'''，《'''<font color = 'ff8000'>国富论The Wealth of Nations</font>'''》(1776)和《'''<font color = 'ff8000'>道德情操论The Theory of Moral Sentiments</font>'''》(1759)的作者]

During the classical period of economics, microeconomics was closely linked to psychology. For example, Adam Smith wrote The Theory of Moral Sentiments, which proposed psychological explanations of individual behavior, including concerns about fairness and justice. Jeremy Bentham wrote extensively on the psychological underpinnings of utility. Then, during the development of neo-classical economics, economists sought to reshape the discipline as a natural science, deducing behavior from assumptions about the nature of economic agents. They developed the concept of homo economicus, whose behavior was fundamentally rational.

During the classical period of economics, microeconomics was closely linked to psychology. For example, Adam Smith wrote The Theory of Moral Sentiments, which proposed psychological explanations of individual behavior, including concerns about fairness and justice. Jeremy Bentham wrote extensively on the psychological underpinnings of utility. Then, during the development of neo-classical economics, economists sought to reshape the discipline as a natural science, deducing behavior from assumptions about the nature of economic agents. They developed the concept of homo economicus, whose behavior was fundamentally rational.

Neo-classical economists did incorporate psychological explanations: this was true of Francis Edgeworth, Vilfredo Pareto and Irving Fisher. Economic psychology emerged in the 20th century in the works of Gabriel Tarde, George Katona, and Laszlo Garai. Expected utility and discounted utility models began to gain acceptance, generating testable hypotheses about decision-making given uncertainty and intertemporal consumption, respectively. Observed and repeatable anomalies eventually challenged those hypotheses, and further steps were taken by Maurice Allais, for example, in setting out the Allais paradox, a decision problem he first presented in 1953 that contradicts the expected utility hypothesis.

Neo-classical economists did incorporate psychological explanations: this was true of Francis Edgeworth, Vilfredo Pareto and Irving Fisher. Economic psychology emerged in the 20th century in the works of Gabriel Tarde, George Katona, and Laszlo Garai. Expected utility and discounted utility models began to gain acceptance, generating testable hypotheses about decision-making given uncertainty and intertemporal consumption, respectively. Observed and repeatable anomalies eventually challenged those hypotheses, and further steps were taken by Maurice Allais, for example, in setting out the Allais paradox, a decision problem he first presented in 1953 that contradicts the expected utility hypothesis.

新古典主义经济学家的确纳入了心理学的解释: 弗朗西斯•埃奇沃思(Francis Edgeworth)、维尔弗雷多•帕累托(Vilfredo Pareto)和欧文•费雪(Irving Fisher)就是如此。经济心理学出现在20世纪的加布里埃尔 · 塔尔德，乔治 · 卡托纳和拉斯洛 · 加莱的著作中。期望效用模型和贴现效用模型开始被接受，分别产生了关于不确定性和跨期消费的决策可检验性假设。观察到的和可重复的异常最终挑战了这些假说，并采取了进一步的步骤，例如，在设定阿莱悖论，一个决策问题，他第一次提出在1953年，反对预期效用假说。

新古典主义经济学家的确纳入了心理学的解释: '''<font color = 'ff8000'>埃奇沃斯Francis Edgeworth</font>'''、'''<font color = 'ff8000'>帕累托Vilfredo Pareto</font>'''和'''<font color = 'ff8000'>费舍Irving Fisher</font>'''就是如此。'''<font color = 'ff8000'>经济心理学Economic psychology</font>'''在20世纪Gabriel Tarde，George Katona和Laszlo Garai的著作中出现。''<font color = 'ff8000'>期望效用模型Expected utility models</font>'''和''<font color = 'ff8000'>折扣效用模型discounted utility models</font>'''开始被接受，分别产生了关于'''<font color = 'ff8000'>不确定性uncertainty</font>'''和'''<font color = 'ff8000'>跨期消费intertemporal consumption</font>'''的决策可检验性假设。观察到的以及可重复的异常情况最终挑战了这些假说。研究者采取了进一步的步骤，例如，'''<font color = 'ff8000'>莫里斯•阿莱Maurice Allais</font>'''设定了'''<font color = 'ff8000'>阿莱悖论Allais paradox</font>'''。阿莱在1953年第一次提出这个决策问题，并用以反对期望效用假说。

 

In the 1960s cognitive psychology began to shed more light on the brain as an information processing device (in contrast to behaviorist models). Psychologists in this field, such as Ward Edwards, Amos Tversky and Daniel Kahneman began to compare their cognitive models of decision-making under risk and uncertainty to economic models of rational behavior. Mathematical psychology reflects a longstanding interest in preference transitivity and the measurement of utility.

In the 1960s cognitive psychology began to shed more light on the brain as an information processing device (in contrast to behaviorist models). Psychologists in this field, such as Ward Edwards, Amos Tversky and Daniel Kahneman began to compare their cognitive models of decision-making under risk and uncertainty to economic models of rational behavior. Mathematical psychology reflects a longstanding interest in preference transitivity and the measurement of utility.

在20世纪60年代，认知心理学开始将大脑作为一种信息处理设备(与行为主义模型形成对比)给予更多的关注。这一领域的心理学家，如沃德 · 爱德华兹、阿莫斯 · 特沃斯基和丹尼尔 · 卡尼曼，开始将他们对风险和不确定性下决策的认知模型与理性行为的经济模型进行比较。数学心理学反映了人们对偏好传递性和效用度量的长期兴趣。

在20世纪60年代，认知心理学开始对大脑这一信息处理设备（与行为主义模型形成相对）给予更多的关注。这一领域的心理学家，如'''<font color = 'ff8000'>爱德华兹Ward Edwards</font>'''、'''<font color = 'ff8000'>阿莫斯 · 特沃斯基Amos Tversky</font>'''和丹尼尔 · 卡尼曼开始将他们对'''<font color = 'ff8000'>风险risk</font>'''和不确定性下决策的认知模型与理性行为的经济模型进行比较。'''<font color = 'ff8000'>数学心理学Mathematical psychology</font>'''反映了研究者对'''<font color = 'ff8000'>偏好传递性preference transitivity</font>'''和'''<font color = 'ff8000'>效用度量measurement of utility</font>'''的长期兴趣。

=== Bounded rationality ===

=== Bounded rationality 有限理性===

[[File:Herbert simon red complete.jpg|thumb|left|140px|[[Herbert A. Simon]], winner of the 1975 Turing award and the 1978 Nobel Prize in economics]]

[[File:Herbert simon red complete.jpg|thumb|left|140px|[[Herbert A. Simon]], winner of the 1975 Turing award and the 1978 Nobel Prize in economics]]

[[Herbert A. Simon, winner of the 1975 Turing award and the 1978 Nobel Prize in economics]]

[[Herbert A. Simon, winner of the 1975 Turing award and the 1978 Nobel Prize in economics]]

[[Bounded rationality]] is the idea that when individuals make decisions, their [[rationality]] is limited by the tractability of the decision problem, their cognitive limitations and the time available. Decision-makers in this view act as [[satisficer]]s, seeking a satisfactory solution rather than an optimal one. [[Herbert A. Simon]] proposed bounded rationality as an alternative basis for the mathematical modeling of [[decision-making]]. It complements "rationality as optimization", which views decision-making as a fully rational process of finding an optimal choice given the information available.<ref name=bounded_rationality_1999>{{cite book|url={{google books |plainurl=y |id=dVMq5UoYS3YC}} |first=Gerd|last=Gigerenzer|first2=Reinhard|last2=Selten|title=Bounded Rationality: The Adaptive Toolbox|publisher=MIT Press|year=2002|isbn=978-0-262-57164-7}}</ref> Simon used the analogy of a pair of scissors, where one blade represents human cognitive limitations and the other the "structures of the environment", illustrating how minds compensate for limited resources by exploiting known structural regularity in the environment.<ref name=bounded_rationality_1999/>

[[Bounded rationality]] is the idea that when individuals make decisions, their [[rationality]] is limited by the tractability of the decision problem, their cognitive limitations and the time available. Decision-makers in this view act as [[satisficer]]s, seeking a satisfactory solution rather than an optimal one. [[Herbert A. Simon]] proposed bounded rationality as an alternative basis for the mathematical modeling of [[decision-making]]. It complements "rationality as optimization", which views decision-making as a fully rational process of finding an optimal choice given the information available.<ref name=bounded_rationality_1999>{{cite book|url={{google books |plainurl=y |id=dVMq5UoYS3YC}} |first=Gerd|last=Gigerenzer|first2=Reinhard|last2=Selten|title=Bounded Rationality: The Adaptive Toolbox|publisher=MIT Press|year=2002|isbn=978-0-262-57164-7}}</ref> Simon used the analogy of a pair of scissors, where one blade represents human cognitive limitations and the other the "structures of the environment", illustrating how minds compensate for limited resources by exploiting known structural regularity in the environment.<ref name=bounded_rationality_1999/>

Bounded rationality is the idea that when individuals make decisions, their rationality is limited by the tractability of the decision problem, their cognitive limitations and the time available. Decision-makers in this view act as satisficers, seeking a satisfactory solution rather than an optimal one. Herbert A. Simon proposed bounded rationality as an alternative basis for the mathematical modeling of decision-making. It complements "rationality as optimization", which views decision-making as a fully rational process of finding an optimal choice given the information available. Simon used the analogy of a pair of scissors, where one blade represents human cognitive limitations and the other the "structures of the environment", illustrating how minds compensate for limited resources by exploiting known structural regularity in the environment.

Bounded rationality is the idea that when individuals make decisions, their rationality is limited by the tractability of the decision problem, their cognitive limitations and the time available. Decision-makers in this view act as satisficers, seeking a satisfactory solution rather than an optimal one. Herbert A. Simon proposed bounded rationality as an alternative basis for the mathematical modeling of decision-making. It complements "rationality as optimization", which views decision-making as a fully rational process of finding an optimal choice given the information available. Simon used the analogy of a pair of scissors, where one blade represents human cognitive limitations and the other the "structures of the environment", illustrating how minds compensate for limited resources by exploiting known structural regularity in the environment.

 

 

 

 

Bounded rationality implicates the idea that humans take shortcuts that may lead to suboptimal decision-making. Behavioral economists engage in mapping the decision shortcuts that agents use in order to help increase the effectiveness of human decision-making. One treatment of this idea comes from Cass Sunstein and Richard Thaler's Nudge. Sunstein and Thaler recommend that choice architectures are modified in light of human agents' bounded rationality. A widely cited proposal from Sunstein and Thaler urges that healthier food be placed at sight level in order to increase the likelihood that a person will opt for that choice instead of less healthy option. Some critics of Nudge have lodged attacks that modifying choice architectures will lead to people becoming worse decision-makers.

Bounded rationality implicates the idea that humans take shortcuts that may lead to suboptimal decision-making. Behavioral economists engage in mapping the decision shortcuts that agents use in order to help increase the effectiveness of human decision-making. One treatment of this idea comes from Cass Sunstein and Richard Thaler's Nudge. Sunstein and Thaler recommend that choice architectures are modified in light of human agents' bounded rationality. A widely cited proposal from Sunstein and Thaler urges that healthier food be placed at sight level in order to increase the likelihood that a person will opt for that choice instead of less healthy option. Some critics of Nudge have lodged attacks that modifying choice architectures will lead to people becoming worse decision-makers.

有限理性暗示人类走捷径可能导致次优决策的想法。行为经济学家从事绘制决策捷径，代理人使用，以帮助提高人类决策的有效性。卡斯 · 桑斯坦和理查德 · 塞勒对这个观点的一个论述来自《轻推》。和 Thaler 建议，选择的结构应该根据人类代理人的有限理性进行修改。桑斯坦和泰勒提出的一个被广泛引用的建议是，为了增加人们选择健康食品而不是不健康食品的可能性，应该把健康食品放在视线范围内。一些对 Nudge 持批评态度的人指出，修改选择架构将导致人们成为更糟糕的决策者。

有限理性暗示，走捷径的策略可能导致次优决策。行为经济学家从事主体决策捷径的绘制工作，以帮助人们提高决策的有效性。这个观点的一个论述'''<font color = 'ff8000'>卡斯 · 桑斯坦Cass Sunstein</font>'''和理查德 · 泰勒的《'''<font color = 'ff8000'>助推Nudge</font>'''》。桑斯坦和泰勒建议，'''<font color = 'ff8000'>选项的结构choice architectures</font>'''应该根据人类有限的理性而进行修改。桑斯坦和泰勒提出的一个被广泛引用的建议是，为了增加人们选择健康食品而不是不健康食品的可能性，应该把健康食品放在视线范围内。一些对助推持批评态度的人指出，修改选项结构将导致人们成为更糟糕的决策者。

=== Prospect theory ===

=== Prospect theory 前景理论===

[[File:Daniel KAHNEMAN.jpg|thumb|200px|[[Daniel Kahneman]], winner of the 2002 Nobel Prize in economics]]

[[File:Daniel KAHNEMAN.jpg|thumb|200px|[[Daniel Kahneman]], winner of the 2002 Nobel Prize in economics]]

In 1979, Kahneman and Tversky published Prospect Theory: An Analysis of Decision Under Risk, that used cognitive psychology to explain various divergences of economic decision making from neo-classical theory. Prospect theory has two stages: an editing stage and an evaluation stage.

In 1979, Kahneman and Tversky published Prospect Theory: An Analysis of Decision Under Risk, that used cognitive psychology to explain various divergences of economic decision making from neo-classical theory. Prospect theory has two stages: an editing stage and an evaluation stage.

1979年，卡尼曼和特沃斯基发表了《前景理论: 风险下的决策分析》一书，该书利用认知心理学解释了新古典主义经济决策理论中的各种分歧。前景理论分为两个阶段: 编辑阶段和评估阶段。

1979年，卡尼曼和特沃斯基发表了《'''<font color = 'ff8000'>前景理论: 风险下的决策分析Prospect Theory: An Analysis of Decision Under Risk</font>'''》一文，该文利用认知心理学解释了新古典主义经济决策理论中的多种分歧。前景理论分为两个阶段：'''<font color = 'ff8000'>编辑阶段editing stage</font>'''和'''<font color = 'ff8000'>评估阶段evaluation stage</font>'''。

In the editing stage, risky situations are simplified using various heuristics. In the evaluation phase, risky alternatives are evaluated using various psychological principles that include:

In the editing stage, risky situations are simplified using various heuristics. In the evaluation phase, risky alternatives are evaluated using various psychological principles that include:

在编辑阶段，使用各种启发式方法简化风险情况。在评估阶段，利用各种心理学原则对风险替代办法进行评估，其中包括:

在编辑阶段，人们使用各种启发式方法简化风险情况。在评估阶段，人们利用各种心理学原则对风险选项进行评估，这些原则中包括:

*[[Reference dependence]]: When evaluating outcomes, the decision maker considers a "reference level." Outcomes are then compared to the reference point and classified as "gains" if greater than the reference point and "losses" if less than the reference point.

*[[Reference dependence]]: When evaluating outcomes, the decision maker considers a "reference level." Outcomes are then compared to the reference point and classified as "gains" if greater than the reference point and "losses" if less than the reference point.

* [[Loss aversion]]: Losses are avoided more than equivalent gains are sought. In their 1992 paper, Kahneman and Tversky found the median coefficient of loss aversion to be about 2.25, i.e., losses hurt about 2.25 times more than equivalent gains reward.<ref name="TverskyKahneman1992">{{cite journal|first1=Amos |last1=Tversky |first2=Daniel |last2=Kahneman |year=1992 |title=Advances in Prospect Theory: Cumulative Representation of Uncertaintly |journal=Journal of Risk and Uncertainty |volume=5 |issue=4 | pages=297–323|issn=0895-5646|doi=10.1007/BF00122574}}[https://link.springer.com/article/10.1007/BF00122574 Abstract.]</ref>

* [[Loss aversion]]: Losses are avoided more than equivalent gains are sought. In their 1992 paper, Kahneman and Tversky found the median coefficient of loss aversion to be about 2.25, i.e., losses hurt about 2.25 times more than equivalent gains reward.<ref name="TverskyKahneman1992">{{cite journal|first1=Amos |last1=Tversky |first2=Daniel |last2=Kahneman |year=1992 |title=Advances in Prospect Theory: Cumulative Representation of Uncertaintly |journal=Journal of Risk and Uncertainty |volume=5 |issue=4 | pages=297–323|issn=0895-5646|doi=10.1007/BF00122574}}[https://link.springer.com/article/10.1007/BF00122574 Abstract.]</ref>

* Non-linear probability weighting: Decision makers overweigh small probabilities and underweigh large probabilities—this gives rise to the inverse-S shaped "probability weighting function."

* Non-linear probability weighting: Decision makers overweigh small probabilities and underweigh large probabilities—this gives rise to the inverse-S shaped "probability weighting function."

* Diminishing sensitivity to gains and losses: As the size of the gains and losses relative to the reference point increase in absolute value, the [[marginal utility|marginal]] effect on the decision maker's utility or satisfaction falls.

* Diminishing sensitivity to gains and losses: As the size of the gains and losses relative to the reference point increase in absolute value, the [[marginal utility|marginal]] effect on the decision maker's utility or satisfaction falls.

Prospect theory is able to explain everything that the two main existing decision theories—expected utility theory and rank dependent utility theory—can explain. Further, prospect theory has been used to explain phenomena that existing decision theories have great difficulty in explaining. These include backward bending labor supply curves, asymmetric price elasticities, tax evasion and co-movement of stock prices and consumption.

Prospect theory is able to explain everything that the two main existing decision theories—expected utility theory and rank dependent utility theory—can explain. Further, prospect theory has been used to explain phenomena that existing decision theories have great difficulty in explaining. These include backward bending labor supply curves, asymmetric price elasticities, tax evasion and co-movement of stock prices and consumption.

In 1992, in the Journal of Risk and Uncertainty, Kahneman and Tversky gave a revised account of prospect theory that they called cumulative prospect theory. The new theory eliminated the editing phase in prospect theory and focused just on the evaluation phase. Its main feature was that it allowed for non-linear probability weighting in a cumulative manner, which was originally suggested in John Quiggin's rank-dependent utility theory.

In 1992, in the Journal of Risk and Uncertainty, Kahneman and Tversky gave a revised account of prospect theory that they called cumulative prospect theory. The new theory eliminated the editing phase in prospect theory and focused just on the evaluation phase. Its main feature was that it allowed for non-linear probability weighting in a cumulative manner, which was originally suggested in John Quiggin's rank-dependent utility theory.

1992年，在《风险与不确定性》杂志上，Kahneman 和 Tversky 对前景理论进行了修正，他们称之为累积前景理论。新理论消除了前景理论中的编辑阶段，只注重评价阶段。它的主要特点是允许以累积的方式进行非线性概率加权，这最初是在约翰 · 奎金的排序依赖效用理论中提出的。

1992年，在《'''<font color = 'ff8000'>风险与不确定性Risk and Uncertainty</font>'''》期刊上，卡尼曼和特沃斯基对前景理论进行了修正，他们称之为'''<font color = 'ff8000'>累积前景理论cumulative prospect theory</font>'''。新理论消除了前景理论中的编辑阶段，只注重评估阶段。它的主要特点是允许以累积的方式对概率进行非线性的加权，这个想法最初是在'''<font color = 'ff8000'>约翰 · 奎金John Quiggin</font>'''的等级依赖效用理论中提出的。

Psychological traits such as overconfidence, projection bias, and the effects of limited attention are now part of the theory. Other developments include a conference at the University of Chicago, a special behavioral economics edition of the Quarterly Journal of Economics ("In Memory of Amos Tversky"), and Kahneman's 2002 Nobel Prize for having "integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty."

Psychological traits such as overconfidence, projection bias, and the effects of limited attention are now part of the theory. Other developments include a conference at the University of Chicago, a special behavioral economics edition of the Quarterly Journal of Economics ("In Memory of Amos Tversky"), and Kahneman's 2002 Nobel Prize for having "integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty."

过度自信、投射偏见和有限注意力的影响等心理特征现在已经成为这个理论的一部分。其他进展包括在芝加哥大学举行的一次会议、《经济学季刊》(Quarterly Journal of Economics)的行为经济学特刊(《纪念阿莫斯 · 特沃斯基》[ In Memory of Amos Tversky ]) ，以及卡尼曼2002年获得的诺贝尔奖，因为他“将心理学研究的见解整合到经济科学中，特别是关于不确定条件下的人类判断和决策”

一些心理特征，如过度自信、'''<font color = 'ff8000'>投射偏差projection bias</font>'''和有限的注意力等，现在已经成为这个理论的一部分。其他进展包括：在芝加哥大学举行的一次会议，《'''<font color = 'ff8000'>经济学季刊Quarterly Journal of Economics</font>'''》上的一期行为经济学特刊《'''<font color = 'ff8000'>纪念阿莫斯 · 特沃斯基 In Memory of Amos Tversky</font>'''》，以及卡尼曼因为他“将心理学研究的见解整合到经济科学中，特别是关于不确定条件下的人类判断和决策”而获得的2002年诺贝尔奖，

=== Intertemporal choice ===

=== Intertemporal choice 跨期选择===

{{See also|Dynamic inconsistency}}

{{See also|Dynamic inconsistency}}

[[David Laibson, professor of economics at Harvard University]]

[[David Laibson, professor of economics at Harvard University]]

[哈佛大学经济学教授大卫 · 莱布森]

[哈佛大学经济学教授'''<font color = 'ff8000'>大卫 · 莱布森David Laibson</font>''']

Behavioral economics has been applied to intertemporal choice, which is defined as making a decision and having the effects of such decision happening in a different time. Intertemporal choice behavior is largely inconsistent, as exemplified by [[George Ainslie (psychologist)|George Ainslie]]'s [[hyperbolic discounting]]—one of the prominently studied observations—and further developed by [[David Laibson]], Ted O'Donoghue and [[Matthew Rabin]]. Hyperbolic discounting describes the tendency to discount outcomes in the near future more than outcomes in the far future. This pattern of discounting is dynamically inconsistent (or time-inconsistent), and therefore inconsistent with basic models of rational choice, since the rate of discount between time ''t'' and ''t+1'' will be low at time ''t-1'' when ''t'' is the near future, but high at time ''t'' when ''t'' is the present and time ''t+1'' is the near future.

Behavioral economics has been applied to intertemporal choice, which is defined as making a decision and having the effects of such decision happening in a different time. Intertemporal choice behavior is largely inconsistent, as exemplified by [[George Ainslie (psychologist)|George Ainslie]]'s [[hyperbolic discounting]]—one of the prominently studied observations—and further developed by [[David Laibson]], Ted O'Donoghue and [[Matthew Rabin]]. Hyperbolic discounting describes the tendency to discount outcomes in the near future more than outcomes in the far future. This pattern of discounting is dynamically inconsistent (or time-inconsistent), and therefore inconsistent with basic models of rational choice, since the rate of discount between time ''t'' and ''t+1'' will be low at time ''t-1'' when ''t'' is the near future, but high at time ''t'' when ''t'' is the present and time ''t+1'' is the near future.

Behavioral economics has been applied to intertemporal choice, which is defined as making a decision and having the effects of such decision happening in a different time. Intertemporal choice behavior is largely inconsistent, as exemplified by George Ainslie's hyperbolic discounting—one of the prominently studied observations—and further developed by David Laibson, Ted O'Donoghue and Matthew Rabin. Hyperbolic discounting describes the tendency to discount outcomes in the near future more than outcomes in the far future. This pattern of discounting is dynamically inconsistent (or time-inconsistent), and therefore inconsistent with basic models of rational choice, since the rate of discount between time t and t+1 will be low at time t-1 when t is the near future, but high at time t when t is the present and time t+1 is the near future.

Behavioral economics has been applied to intertemporal choice, which is defined as making a decision and having the effects of such decision happening in a different time. Intertemporal choice behavior is largely inconsistent, as exemplified by George Ainslie's hyperbolic discounting—one of the prominently studied observations—and further developed by David Laibson, Ted O'Donoghue and Matthew Rabin. Hyperbolic discounting describes the tendency to discount outcomes in the near future more than outcomes in the far future. This pattern of discounting is dynamically inconsistent (or time-inconsistent), and therefore inconsistent with basic models of rational choice, since the rate of discount between time t and t+1 will be low at time t-1 when t is the near future, but high at time t when t is the present and time t+1 is the near future.

行为经济学已经被应用到跨期选择中，跨期选择被定义为在不同的时间做出决策并产生不同的决策效果。跨期选择行为在很大程度上是不一致的，乔治 · 安斯利的双曲贴现就是一个很好的例子，大卫 · 莱布森、泰德 · 奥多诺霍和马修 · 拉宾进一步发展了这种行为。双曲折现描述了一种倾向，即在不久的将来，对结果的贴现要多于对遥远未来的结果的贴现。这种贴现模式在动态上是不一致的(或者说是时间不一致的) ，因此与理性选择的基本模型不一致，因为时间 t 和 t + 1之间的贴现率在时间 t 为近期的 t-1时低，而在时间 t 为现在的 t 时高，时间 t 为近期的 t + 1时高。

行为经济学已经被应用到跨期选择中。跨期选择是某个时间做出决策并在另一个时间点获得该决策所产生的效果的一种决策。跨期选择行为在很大程度上是'''<font color = 'ff8000'>不一致的inconsistent</font>'''，'''<font color = 'ff8000'>乔治 · 安斯利George Ainslie</font>'''的'''<font color = 'ff8000'>双曲折扣hyperbolic discounting</font>'''就是一个很好的例子，'''<font color = 'ff8000'>大卫 · 莱布森David Laibson</font>'''、'''<font color = 'ff8000'>泰德 · 奥多诺霍Ted O'Donoghue</font>'''和'''<font color = 'ff8000'>马修 · 拉宾Matthew Rabin</font>'''进一步发展了这个想法。双曲折扣描述了一种倾向，即人们对较近的未来出现的结果的折扣，要多于对遥远未来的结果的贴现。这种折扣模式在动态上是不一致的（或者说是在时间上不一致的），因此与理性选择的基本模型不一致，因为时间 t 和 t + 1之间的折扣率比在时间 t-1 和t 时低（当t是较近的未来时），而又在时间 t 为现在的 而 t + 1 为较近的未来时更高。

This pattern can also be explained through models of sub-additive discounting that distinguish the delay and interval of discounting: people are less patient (per-time-unit) over shorter intervals regardless of when they occur.

This pattern can also be explained through models of sub-additive discounting that distinguish the delay and interval of discounting: people are less patient (per-time-unit) over shorter intervals regardless of when they occur.

=== Other areas of research ===

=== Other areas of research 研究的其他领域===

Other branches of behavioral economics enrich the model of the utility function without implying inconsistency in preferences. [[Ernst Fehr]], [[Armin Falk]], and Rabin studied [[distributive justice|fairness]], [[inequity aversion]] and [[reciprocal altruism]], weakening the neoclassical assumption of perfect [[selfishness]]. This work is particularly applicable to wage setting. The work on "intrinsic motivation by [[Uri Gneezy|Gneezy]] and Rustichini and "identity" by [[George Akerlof|Akerlof]] and [[Rachel Kranton|Kranton]] assumes that agents derive utility from adopting personal and social norms in addition to conditional expected utility. According to Aggarwal, in addition to behavioral deviations from rational equilibrium, markets are also likely to suffer from lagged responses, search costs, externalities of the commons, and other frictions making it difficult to disentangle behavioral effects in market behavior.<ref>{{cite journal|last1=Aggarwal|first1=Raj|title=Animal Spirits in Financial Economics: A Review of Deviations from Economic Rationality|journal=International Review of Financial Analysis|date=2014|volume=32|issue=1|pages=179–87|doi=10.1016/j.irfa.2013.07.018}}</ref>

Other branches of behavioral economics enrich the model of the utility function without implying inconsistency in preferences. [[Ernst Fehr]], [[Armin Falk]], and Rabin studied [[distributive justice|fairness]], [[inequity aversion]] and [[reciprocal altruism]], weakening the neoclassical assumption of perfect [[selfishness]]. This work is particularly applicable to wage setting. The work on "intrinsic motivation by [[Uri Gneezy|Gneezy]] and Rustichini and "identity" by [[George Akerlof|Akerlof]] and [[Rachel Kranton|Kranton]] assumes that agents derive utility from adopting personal and social norms in addition to conditional expected utility. According to Aggarwal, in addition to behavioral deviations from rational equilibrium, markets are also likely to suffer from lagged responses, search costs, externalities of the commons, and other frictions making it difficult to disentangle behavioral effects in market behavior.<ref>{{cite journal|last1=Aggarwal|first1=Raj|title=Animal Spirits in Financial Economics: A Review of Deviations from Economic Rationality|journal=International Review of Financial Analysis|date=2014|volume=32|issue=1|pages=179–87|doi=10.1016/j.irfa.2013.07.018}}</ref>

Other branches of behavioral economics enrich the model of the utility function without implying inconsistency in preferences. Ernst Fehr, Armin Falk, and Rabin studied fairness, inequity aversion and reciprocal altruism, weakening the neoclassical assumption of perfect selfishness. This work is particularly applicable to wage setting. The work on "intrinsic motivation by Gneezy and Rustichini and "identity" by Akerlof and Kranton assumes that agents derive utility from adopting personal and social norms in addition to conditional expected utility. According to Aggarwal, in addition to behavioral deviations from rational equilibrium, markets are also likely to suffer from lagged responses, search costs, externalities of the commons, and other frictions making it difficult to disentangle behavioral effects in market behavior.

Other branches of behavioral economics enrich the model of the utility function without implying inconsistency in preferences. Ernst Fehr, Armin Falk, and Rabin studied fairness, inequity aversion and reciprocal altruism, weakening the neoclassical assumption of perfect selfishness. This work is particularly applicable to wage setting. The work on "intrinsic motivation by Gneezy and Rustichini and "identity" by Akerlof and Kranton assumes that agents derive utility from adopting personal and social norms in addition to conditional expected utility. According to Aggarwal, in addition to behavioral deviations from rational equilibrium, markets are also likely to suffer from lagged responses, search costs, externalities of the commons, and other frictions making it difficult to disentangle behavioral effects in market behavior.

行为经济学的其他分支丰富了效用函数模型，但没有暗示偏好的不一致性。恩斯特 · 费尔、阿明 · 福尔克和拉宾研究了公平、不平等厌恶和互利主义，削弱了新古典主义的完美自私假设。这项工作特别适用于确定工资。Gneezy 和 Rustichini 关于“内在动机”的著作和 Akerlof 和 Kranton 关于“身份”的著作都假定，除了有条件的期望效用外，个人和社会规范的采用也会产生效用。根据阿加沃尔的观点，除了行为偏离理性均衡，市场还可能遭受滞后反应，搜索成本，公地的外部性，以及其他摩擦，使其难以区分行为效应的市场行为。

行为经济学的其他分支丰富了效用函数模型，但不暗示偏好的不一致性。Ernst Fehr、Armin Falk和 Rabin 研究了公平、'''<font color = 'ff8000'>不公平厌恶inequity aversion</font>'''和'''<font color = 'ff8000'>互惠利他reciprocal altruism</font>'''，削弱了新古典主义中'''<font color = 'ff8000'>完美自私perfect selfishness</font>'''的假设。这项工作特别适用于确定工资。Gneezy 和 Rustichini 关于“'''<font color = 'ff8000'>内在动机intrinsic motivation</font>'''”和 Akerlof 和 Kranton 关于“'''<font color = 'ff8000'>认同identity</font>'''”的工作都假定，主体除了从'''<font color = 'ff8000'>条件期望效用conditional expected utility</font>'''中得出效用以外，也会从个人和社会规范中得出效用。根据Aggarwal的观点，除了行为从'''<font color = 'ff8000'>合理均衡rational equilibrium</font>'''的偏离，市场还可能具有'''<font color = 'ff8000'>响应滞后 lagged responses</font>'''，'''<font color = 'ff8000'>搜索成本search costs</font>'''，'''<font color = 'ff8000'>极端情况externalities of the commons</font>'''以及其他'''<font color = '32cd32'>冲突frictions</font>'''，使研究者其难以从市场行为中区分'''<font color = '32cd32'>（个人的）</font>''''''<font color = 'ff8000'>行为效应behavioral effect</font>'''。

"Conditional expected utility" is a form of reasoning where the individual has an [[illusion of control]], and calculates the probabilities of external events and hence their utility as a function of their own action, even when they have no causal ability to affect those external events.<ref>{{cite journal|doi=10.2307/3791450|author=Grafstein R|title=Rationality as Conditional Expected Utility Maximization|journal=Political Psychology|volume=16|issue=1|pages=63–80|year=1995|jstor=3791450}}</ref><ref>{{cite journal|doi=10.1016/0010-0285(92)90015-T|author=Shafir E, Tversky A|title=Thinking through uncertainty: nonconsequential reasoning and choice|journal=Cognitive Psychology|volume=24|issue=4|pages=449–74|year=1992|pmid=1473331 }}</ref>

"Conditional expected utility" is a form of reasoning where the individual has an [[illusion of control]], and calculates the probabilities of external events and hence their utility as a function of their own action, even when they have no causal ability to affect those external events.<ref>{{cite journal|doi=10.2307/3791450|author=Grafstein R|title=Rationality as Conditional Expected Utility Maximization|journal=Political Psychology|volume=16|issue=1|pages=63–80|year=1995|jstor=3791450}}</ref><ref>{{cite journal|doi=10.1016/0010-0285(92)90015-T|author=Shafir E, Tversky A|title=Thinking through uncertainty: nonconsequential reasoning and choice|journal=Cognitive Psychology|volume=24|issue=4|pages=449–74|year=1992|pmid=1473331 }}</ref>

"Conditional expected utility" is a form of reasoning where the individual has an illusion of control, and calculates the probabilities of external events and hence their utility as a function of their own action, even when they have no causal ability to affect those external events.

"Conditional expected utility" is a form of reasoning where the individual has an illusion of control, and calculates the probabilities of external events and hence their utility as a function of their own action, even when they have no causal ability to affect those external events.

 

Behavioral economics caught on among the general public with the success of books such as Dan Ariely's Predictably Irrational. Practitioners of the discipline have studied quasi-public policy topics such as broadband mapping.

Behavioral economics caught on among the general public with the success of books such as Dan Ariely's Predictably Irrational. Practitioners of the discipline have studied quasi-public policy topics such as broadband mapping.

Applications for behavioral economics include the modeling of the consumer decision-making process for applications in artificial intelligence and machine learning.  The Silicon Valley-based start-up Singularities is using the AGM postulates proposed by Alchourrón, Gärdenfors, and Makinson—the formalization of the concepts of beliefs and change for rational entities—in a symbolic logic to create a "machine learning and deduction engine that uses the latest data science and big data algorithms in order to generate the content and conditional rules (counterfactuals) that capture customer's behaviors and beliefs."

Applications for behavioral economics include the modeling of the consumer decision-making process for applications in artificial intelligence and machine learning.  The Silicon Valley-based start-up Singularities is using the AGM postulates proposed by Alchourrón, Gärdenfors, and Makinson—the formalization of the concepts of beliefs and change for rational entities—in a symbolic logic to create a "machine learning and deduction engine that uses the latest data science and big data algorithms in order to generate the content and conditional rules (counterfactuals) that capture customer's behaviors and beliefs."

 

 

Applications of behavioral economics also exist in other disciplines, for example in the area of supply chain management.

Applications of behavioral economics also exist in other disciplines, for example in the area of supply chain management.

=== Natural experiments ===

=== Natural experiments 自然实验===

From a biological point of view, human behaviors are essentially the same during crises accompanied by stock market crashes and during bubble growth when share prices exceed historic highs. During those periods, most market participants see something new for themselves, and this inevitably induces a stress response in them with accompanying changes in their endocrine profiles and motivations. The result is quantitative and qualitative changes in behavior. This is one example where behavior affecting economics and finance can be observed and variably-contrasted using behavioral economics.

From a biological point of view, human behaviors are essentially the same during crises accompanied by stock market crashes and during bubble growth when share prices exceed historic highs. During those periods, most market participants see something new for themselves, and this inevitably induces a stress response in them with accompanying changes in their endocrine profiles and motivations. The result is quantitative and qualitative changes in behavior. This is one example where behavior affecting economics and finance can be observed and variably-contrasted using behavioral economics.

From a biological point of view, human behaviors are essentially the same during crises accompanied by stock market crashes and during bubble growth when share prices exceed historic highs. During those periods, most market participants see something new for themselves, and this inevitably induces a stress response in them with accompanying changes in their endocrine profiles and motivations. The result is quantitative and qualitative changes in behavior. This is one example where behavior affecting economics and finance can be observed and variably-contrasted using behavioral economics.

From a biological point of view, human behaviors are essentially the same during crises accompanied by stock market crashes and during bubble growth when share prices exceed historic highs. During those periods, most market participants see something new for themselves, and this inevitably induces a stress response in them with accompanying changes in their endocrine profiles and motivations. The result is quantitative and qualitative changes in behavior. This is one example where behavior affecting economics and finance can be observed and variably-contrasted using behavioral economics.

Behavioral economics' usefulness applies beyond environments similar to stock exchanges. Selfish-reasoning, 'adult behaviors', and similar, can be identified within criminal-concealment(s), and legal-deficiencies and neglect of different types can be observed and discovered. Awareness of indirect consequence (or lack of), at least in potential with different experimental models and methods, can be used as well—behavioral economics' potential uses are broad, but its reliability needs scrutiny. Underestimation of the role of novelty as a stressor is the primary shortcoming of current approaches for market research. It is necessary to account for the biologically determined diphasisms of human behavior in everyday low-stress conditions and in response to stressors.

Behavioral economics' usefulness applies beyond environments similar to stock exchanges. Selfish-reasoning, 'adult behaviors', and similar, can be identified within criminal-concealment(s), and legal-deficiencies and neglect of different types can be observed and discovered. Awareness of indirect consequence (or lack of), at least in potential with different experimental models and methods, can be used as well—behavioral economics' potential uses are broad, but its reliability needs scrutiny. Underestimation of the role of novelty as a stressor is the primary shortcoming of current approaches for market research. It is necessary to account for the biologically determined diphasisms of human behavior in everyday low-stress conditions and in response to stressors.

行为经济学的有用性不仅适用于类似于证券交易所的环境。自私推理、“成人行为”等类似的犯罪隐瞒行为可以在犯罪隐瞒行为中被识别出来，不同类型的法律缺陷和疏忽也可以被观察和发现。对间接后果(或缺乏)的认识，至少在不同实验模型和方法的潜力方面，也可以被利用ーー行为经济学的潜在用途是广泛的，但其可靠性需要审查。低估新颖性作为一种压力源的作用是目前市场研究方法的主要缺点。有必要说明在日常低应激条件下和应对应激源时人类行为的生物学决定的双相性。

行为经济学的有用性不仅体现在类似证券交易所的环境中。自私推理Selfish-reasoning、“成人行为adult behaviors”等类似的行为可以在犯罪隐瞒行为criminal-concealment中被发现，不同类型的法律缺陷和疏忽也可以被观察和发现。'''<font color = '32cd32'>至少不同实验模型和方法具有利用间接后果的认识（或缺乏）的潜力Awareness of indirect consequence (or lack of), at least in potential with different experimental models and methods, can be used as well</font>'''：行为经济学的潜在用途是广泛的，但其可靠性需要被审查。低估'''<font color = 'ff8000'>新异novelty</font>'''作为一种压力源的作用是目前市场研究的研究方法的主要缺点。研究方法有必要解释在日常低应激条件下和应对应激源的时候，人类行为中由生物学所决定的'''<font color = 'ff8000'>双相性diphasisms</font>'''。

Critics of behavioral economics typically stress the [[rationality]] of economic agents.<ref>{{cite journal |last1= Myagkov |last2= Plott |year=1997 |title=Exchange Economies and Loss Exposure: Experiments Exploring Prospect Theory and Competitive Equilibria in Market Environments |url=http://authors.library.caltech.edu/43961/1/exchange%20economies%20and%20loss%20exposure.pdf}}</ref> A fundamental critique is provided by Maialeh (2019) who argues that no behavioral research can establish an economic theory. Examples provided on this account include pillars of behavioral economics such as satisficing behavior or prospect theory, which are confronted from the neoclassical perspective of utility maximization and expected utility theory respectively. The author shows that behavioral findings are hardly generalizable and that they do not disprove typical mainstream axioms related to rational behavior.<ref>{{cite journal |last1=Maialeh |first1=Robin |title=Generalization of results and neoclassical rationality: unresolved controversies of behavioural economics methodology |journal=Quality & Quantity |date=2019 |volume=53 |issue=4 |pages=1743–1761 |doi=10.1007/s11135-019-00837-1 }}</ref>

Critics of behavioral economics typically stress the [[rationality]] of economic agents.<ref>{{cite journal |last1= Myagkov |last2= Plott |year=1997 |title=Exchange Economies and Loss Exposure: Experiments Exploring Prospect Theory and Competitive Equilibria in Market Environments |url=http://authors.library.caltech.edu/43961/1/exchange%20economies%20and%20loss%20exposure.pdf}}</ref> A fundamental critique is provided by Maialeh (2019) who argues that no behavioral research can establish an economic theory. Examples provided on this account include pillars of behavioral economics such as satisficing behavior or prospect theory, which are confronted from the neoclassical perspective of utility maximization and expected utility theory respectively. The author shows that behavioral findings are hardly generalizable and that they do not disprove typical mainstream axioms related to rational behavior.<ref>{{cite journal |last1=Maialeh |first1=Robin |title=Generalization of results and neoclassical rationality: unresolved controversies of behavioural economics methodology |journal=Quality & Quantity |date=2019 |volume=53 |issue=4 |pages=1743–1761 |doi=10.1007/s11135-019-00837-1 }}</ref>

Critics of behavioral economics typically stress the rationality of economic agents. A fundamental critique is provided by Maialeh (2019) who argues that no behavioral research can establish an economic theory. Examples provided on this account include pillars of behavioral economics such as satisficing behavior or prospect theory, which are confronted from the neoclassical perspective of utility maximization and expected utility theory respectively. The author shows that behavioral findings are hardly generalizable and that they do not disprove typical mainstream axioms related to rational behavior.

Critics of behavioral economics typically stress the rationality of economic agents. A fundamental critique is provided by Maialeh (2019) who argues that no behavioral research can establish an economic theory. Examples provided on this account include pillars of behavioral economics such as satisficing behavior or prospect theory, which are confronted from the neoclassical perspective of utility maximization and expected utility theory respectively. The author shows that behavioral findings are hardly generalizable and that they do not disprove typical mainstream axioms related to rational behavior.

行为经济学的批评家通常强调经济行为主体的合理性。Maaialeh (2019)提供了一个基本的批评，他认为没有任何行为研究可以建立一个经济理论。这方面的例子包括行为经济学的支柱，如满意行为或前景理论，它们分别从新古典主义的角度来面对效用最大化和期望效用理论。作者指出，行为研究结果很难推广，而且它们不能否定与理性行为有关的典型主流公理。

行为经济学的批评通常强调经济行为主体的'''<font color = 'ff8000'>理性rationality</font>'''。Maaialeh (2019)提供了一个基本的批评，他认为没有行为研究可以建立一个经济学理论。这些例子包括，行为经济学的支柱：从新古典主义的反面分别挑战'''<font color = 'ff8000'>效用最大化utility maximization</font>'''和'''<font color = 'ff8000'>期望效用理论expected utility theory</font>'''的'''<font color = 'ff8000'>满意行为satisficing behavior</font>'''和'''<font color = 'ff8000'>前景理论prospect theory</font>'''。作者向读者展示，行为研究结果很难被推广，而且它们不能否定理性行为有关的典型主流公理。

Others note that cognitive theories, such as prospect theory, are models of decision-making, not generalized economic behavior, and are only applicable to the sort of once-off decision problems presented to experiment participants or survey respondents.  Others argue that decision-making models, such as the endowment effect theory, that have been widely accepted behavioral economists may be erroneously established as a consequence of poor experimental design practices that do not adequately control subject misconceptions.   

Others note that cognitive theories, such as prospect theory, are models of decision-making, not generalized economic behavior, and are only applicable to the sort of once-off decision problems presented to experiment participants or survey respondents.  Others argue that decision-making models, such as the endowment effect theory, that have been widely accepted behavioral economists may be erroneously established as a consequence of poor experimental design practices that do not adequately control subject misconceptions.   

A notable concern is that despite a great deal of rhetoric, no unified behavioral theory has yet been espoused: behavioral economists have proposed no unified theory.

A notable concern is that despite a great deal of rhetoric, no unified behavioral theory has yet been espoused: behavioral economists have proposed no unified theory.

A notable concern is that despite a great deal of rhetoric, no unified behavioral theory has yet been espoused: behavioral economists have proposed no unified theory.

A notable concern is that despite a great deal of rhetoric, no unified behavioral theory has yet been espoused: behavioral economists have proposed no unified theory.

David Gal has argued that many of these issues stem from behavioral economics being too concerned with understanding how behavior deviates from standard economic models rather than with understanding why people behave the way they do. Understanding why behavior occurs is necessary for the creation of generalizable knowledge, the goal of science. He has referred to behavioral economics as a "triumph of marketing" and particularly cited the example of loss aversion.

David Gal has argued that many of these issues stem from behavioral economics being too concerned with understanding how behavior deviates from standard economic models rather than with understanding why people behave the way they do. Understanding why behavior occurs is necessary for the creation of generalizable knowledge, the goal of science. He has referred to behavioral economics as a "triumph of marketing" and particularly cited the example of loss aversion.

Traditional economists are skeptical of the experimental and survey-based techniques that behavioral economics uses extensively. Economists typically stress [[revealed preference]]s over stated preferences (from surveys) in the determination of economic value. Experiments and surveys are at risk of [[systemic bias]]es, strategic behavior and lack of incentive compatibility.{{citation needed|date=May 2010}} Some researchers point out that participants of experiments conducted by behavioural economists are not representative enough and drawing broad conclusions on the basis of such experiments is not possible. An acronym WEIRD has been coined in order to describe the studies participants - as those, who come from Western, Educated, Industrialized, Rich, and Democratic societies.<ref>Joseph Henrich, Steven J. Heine, Ara Norenzayan, The weirdest people in the world?, „Behavioral and brain sciences”, 2010.</ref>

Traditional economists are skeptical of the experimental and survey-based techniques that behavioral economics uses extensively. Economists typically stress [[revealed preference]]s over stated preferences (from surveys) in the determination of economic value. Experiments and surveys are at risk of [[systemic bias]]es, strategic behavior and lack of incentive compatibility.{{citation needed|date=May 2010}} Some researchers point out that participants of experiments conducted by behavioural economists are not representative enough and drawing broad conclusions on the basis of such experiments is not possible. An acronym WEIRD has been coined in order to describe the studies participants - as those, who come from Western, Educated, Industrialized, Rich, and Democratic societies.<ref>Joseph Henrich, Steven J. Heine, Ara Norenzayan, The weirdest people in the world?, „Behavioral and brain sciences”, 2010.</ref>

传统经济学家对行为经济学广泛使用的实验和调查技术持怀疑态度。经济学家通常强调，在决定经济价值时，他们偏好于(来自调查的)规定偏好。实验和调查存在系统偏差、战略行为和缺乏激励相容的风险。一些研究人员指出，行为经济学家进行的实验的参与者代表性不够，不可能在此类实验的基础上得出广泛的结论。为了描述这些研究的参与者——来自西方、受过教育、工业化、富裕和民主社会的人，人们创造了一个首字母缩写 WEIRD。

 

 

传统经济学家对行为经济学广泛使用的实验和调查技术持怀疑态度。经济学家通常强调，在决定经济价值时，他们偏好于(来自调查的)规定偏好。实验和调查具有存在'''<font color = 'ff8000'>系统偏差systemic biases</font>'''、'''<font color = 'ff8000'>策略行为strategic behavior</font>'''和缺乏'''<font color = 'ff8000'>激励相容incentive compatibility</font>'''的风险。一些研究人员指出，行为经济学实验的参与者对人群的代表性不够，因此不可能在此类实验的基础上得出宽泛的结论。为了描述这些研究的参与者——来自'''<font color = 'ff8000'>西方Western</font>'''、'''<font color = 'ff8000'>受过教育Educated</font>'''、'''<font color = 'ff8000'>来自工业化社会Industrialized</font>'''、'''<font color = 'ff8000'>富裕Rich</font>'''和'''<font color = 'ff8000'>来自民主社会Democratic</font>'''的人，人们创造了一个首字母缩写 ：WEIRD（同时，WEIRD一词是“怪异的”的意思）。

=== Responses ===

=== Responses 回应===

Matthew Rabin dismisses these criticisms, countering that consistent results typically are obtained in multiple situations and geographies and can produce good theoretical insight. Behavioral economists, however, responded to these criticisms by focusing on field studies rather than lab experiments. Some economists see a fundamental schism between experimental economics and behavioral economics, but prominent behavioral and experimental economists tend to share techniques and approaches in answering common questions. For example, behavioral economists are investigating neuroeconomics, which is entirely experimental and has not been verified in the field.

Matthew Rabin dismisses these criticisms, countering that consistent results typically are obtained in multiple situations and geographies and can produce good theoretical insight. Behavioral economists, however, responded to these criticisms by focusing on field studies rather than lab experiments. Some economists see a fundamental schism between experimental economics and behavioral economics, but prominent behavioral and experimental economists tend to share techniques and approaches in answering common questions. For example, behavioral economists are investigating neuroeconomics, which is entirely experimental and has not been verified in the field.

 

The epistemological, ontological, and methodological components of behavioral economics are increasingly debated, in particular by historians of economics and economic methodologists.

The epistemological, ontological, and methodological components of behavioral economics are increasingly debated, in particular by historians of economics and economic methodologists.

According to some researchers, when studying the mechanisms that form the basis of decision-making, especially financial decision-making, it is necessary to recognize that most decisions are made under stress because, "Stress is the nonspecific body response to any demands presented to it."

According to some researchers, when studying the mechanisms that form the basis of decision-making, especially financial decision-making, it is necessary to recognize that most decisions are made under stress because, "Stress is the nonspecific body response to any demands presented to it."

== Applied issues ==

== Applied issues 应用问题==

=== Nudge theory ===

=== Nudge theory 助推理论===

{{Main|Nudge theory}}

{{Main|Nudge theory}}

Nudge is a concept in behavioral science, political theory and economics which proposes positive reinforcement and indirect suggestions as ways to influence the behavior and decision making of groups or individuals. Nudging contrasts with other ways to achieve compliance, such as education, legislation or enforcement. The concept has influenced British and American politicians. Several nudge units exist around the world at the national level (UK, Germany, Japan and others) as well as at the international level (OECD, World Bank, UN).

Nudge is a concept in behavioral science, political theory and economics which proposes positive reinforcement and indirect suggestions as ways to influence the behavior and decision making of groups or individuals. Nudging contrasts with other ways to achieve compliance, such as education, legislation or enforcement. The concept has influenced British and American politicians. Several nudge units exist around the world at the national level (UK, Germany, Japan and others) as well as at the international level (OECD, World Bank, UN).

The first formulation of the term and associated principles was developed in cybernetics by James Wilk before 1995 and described by Brunel University academic D. J. Stewart as "the art of the nudge" (sometimes referred to as micronudges). It also drew on methodological influences from clinical psychotherapy tracing back to Gregory Bateson, including contributions from Milton Erickson, Watzlawick, Weakland and Fisch, and Bill O'Hanlon. In this variant, the nudge is a microtargetted design geared towards a specific group of people, irrespective of the scale of intended intervention.

The first formulation of the term and associated principles was developed in cybernetics by James Wilk before 1995 and described by Brunel University academic D. J. Stewart as "the art of the nudge" (sometimes referred to as micronudges). It also drew on methodological influences from clinical psychotherapy tracing back to Gregory Bateson, including contributions from Milton Erickson, Watzlawick, Weakland and Fisch, and Bill O'Hanlon. In this variant, the nudge is a microtargetted design geared towards a specific group of people, irrespective of the scale of intended intervention.

1995年以前，James Wilk 在控制论中首次提出了这一术语和相关原则的表述，Brunel 大学的学者 D.j. Stewart 称之为”推动的艺术”(有时称为”微推”)。它还借鉴了方法论的影响，从临床心理治疗追溯到格里高利 · 贝特森，包括弥尔顿 · 埃里克森，Watzlawick，威克兰和菲施，和比尔 · 欧汉伦的贡献。在这个变体中，轻推是一个针对特定人群的微观目标设计，不考虑预期干预的规模。

James Wilk 早在1995年以前在控制论中首次提出了这一术语和相关原则的表述，Brunel 大学的学者 D. J. Stewart 称之为'''<font color = 'ff8000'>“助推的艺术the art of the nudge”</font>'''（有时称为”'''<font color = 'ff8000'>微推micronudges</font>'''”）。它还受到了从临床心理治疗方法论的影响，这些方法可以追溯到Gregory Bateson，包括Milton Erickson，Watzlawick，Weakland和Fisch，和Bill O'Hanlon。在这个变体中，助推是一个针对特定人群的'''<font color = 'ff8000'>微观目标设计 microtargetted design</font>'''，而不考虑预期干预的规模。

In 2008, Richard Thaler and Cass Sunstein's book Nudge: Improving Decisions About Health, Wealth, and Happiness brought nudge theory to prominence. It also gained a following among US and UK politicians, in the private sector and in public health. The authors refer to influencing behaviour without coercion as libertarian paternalism and the influencers as choice architects.  Thaler and Sunstein defined their concept as:

In 2008, Richard Thaler and Cass Sunstein's book Nudge: Improving Decisions About Health, Wealth, and Happiness brought nudge theory to prominence. It also gained a following among US and UK politicians, in the private sector and in public health. The authors refer to influencing behaviour without coercion as libertarian paternalism and the influencers as choice architects.  Thaler and Sunstein defined their concept as:

2008年，理查德 · 泰勒和卡斯 · 桑斯坦的书《推动: 改善关于健康、财富和幸福的决定》使推动理论得到了重视。它还在美国和英国的政界人士、私营部门和公共卫生领域赢得了追随者。两位作者将在没有强制的情况下影响行为称为自由意志主义家长式作风，而影响者则称为选择建筑师。和 Sunstein 将他们的概念定义为:

2008年，理查德 · 泰勒和卡斯 · 桑斯坦的书《'''<font color = 'ff8000'>助推：我们如何做出最佳选择Nudge: Improving Decisions About Health, Wealth, and Happiness</font>'''》使助推理论得到了重视。它还赢得了美国和英国的政界人士、私营部门和公共卫生领域的追随者。两位作者把没有强制情况下对行为施加影响的过程称为'''<font color = 'ff8000'>自由意志的家长作风libertarian paternalism</font>'''，而称影响者为'''<font color = 'ff8000'>选择建筑师choice architects</font>'''。泰勒和桑斯坦将他们的概念定义为:

{{quote|''A nudge, as we will use the term, is any aspect of the [[choice architecture]] that alters people's behavior in a predictable way without forbidding any options or significantly changing their economic incentives. To count as a mere nudge, the intervention must be easy and cheap to avoid. Nudges are not mandates. Putting fruit at eye level counts as a nudge. Banning junk food does not.''}}

{{quote|''A nudge, as we will use the term, is any aspect of the [[choice architecture]] that alters people's behavior in a predictable way without forbidding any options or significantly changing their economic incentives. To count as a mere nudge, the intervention must be easy and cheap to avoid. Nudges are not mandates. Putting fruit at eye level counts as a nudge. Banning junk food does not.''}}

 

In this form, drawing on behavioral economics, the nudge is more generally applied to influence behaviour.

In this form, drawing on behavioral economics, the nudge is more generally applied to influence behaviour.

In this form, drawing on behavioral economics, the nudge is more generally applied to influence behaviour.

In this form, drawing on behavioral economics, the nudge is more generally applied to influence behaviour.

One of the most frequently cited examples of a nudge is the etching of the image of a housefly into the men's room urinals at Amsterdam's Schiphol Airport, which is intended to "improve the aim."

One of the most frequently cited examples of a nudge is the etching of the image of a housefly into the men's room urinals at Amsterdam's Schiphol Airport, which is intended to "improve the aim."

Nudging techniques aim to use judgmental heuristics to our advantage. In other words, a nudge alters the environment so that when heuristic, or System 1, decision-making is used, the resulting choice will be the most positive or desired outcome. An example of such a nudge is switching the placement of junk food in a store, so that fruit and other healthy options are located next to the cash register, while junk food is relocated to another part of the store.

Nudging techniques aim to use judgmental heuristics to our advantage. In other words, a nudge alters the environment so that when heuristic, or System 1, decision-making is used, the resulting choice will be the most positive or desired outcome. An example of such a nudge is switching the placement of junk food in a store, so that fruit and other healthy options are located next to the cash register, while junk food is relocated to another part of the store.

In 2008, the United States appointed Sunstein, who helped develop the theory, as administrator of the Office of Information and Regulatory Affairs.

In 2008, the United States appointed Sunstein, who helped develop the theory, as administrator of the Office of Information and Regulatory Affairs.

Notable applications of nudge theory include the formation of the British [[Behavioural Insights Team]] in 2010. It is often called the "Nudge Unit", at the British [[Cabinet Office]], headed by [[David Halpern (psychologist)|David Halpern]].<ref>{{cite web|url=https://www.behaviouralinsights.co.uk/about-us/|title=Who we are |website = The Behavioural Insights Team}}</ref>

Notable applications of nudge theory include the formation of the British [[Behavioural Insights Team]] in 2010. It is often called the "Nudge Unit", at the British [[Cabinet Office]], headed by [[David Halpern (psychologist)|David Halpern]].<ref>{{cite web|url=https://www.behaviouralinsights.co.uk/about-us/|title=Who we are |website = The Behavioural Insights Team}}</ref>

Notable applications of nudge theory include the formation of the British Behavioural Insights Team in 2010. It is often called the "Nudge Unit", at the British Cabinet Office, headed by David Halpern.

Notable applications of nudge theory include the formation of the British Behavioural Insights Team in 2010. It is often called the "Nudge Unit", at the British Cabinet Office, headed by David Halpern.

Both Prime Minister David Cameron and President Barack Obama sought to employ nudge theory to advance domestic policy goals during their terms.

Both Prime Minister David Cameron and President Barack Obama sought to employ nudge theory to advance domestic policy goals during their terms.

英国首相戴维•卡梅伦(David Cameron)和美国总统巴拉克•奥巴马(Barack Obama)都试图在任期内运用轻推理论来推进国内政策目标。

英国首相'''<font color = 'ff8000'>卡梅伦David Cameron</font>'''和美国前总统'''<font color = 'ff8000'>奥巴马Barack Obama</font>'''都试图在任期内运用助推理论来推进国内政策目标。

In Australia, the government of New South Wales established a Behavioural Insights community of practice.

In Australia, the government of New South Wales established a Behavioural Insights community of practice.

 

Nudge theory has also been applied to business management and corporate culture, such as in relation to health, safety and environment (HSE) and human resources. Regarding its application to HSE, one of the primary goals of nudge is to achieve a "zero accident culture."

Nudge theory has also been applied to business management and corporate culture, such as in relation to health, safety and environment (HSE) and human resources. Regarding its application to HSE, one of the primary goals of nudge is to achieve a "zero accident culture."

 

Leading Silicon Valley companies are forerunners in applying nudge theory in a corporate setting. These companies are using nudges in various forms to increase the productivity and happiness of employees. Recently, further companies are gaining interest in using what is called "nudge management" to improve the productivity of their white-collar workers.

Leading Silicon Valley companies are forerunners in applying nudge theory in a corporate setting. These companies are using nudges in various forms to increase the productivity and happiness of employees. Recently, further companies are gaining interest in using what is called "nudge management" to improve the productivity of their white-collar workers.

领先的硅谷企业在企业环境中应用“推动”理论方面走在了前面。这些公司正在以各种方式推动员工，以提高他们的生产力和幸福感。最近，越来越多的公司开始对利用所谓的“微推管理”(nudge management)来提高白领工人的生产率感兴趣。

于企业环境中应用“助推”理论方面，硅谷的各个领先企业在走在了前面。这些公司正在用各种方式的助推来提高员工的生产力和幸福感。最近，越来越多的公司开始对利用所谓的“'''<font color = 'ff8000'>助推管理nudge management</font>'''”来提高白领工人的生产率感兴趣。

Behavioral insights and nudges are currently used in many countries around the world.

Behavioral insights and nudges are currently used in many countries around the world.

 

==== Criticisms 批评====

==== Criticisms ====

Nudging has also been criticised. Tammy Boyce, from public health foundation The King's Fund, has said: "We need to move away from short-term, politically motivated initiatives such as the 'nudging people' idea, which is not based on any good evidence and doesn't help people make long-term behaviour changes."

Nudging has also been criticised. Tammy Boyce, from public health foundation The King's Fund, has said: "We need to move away from short-term, politically motivated initiatives such as the 'nudging people' idea, which is not based on any good evidence and doesn't help people make long-term behaviour changes."

 

Cass Sunstein has responded to critiques at length in his ''The Ethics of Influence''<ref>{{Cite book|url={{google books |plainurl=y |id=TlvWDAAAQBAJ|page=8}} |title=The Ethics of Influence: Government in the Age of Behavioral Science|last=Sunstein|first=Cass R.|date=2016-08-24|publisher=Cambridge University Press|isbn=9781107140707|language=en}}</ref> making the case in favor of nudging against charges that nudges diminish autonomy,<ref>{{Cite journal|last=Schubert|first=Christian|date=2015-10-12|title=On the Ethics of Public Nudging: Autonomy and Agency|location=Rochester, NY|ssrn=2672970}}</ref> threaten dignity, violate liberties, or reduce welfare. Ethicists have debated this rigorously.<ref>{{Cite journal|last=Barton|first=Adrien|last2=Grüne-Yanoff|first2=Till|date=2015-09-01|title=From Libertarian Paternalism to Nudging—and Beyond|journal=Review of Philosophy and Psychology|language=en|volume=6|issue=3|pages=341–359|doi=10.1007/s13164-015-0268-x|issn=1878-5158|doi-access=free}}</ref> These charges have been made by various participants in the debate from Bovens<ref>{{Cite book|title=Preference Change|last=Bovens|first=Luc|date=2009|publisher=Springer, Dordrecht|isbn=9789048125920|series=Theory and Decision Library|pages=207–219|language=en|doi=10.1007/978-90-481-2593-7_10|chapter = The Ethics of Nudge}}</ref>  to Goodwin.<ref>{{Cite journal|last=Goodwin|first=Tom|date=2012-06-01|title=Why We Should Reject 'Nudge'|journal=Politics|language=en|volume=32|issue=2|pages=85–92|doi=10.1111/j.1467-9256.2012.01430.x|issn=0263-3957}}</ref> Wilkinson for example charges nudges for being manipulative, while others such as Yeung question their scientific credibility.<ref>{{Cite journal|last=Yeung|first=Karen|date=2012-01-01|title=Nudge as Fudge|journal=The Modern Law Review|language=en|volume=75|issue=1|pages=122–148|doi=10.1111/j.1468-2230.2012.00893.x|issn=1468-2230}}</ref>

Cass Sunstein has responded to critiques at length in his ''The Ethics of Influence''<ref>{{Cite book|url={{google books |plainurl=y |id=TlvWDAAAQBAJ|page=8}} |title=The Ethics of Influence: Government in the Age of Behavioral Science|last=Sunstein|first=Cass R.|date=2016-08-24|publisher=Cambridge University Press|isbn=9781107140707|language=en}}</ref> making the case in favor of nudging against charges that nudges diminish autonomy,<ref>{{Cite journal|last=Schubert|first=Christian|date=2015-10-12|title=On the Ethics of Public Nudging: Autonomy and Agency|location=Rochester, NY|ssrn=2672970}}</ref> threaten dignity, violate liberties, or reduce welfare. Ethicists have debated this rigorously.<ref>{{Cite journal|last=Barton|first=Adrien|last2=Grüne-Yanoff|first2=Till|date=2015-09-01|title=From Libertarian Paternalism to Nudging—and Beyond|journal=Review of Philosophy and Psychology|language=en|volume=6|issue=3|pages=341–359|doi=10.1007/s13164-015-0268-x|issn=1878-5158|doi-access=free}}</ref> These charges have been made by various participants in the debate from Bovens<ref>{{Cite book|title=Preference Change|last=Bovens|first=Luc|date=2009|publisher=Springer, Dordrecht|isbn=9789048125920|series=Theory and Decision Library|pages=207–219|language=en|doi=10.1007/978-90-481-2593-7_10|chapter = The Ethics of Nudge}}</ref>  to Goodwin.<ref>{{Cite journal|last=Goodwin|first=Tom|date=2012-06-01|title=Why We Should Reject 'Nudge'|journal=Politics|language=en|volume=32|issue=2|pages=85–92|doi=10.1111/j.1467-9256.2012.01430.x|issn=0263-3957}}</ref> Wilkinson for example charges nudges for being manipulative, while others such as Yeung question their scientific credibility.<ref>{{Cite journal|last=Yeung|first=Karen|date=2012-01-01|title=Nudge as Fudge|journal=The Modern Law Review|language=en|volume=75|issue=1|pages=122–148|doi=10.1111/j.1468-2230.2012.00893.x|issn=1468-2230}}</ref>

Cass Sunstein has responded to critiques at length in his The Ethics of Influence making the case in favor of nudging against charges that nudges diminish autonomy, threaten dignity, violate liberties, or reduce welfare. Ethicists have debated this rigorously. These charges have been made by various participants in the debate from Bovens to Goodwin. Wilkinson for example charges nudges for being manipulative, while others such as Yeung question their scientific credibility.

Cass Sunstein has responded to critiques at length in his The Ethics of Influence making the case in favor of nudging against charges that nudges diminish autonomy, threaten dignity, violate liberties, or reduce welfare. Ethicists have debated this rigorously. These charges have been made by various participants in the debate from Bovens to Goodwin. Wilkinson for example charges nudges for being manipulative, while others such as Yeung question their scientific credibility.

Some, such as Hausman & Welch have inquired whether nudging should be permissible on grounds of (distributive) justice; Lepenies & Malecka have questioned whether nudges are compatible with the rule of law. Similarly, legal scholars have discussed the role of nudges and the law.

Some, such as Hausman & Welch have inquired whether nudging should be permissible on grounds of (distributive) justice; Lepenies & Malecka have questioned whether nudges are compatible with the rule of law. Similarly, legal scholars have discussed the role of nudges and the law.

Behavioral economists such as Bob Sugden have pointed out that the underlying normative benchmark of nudging is still homo economicus, despite the proponents' claim to the contrary.

Behavioral economists such as Bob Sugden have pointed out that the underlying normative benchmark of nudging is still homo economicus, despite the proponents' claim to the contrary.

It has been remarked that nudging is also a euphemism for psychological manipulation as practiced in social engineering.

It has been remarked that nudging is also a euphemism for psychological manipulation as practiced in social engineering.

There exists an anticipation and, simultaneously, implicit criticism of the nudge theory in works of Hungarian social psychologists who emphasize the active participation in the nudge of its target (Ferenc Merei and Laszlo Garai).

There exists an anticipation and, simultaneously, implicit criticism of the nudge theory in works of Hungarian social psychologists who emphasize the active participation in the nudge of its target (Ferenc Merei and Laszlo Garai).

在匈牙利社会心理学家的著作中，存在着对轻推理论的预期，同时也存在着对这一理论的隐含批评，他们强调对目标的轻推的积极参与(Ferenc Merei 和 Laszlo Garai)。

在匈牙利的，强调积极参与对目标的助推的社会心理学家（Ferenc Merei 和 Laszlo Garai）的著作中，同时存在着对助推理论的预期和对它隐含的批评。

=== Behavioral finance<!--'Behavioral finance' redirects here--> ===

=== Behavioral finance 行为金融学<!--'Behavioral finance' redirects here--> ===

[[File:Robert J. Shiller 2017.jpg|thumb|left|140px|[[Robert J. Shiller]], winner of the 2013 Nobel Prize in economics]]

[[File:Robert J. Shiller 2017.jpg|thumb|left|140px|[[Robert J. Shiller]], winner of the 2013 Nobel Prize in economics]]

[[Robert J. Shiller, winner of the 2013 Nobel Prize in economics]]

[[Robert J. Shiller, winner of the 2013 Nobel Prize in economics]]

 

The central issue in '''behavioral finance'''<!--boldface per WP:R#PLA--> is explaining why market participants make irrational [[systematic errors]] contrary to assumption of rational market participants.<ref name="ssrn.com" /> Such errors affect prices and returns, creating market inefficiencies. The study of behavioral finance also investigates how other participants take advantage ([[arbitrage]]) of such errors and market inefficiencies.

The central issue in '''behavioral finance'''<!--boldface per WP:R#PLA--> is explaining why market participants make irrational [[systematic errors]] contrary to assumption of rational market participants.<ref name="ssrn.com" /> Such errors affect prices and returns, creating market inefficiencies. The study of behavioral finance also investigates how other participants take advantage ([[arbitrage]]) of such errors and market inefficiencies.

The central issue in behavioral finance<!--boldface per WP:R#PLA--> is explaining why market participants make irrational systematic errors contrary to assumption of rational market participants. Such errors affect prices and returns, creating market inefficiencies. The study of behavioral finance also investigates how other participants take advantage (arbitrage) of such errors and market inefficiencies.

The central issue in behavioral finance<!--boldface per WP:R#PLA--> is explaining why market participants make irrational systematic errors contrary to assumption of rational market participants. Such errors affect prices and returns, creating market inefficiencies. The study of behavioral finance also investigates how other participants take advantage (arbitrage) of such errors and market inefficiencies.

行为金融学的核心问题---- 黑体 wp: r # pla----是解释为什么市场参与者与理性市场参与者的假设相反，会犯下非理性的系统性错误。这些错误会影响价格和回报，造成市场低效率。行为金融学的研究还探讨了其他参与者如何利用这些错误和市场无效率的优势(套利)。

行为金融学的核心问题是解释为什么市场参与者会犯出与理性市场参与者假设相反的非理性且系统性的错误。这些错误会影响价格和回报，造成市场失效market inefficiencies。行为金融学也探讨其他参与者如何利用这些错误和市场失效的优势，也就是'''<font color = 'ff8000'>套利arbitrage</font>'''。

 

Behavioral finance highlights inefficiencies, such as under- or over-reactions to information, as causes of market trends and, in extreme cases, of bubbles and crashes. Such reactions have been attributed to limited investor attention, overconfidence, overoptimism, mimicry (herding instinct) and noise trading. Technical analysts consider behavioral finance to be behavioral economics' "academic cousin" and the theoretical basis for technical analysis.

Behavioral finance highlights inefficiencies, such as under- or over-reactions to information, as causes of market trends and, in extreme cases, of bubbles and crashes. Such reactions have been attributed to limited investor attention, overconfidence, overoptimism, mimicry (herding instinct) and noise trading. Technical analysts consider behavioral finance to be behavioral economics' "academic cousin" and the theoretical basis for technical analysis.

行为金融学强调了低效率，例如对信息反应不足或过度，这是市场趋势的原因，在极端情况下，也是泡沫和崩溃的原因。这种反应被归因于投资者注意力有限、过度自信、过于乐观、模仿(羊群本能)和噪音交易。技术分析家认为行为金融学是行为经济学的“学术表兄” ，是技术分析的理论基础。

行为金融学强调'''<font color = 'ff8000'>低效率inefficiencies</font>'''，例如'''<font color = 'ff8000'>对信息反应不足或过度under- or over-reactions to information</font>'''，它导致了一般的市场趋势以及更极端情况下的泡沫和崩溃。这种反应被归因于'''<font color = 'ff8000'>投资者注意有限limited investor attention</font>'''、'''<font color = 'ff8000'>过度自信overconfidence</font>'''、'''<font color = 'ff8000'>过于乐观overoptimism</font>'''、'''<font color = 'ff8000'>模仿mimicry</font>'''（'''<font color = 'ff8000'>集群本能herding instinct</font>'''）和'''<font color = 'ff8000'>噪音交易noise trading</font>'''。技术分析家认为行为金融学是行为经济学的“'''<font color = 'ff8000'>学术表亲academic cousin</font>'''” ，是技术分析的理论基础。

Other key observations include the asymmetry between decisions to acquire or keep resources, known as the "bird in the bush" paradox, and [[loss aversion]], the unwillingness to let go of a valued possession. Loss aversion appears to manifest itself in investor behavior as a reluctance to sell shares or other equity if doing so would result in a nominal loss.{{citation needed|date=October 2018}} It may also help explain why housing prices rarely/slowly decline to market clearing levels during periods of low demand.

Other key observations include the asymmetry between decisions to acquire or keep resources, known as the "bird in the bush" paradox, and [[loss aversion]], the unwillingness to let go of a valued possession. Loss aversion appears to manifest itself in investor behavior as a reluctance to sell shares or other equity if doing so would result in a nominal loss.{{citation needed|date=October 2018}} It may also help explain why housing prices rarely/slowly decline to market clearing levels during periods of low demand.

Other key observations include the asymmetry between decisions to acquire or keep resources, known as the "bird in the bush" paradox, and loss aversion, the unwillingness to let go of a valued possession. Loss aversion appears to manifest itself in investor behavior as a reluctance to sell shares or other equity if doing so would result in a nominal loss. It may also help explain why housing prices rarely/slowly decline to market clearing levels during periods of low demand.

Other key observations include the asymmetry between decisions to acquire or keep resources, known as the "bird in the bush" paradox, and loss aversion, the unwillingness to let go of a valued possession. Loss aversion appears to manifest itself in investor behavior as a reluctance to sell shares or other equity if doing so would result in a nominal loss. It may also help explain why housing prices rarely/slowly decline to market clearing levels during periods of low demand.

其他关键观察还包括获取或保留资源的决定之间的不对称，即所谓的“丛林中的鸟”悖论，以及对损失的厌恶，即不愿意放弃有价值的财产。损失厌恶似乎表现为投资者不愿意出售股票或其他股权，如果这样做会导致名义上的损失。这也可能有助于解释为什么在需求低迷时期，房价很少 / 缓慢下降到市场清算水平。

其他关键的观察还包括获取和保留资源之间不对称的决策，即所谓的“'''<font color = 'ff8000'>树丛中的鸟（没把握的事）bird in the bush</font>'''”悖论，以及损失厌恶，即不愿意放弃有价值的已有财产。损失厌恶似乎表现为投资者在可能导致名义上的损失的条件下不愿意出售股票或其他股权。这可能也有助于解释为什么在需求低迷时期，房价很少或以极慢的速度下降到市场清算水平。

Benartzi and Thaler, applying a version of prospect theory, claim to have solved the equity premium puzzle, something conventional finance models so far have been unable to do. Experimental finance applies the experimental method, e.g., creating an artificial market through some kind of simulation software to study people's decision-making process and behavior in financial markets.

Benartzi and Thaler, applying a version of prospect theory, claim to have solved the equity premium puzzle, something conventional finance models so far have been unable to do. Experimental finance applies the experimental method, e.g., creating an artificial market through some kind of simulation software to study people's decision-making process and behavior in financial markets.

==== Quantitative behavioral finance ====

==== Quantitative behavioral finance 量化行为金融学====

[[Quantitative behavioral finance]] uses mathematical and statistical methodology to understand [[behavioral bias]]es. In marketing research, a study shows little evidence that escalating biases impact marketing decisions.<ref>{{cite journal|url=http://www.forecastingprinciples.com/paperpdf/Escalation%20Bias.pdf|title=Escalation Bias: Does It Extend to Marketing?|author=J. Scott Armstrong, Nicole Coviello and Barbara Safranek|journal=Journal of the Academy of Marketing Science|volume=21|pages=247–352|year=1993|doi=10.1177/0092070393213008|issue=3|citeseerx=<!--10.1.1.335.5132-->}}</ref> Leading contributors include [[Gunduz Caginalp]] (Editor of the [[Journal of Behavioral Finance]] from 2001–04), and collaborators include 2002 Nobel Laureate [[Vernon L. Smith|Vernon Smith]], David Porter, Don Balenovich,<ref name=porter>{{cite web|title=Dr. Donald A. Balenovich|publisher=Indiana University of Pennsylvania, Mathematics Department|url=http://www.ma.iup.edu/people/dabalen.html}}</ref> Vladimira Ilieva and Ahmet Duran,<ref name=duran>{{cite web|title=Ahmet Duran|publisher=Department of Mathematics, [[University of Michigan]]-Ann Arbor|url=http://www.umich.edu/~durana}}</ref> and Ray Sturm.<ref name=sturm>{{cite web|title=Dr Ray R. Sturm, CPA |publisher=College of Business Administration |url=http://www.bus.ucf.edu/rsturm |url-status=dead |archiveurl=https://web.archive.org/web/20060920114653/http://www.bus.ucf.edu/rsturm/ |archivedate=September 20, 2006 }}</ref>

[[Quantitative behavioral finance]] uses mathematical and statistical methodology to understand [[behavioral bias]]es. In marketing research, a study shows little evidence that escalating biases impact marketing decisions.<ref>{{cite journal|url=http://www.forecastingprinciples.com/paperpdf/Escalation%20Bias.pdf|title=Escalation Bias: Does It Extend to Marketing?|author=J. Scott Armstrong, Nicole Coviello and Barbara Safranek|journal=Journal of the Academy of Marketing Science|volume=21|pages=247–352|year=1993|doi=10.1177/0092070393213008|issue=3|citeseerx=<!--10.1.1.335.5132-->}}</ref> Leading contributors include [[Gunduz Caginalp]] (Editor of the [[Journal of Behavioral Finance]] from 2001–04), and collaborators include 2002 Nobel Laureate [[Vernon L. Smith|Vernon Smith]], David Porter, Don Balenovich,<ref name=porter>{{cite web|title=Dr. Donald A. Balenovich|publisher=Indiana University of Pennsylvania, Mathematics Department|url=http://www.ma.iup.edu/people/dabalen.html}}</ref> Vladimira Ilieva and Ahmet Duran,<ref name=duran>{{cite web|title=Ahmet Duran|publisher=Department of Mathematics, [[University of Michigan]]-Ann Arbor|url=http://www.umich.edu/~durana}}</ref> and Ray Sturm.<ref name=sturm>{{cite web|title=Dr Ray R. Sturm, CPA |publisher=College of Business Administration |url=http://www.bus.ucf.edu/rsturm |url-status=dead |archiveurl=https://web.archive.org/web/20060920114653/http://www.bus.ucf.edu/rsturm/ |archivedate=September 20, 2006 }}</ref>

Quantitative behavioral finance uses mathematical and statistical methodology to understand behavioral biases. In marketing research, a study shows little evidence that escalating biases impact marketing decisions. Leading contributors include Gunduz Caginalp (Editor of the Journal of Behavioral Finance from 2001–04), and collaborators include 2002 Nobel Laureate Vernon Smith, David Porter, Don Balenovich, Vladimira Ilieva and Ahmet Duran, and Ray Sturm.

Quantitative behavioral finance uses mathematical and statistical methodology to understand behavioral biases. In marketing research, a study shows little evidence that escalating biases impact marketing decisions. Leading contributors include Gunduz Caginalp (Editor of the Journal of Behavioral Finance from 2001–04), and collaborators include 2002 Nobel Laureate Vernon Smith, David Porter, Don Balenovich, Vladimira Ilieva and Ahmet Duran, and Ray Sturm.

定量行为金融学使用数学和统计方法来理解行为偏差。在营销研究中，一项研究显示，没有证据表明逐步升级的偏见会影响营销决策。主要贡献者包括 Gunduz Caginalp (2001-04年《行为金融学杂志》的编辑) ，合作者包括2002年诺贝尔奖获得者 Vernon Smith，David Porter，Don Balenovich，Vladimira Ilieva 和 Ahmet Duran，以及 Ray Sturm。

'''<font color = 'ff8000'>量化行为金融学Quantitative behavioral finance</font>'''使用数学和统计方法来理解行为偏差。在市场研究中，一项研究显示没有证据表明逐步升级的偏见会影响市场决策。主要贡献者包括 Gunduz Caginalp (2001-2004年《'''<font color = 'ff8000'>行为金融学期刊Journal of Behavioral Finance</font>'''》的编辑) ，合作者包括2002年诺贝尔奖获得者 Vernon Smith，David Porter，Don Balenovich，Vladimira Ilieva 和 Ahmet Duran，以及 Ray Sturm。

==== Financial models ====

==== Financial models 金融模型====

Some financial models used in money management and asset valuation incorporate behavioral finance parameters. Examples:

Some financial models used in money management and asset valuation incorporate behavioral finance parameters. Examples:

Some financial models used in money management and asset valuation incorporate behavioral finance parameters. Examples:

Some financial models used in money management and asset valuation incorporate behavioral finance parameters. Examples:

一些用于货币管理和资产评估的金融模型纳入了行为金融学参数。例子:

一些用于货币管理和资产评估的金融模型纳入了行为金融学参数。例如:

* Thaler's model of price reactions to information, with three phases (underreaction, adjustment, and overreaction), creating a price [[market trend|trend]].

* Thaler's model of price reactions to information, with three phases (underreaction, adjustment, and overreaction), creating a price [[market trend|trend]].

:One characteristic of overreaction is that average returns following announcements of good news is lower than following bad news. In other words, overreaction occurs if the market reacts too strongly or for too long to news, thus requiring an adjustment in the opposite direction. As a result, outperforming assets in one period is likely to underperform in the following period. This also applies to customers' irrational purchasing [[habit]]s.<ref>{{cite web|url=http://flevy.com/blog/why-people-wont-buy-your-product-even-though-its-awesome/|title=Why People Won't Buy Your Product Even Though It's Awesome|last=Tang|first=David|date=6 May 2013|publisher=Flevy|accessdate=31 May 2013}}</ref>

:One characteristic of overreaction is that average returns following announcements of good news is lower than following bad news. In other words, overreaction occurs if the market reacts too strongly or for too long to news, thus requiring an adjustment in the opposite direction. As a result, outperforming assets in one period is likely to underperform in the following period. This also applies to customers' irrational purchasing [[habit]]s.<ref>{{cite web|url=http://flevy.com/blog/why-people-wont-buy-your-product-even-though-its-awesome/|title=Why People Won't Buy Your Product Even Though It's Awesome|last=Tang|first=David|date=6 May 2013|publisher=Flevy|accessdate=31 May 2013}}</ref>

One characteristic of overreaction is that average returns following announcements of good news is lower than following bad news. In other words, overreaction occurs if the market reacts too strongly or for too long to news, thus requiring an adjustment in the opposite direction. As a result, outperforming assets in one period is likely to underperform in the following period. This also applies to customers' irrational purchasing habits.

One characteristic of overreaction is that average returns following announcements of good news is lower than following bad news. In other words, overreaction occurs if the market reacts too strongly or for too long to news, thus requiring an adjustment in the opposite direction. As a result, outperforming assets in one period is likely to underperform in the following period. This also applies to customers' irrational purchasing habits.

* The [[stock valuation|stock image]] coefficient.

* The [[stock valuation|stock image]] coefficient.

==== Criticisms ====

==== Criticisms 批评====

Critics such as [[Eugene Fama]] typically support the [[efficient-market hypothesis]]. They contend that behavioral finance is more a collection of [[Market anomaly|anomalies]] than a true branch of [[finance]] and that these anomalies are either quickly priced out of the market or explained by appealing to [[market microstructure]] arguments. However, individual [[cognitive bias]]es are distinct from social biases; the former can be averaged out by the market, while the other can create positive [[feedback loop]]s that drive the market further and further from a "[[fair price]]" equilibrium. Similarly, for an anomaly to violate market efficiency, an investor must be able to trade against it and earn abnormal profits; this is not the case for many anomalies.<ref>{{Cite web|url=http://www.dimensional.com/famafrench/2009/08/fama-on-market-efficiency-in-a-volatile-market.html|archiveurl=https://web.archive.org/web/20100324015212/http://www.dimensional.com/famafrench/2009/08/fama-on-market-efficiency-in-a-volatile-market.html|url-status=dead|title=Fama on Market Efficiency in a Volatile Market|archivedate=March 24, 2010}}</ref>

Critics such as [[Eugene Fama]] typically support the [[efficient-market hypothesis]]. They contend that behavioral finance is more a collection of [[Market anomaly|anomalies]] than a true branch of [[finance]] and that these anomalies are either quickly priced out of the market or explained by appealing to [[market microstructure]] arguments. However, individual [[cognitive bias]]es are distinct from social biases; the former can be averaged out by the market, while the other can create positive [[feedback loop]]s that drive the market further and further from a "[[fair price]]" equilibrium. Similarly, for an anomaly to violate market efficiency, an investor must be able to trade against it and earn abnormal profits; this is not the case for many anomalies.<ref>{{Cite web|url=http://www.dimensional.com/famafrench/2009/08/fama-on-market-efficiency-in-a-volatile-market.html|archiveurl=https://web.archive.org/web/20100324015212/http://www.dimensional.com/famafrench/2009/08/fama-on-market-efficiency-in-a-volatile-market.html|url-status=dead|title=Fama on Market Efficiency in a Volatile Market|archivedate=March 24, 2010}}</ref>

Critics such as Eugene Fama typically support the efficient-market hypothesis. They contend that behavioral finance is more a collection of anomalies than a true branch of finance and that these anomalies are either quickly priced out of the market or explained by appealing to market microstructure arguments. However, individual cognitive biases are distinct from social biases; the former can be averaged out by the market, while the other can create positive feedback loops that drive the market further and further from a "fair price" equilibrium. Similarly, for an anomaly to violate market efficiency, an investor must be able to trade against it and earn abnormal profits; this is not the case for many anomalies.

Critics such as Eugene Fama typically support the efficient-market hypothesis. They contend that behavioral finance is more a collection of anomalies than a true branch of finance and that these anomalies are either quickly priced out of the market or explained by appealing to market microstructure arguments. However, individual cognitive biases are distinct from social biases; the former can be averaged out by the market, while the other can create positive feedback loops that drive the market further and further from a "fair price" equilibrium. Similarly, for an anomaly to violate market efficiency, an investor must be able to trade against it and earn abnormal profits; this is not the case for many anomalies.

像 Eugene Fama 这样的批评家典型地支持效率市场假说。他们认为，行为金融学更多的是一个异常现象的集合，而不是一个真正的金融分支，这些异常现象要么很快被定价出市场，要么通过吸引市场微观结构的论点来解释。然而，个人认知偏差不同于社会偏差; 前者可以由市场平均化，而后者可以创造正反馈循环，使市场越来越偏离”公平价格”均衡。同样，对于违反市场效率的反常现象，投资者必须能够对其进行交易并获得异常利润; 许多反常现象并非如此。

像Eugene Fama 一样，一些批评家通常支持'''<font color = 'ff8000'>市场有效性假说efficient-market hypothesis</font>'''。他们认为，相比作为一个真正的金融学分支，行为金融学更像是一个异常现象的集合，这些异常现象要么很快因不合适而被排挤出市场，要么可以通过'''<font color = 'ff8000'>市场微观结构market microstructure</font>'''的观点来解释。然而，'''<font color = 'ff8000'>个人认知偏差individual cognitive biases</font>'''不同于'''<font color = 'ff8000'>社会偏差social biases</font>'''；前者可以被市场平均化，而后者可以创造正反馈循环从而使市场越来越偏离”'''<font color = 'ff8000'>公平价格fair price</font>'''”均衡。同样，对于违反市场有效性的异常现象，投资者必须有能力按其相反的方向进行交易并获得异常利润；但许多异常现象并非如此。

A specific example of this criticism appears in some explanations of the [[equity premium puzzle]]. It is argued that the cause is [[barriers to entry|entry barriers]] (both practical and psychological) and that returns between stocks and bonds should equalize as electronic resources open up the stock market to more traders.<ref>See Freeman, 2004 for a review</ref> In response, others contend that most personal investment funds are managed through superannuation funds, minimizing the effect of these putative entry barriers.{{citation needed|date=July 2016}} In addition, professional investors and fund managers seem to hold more bonds than one would expect given return differentials.{{citation needed|date=July 2016}}

A specific example of this criticism appears in some explanations of the [[equity premium puzzle]]. It is argued that the cause is [[barriers to entry|entry barriers]] (both practical and psychological) and that returns between stocks and bonds should equalize as electronic resources open up the stock market to more traders.<ref>See Freeman, 2004 for a review</ref> In response, others contend that most personal investment funds are managed through superannuation funds, minimizing the effect of these putative entry barriers.{{citation needed|date=July 2016}} In addition, professional investors and fund managers seem to hold more bonds than one would expect given return differentials.{{citation needed|date=July 2016}}

A specific example of this criticism appears in some explanations of the equity premium puzzle. It is argued that the cause is entry barriers (both practical and psychological) and that returns between stocks and bonds should equalize as electronic resources open up the stock market to more traders. In response, others contend that most personal investment funds are managed through superannuation funds, minimizing the effect of these putative entry barriers. In addition, professional investors and fund managers seem to hold more bonds than one would expect given return differentials.

A specific example of this criticism appears in some explanations of the equity premium puzzle. It is argued that the cause is entry barriers (both practical and psychological) and that returns between stocks and bonds should equalize as electronic resources open up the stock market to more traders. In response, others contend that most personal investment funds are managed through superannuation funds, minimizing the effect of these putative entry barriers. In addition, professional investors and fund managers seem to hold more bonds than one would expect given return differentials.

=== Behavioral game theory ===

=== Behavioral game theory 行为博弈论===

{{Main|Behavioral game theory}}

{{Main|Behavioral game theory}}

Behavioral game theory, invented by Colin Camerer, analyzes interactive strategic decisions and behavior using the methods of game theory, experimental economics, and experimental psychology. Experiments include testing deviations from typical simplifications of economic theory such as the independence axiom and neglect of altruism, fairness,<ref>{{cite web |first=H. Peyton |last=Young |authorlink=H. Peyton Young |title=Social norms

Behavioral game theory, invented by Colin Camerer, analyzes interactive strategic decisions and behavior using the methods of game theory, experimental economics, and experimental psychology. Experiments include testing deviations from typical simplifications of economic theory such as the independence axiom and neglect of altruism, fairness,<ref>{{cite web |first=H. Peyton |last=Young |authorlink=H. Peyton Young |title=Social norms

行为博弈论由科林 · 卡梅勒发明，运用博弈论、实验经济学和实验心理学的方法分析交互式的战略决策和行为。实验包括检验经济理论典型简化的偏差，如独立公理和忽视利他主义、公平、公正。佩顿 | 上一个年轻人 | 作者 / 链接 h。佩顿 · 杨 | 标题社会规范

'''<font color = 'ff8000'>行为博弈论Behavioral game theory</font>'''由Colin Camerer发明，运用博弈论、实验经济学和实验心理学的方法分析'''<font color = 'ff8000'>交互式战略决策interactive strategic decisions</font>'''和行为。实验包括检验经济理论的典型简化的偏差，如'''<font color = 'ff8000'>独立公理independence axiom</font>'''和忽视'''<font color = 'ff8000'>利他主义altruism</font>'''、'''<font color = 'ff8000'>公平公正fairness</font>'''，

 

 

|url=http://www.dictionaryofeconomics.com/article?id=pde2008_S000466&edition=current&q=fairness%20game%20&topicid=&result_number=1 }} in {{harvnb|Palgrave|ref=Palgrave}}</ref> and [[Framing effect (psychology)|framing effects]].<ref>{{cite journal | last = Camerer | first = Colin | author-link = Colin Camerer | title = Progress in behavioral game theory | journal = Journal of Economic Perspectives | volume = 11 | issue = 4 | page = 172 | date = 1997 | url = http://www.hss.caltech.edu/content/progress-and-behavioral-game-theory | ref = harv | doi = 10.1257/jep.11.4.167 | access-date = 2014-10-31 | archive-url = https://web.archive.org/web/20171223112437/http://www.hss.caltech.edu/content/progress-and-behavioral-game-theory | archive-date = 2017-12-23 | url-status = dead }} [http://authors.library.caltech.edu/22122/1/2138470%5B1%5D.pdf Pdf version.]</ref> On the [[positive economics|positive]] side, the method has been applied to interactive learning<ref>{{cite web|first=Teck H. |last=Ho |year=2008 |title=Individual learning in games  |url=http://www.dictionaryofeconomics.com/article?id=pde2008_L000055 }} in {{harvnb|Palgrave|ref=Palgrave}}</ref> and [[social preference]]s.<ref>{{cite journal |first1=Martin |last1=Dufwenberg |first2=Georg |last2=Kirchsteiger |year=2004 |title=A Theory of Sequential reciprocity |journal=Games and Economic Behavior |issue=2 |pages=268–98 |doi=10.1016/j.geb.2003.06.003 |volume=47|citeseerx=10.1.1.124.9311 }}</ref><ref>{{cite web |first=Faruk |last=Gul |authorlink=Faruk Gul |year=2008 |title=Behavioural economics and game theory |url=http://www.dictionaryofeconomics.com/article?id=pde2008_G000210&edition=current&q=behavioural%20economics%20&topicid=&result_number=2}} in {{harvnb|Palgrave|ref=Palgrave}}</ref><ref>{{cite web |first=Colin F. |last=Camerer |authorlink=Colin F. Camerer |year=2008 |title=Behavioral game theory |url=http://www.dictionaryofeconomics.com/article?id=pde2008_B000302&q=Behavioral%20economics%20&topicid=&result_number=13 }} in {{harvnb|Palgrave|ref=Palgrave}}</ref> As a research program, the subject is a development of the last three decades.<ref>{{cite book | last = Camerer | first = Colin | author-link = Colin Camerer | title = Behavioral game theory: experiments in strategic interaction | publisher = Russell Sage Foundation Princeton University Press | location = New York, New York Princeton, New Jersey | year = 2003 | isbn = 978-0-691-09039-9 |url={{google books |plainurl=y |id=cr_Xg7cRvdcC}} }}</ref><ref>{{cite book |first1 = George |last1=Loewenstein |authorlink1 =George Loewenstein  |first2=Matthew |last2=Rabin |authorlink2=Matthew Rabin |year=2003 |title=Advances in Behavioral Economics 1986–2003 papers |location=Princeton  |url=http://press.princeton.edu/titles/8437.html }}</ref><ref>{{cite journal |last=Fudenberg |first=Drew |authorlink=Drew Fudenberg |year=2006 |title=Advancing Beyond Advances in Behavioral Economics |journal=Journal of Economic Literature |volume=44 |issue=3 | jstor=30032349 |pages=  694–711 |doi=10.1257/jel.44.3.694|citeseerx=10.1.1.1010.3674 }}</ref><ref>{{cite book |first=Vincent P. |last=Crawford |year=1997 |title=Theory and Experiment in the Analysis of Strategic Interaction |journal=Advances in Economics and Econometrics: Theory and Applications |pages=206–42 |url=http://weber.ucsd.edu/~vcrawfor/CrawfordThExp97.pdf |location =Cambridge|doi=10.1017/CCOL521580110.007 |citeseerx=10.1.1.298.3116 |isbn=9781139052009 |editor1-last=Kreps |editor1-first=David M |editor2-last=Wallis |editor2-first=Kenneth F }}</ref><ref>{{cite book |first=Martin |last=Shubik |authorlink=Martin Shubik |year=2002 |title=Game Theory and Experimental Gaming |editor-first1=R. |editor-last1=Aumann and |editor-first2=S. |editor-last2=Hart |publisher=Elsevier |volume= 3 |pages= 2327–51 |doi=10.1016/S1574-0005(02)03025-4|chapter=Chapter 62 Game theory and experimental gaming |series=Handbook of Game Theory with Economic Applications |isbn=9780444894281 }}</ref><ref>{{cite book |first1= Charles R.|last1=Plott |authorlink= | last2= Smith| first2 = Vernon l| year=2002 |title=Game Theory and Experimental Gaming |editor-first1=R. |editor-last1=Aumann and |editor-first2=S. |editor-last2=Hart |work=Handbook of Game Theory with Economic Applications |publisher=Elsevier |volume= 4 |pages= 387–615 | doi=10.1016/S1574-0722(07)00121-7 | chapter= 45–66  |series=Handbook of Experimental Economics Results |isbn=9780444826428 }}</ref><ref>''[[Games and Economic Behavior]]'' (journal), Elsevier. [http://www.journals.elsevier.com/games-and-economic-behavior Online]</ref>

|url=http://www.dictionaryofeconomics.com/article?id=pde2008_S000466&edition=current&q=fairness%20game%20&topicid=&result_number=1 }} in {{harvnb|Palgrave|ref=Palgrave}}</ref> and [[Framing effect (psychology)|framing effects]].<ref>{{cite journal | last = Camerer | first = Colin | author-link = Colin Camerer | title = Progress in behavioral game theory | journal = Journal of Economic Perspectives | volume = 11 | issue = 4 | page = 172 | date = 1997 | url = http://www.hss.caltech.edu/content/progress-and-behavioral-game-theory | ref = harv | doi = 10.1257/jep.11.4.167 | access-date = 2014-10-31 | archive-url = https://web.archive.org/web/20171223112437/http://www.hss.caltech.edu/content/progress-and-behavioral-game-theory | archive-date = 2017-12-23 | url-status = dead }} [http://authors.library.caltech.edu/22122/1/2138470%5B1%5D.pdf Pdf version.]</ref> On the [[positive economics|positive]] side, the method has been applied to interactive learning<ref>{{cite web|first=Teck H. |last=Ho |year=2008 |title=Individual learning in games  |url=http://www.dictionaryofeconomics.com/article?id=pde2008_L000055 }} in {{harvnb|Palgrave|ref=Palgrave}}</ref> and [[social preference]]s.<ref>{{cite journal |first1=Martin |last1=Dufwenberg |first2=Georg |last2=Kirchsteiger |year=2004 |title=A Theory of Sequential reciprocity |journal=Games and Economic Behavior |issue=2 |pages=268–98 |doi=10.1016/j.geb.2003.06.003 |volume=47|citeseerx=10.1.1.124.9311 }}</ref><ref>{{cite web |first=Faruk |last=Gul |authorlink=Faruk Gul |year=2008 |title=Behavioural economics and game theory |url=http://www.dictionaryofeconomics.com/article?id=pde2008_G000210&edition=current&q=behavioural%20economics%20&topicid=&result_number=2}} in {{harvnb|Palgrave|ref=Palgrave}}</ref><ref>{{cite web |first=Colin F. |last=Camerer |authorlink=Colin F. Camerer |year=2008 |title=Behavioral game theory |url=http://www.dictionaryofeconomics.com/article?id=pde2008_B000302&q=Behavioral%20economics%20&topicid=&result_number=13 }} in {{harvnb|Palgrave|ref=Palgrave}}</ref> As a research program, the subject is a development of the last three decades.<ref>{{cite book | last = Camerer | first = Colin | author-link = Colin Camerer | title = Behavioral game theory: experiments in strategic interaction | publisher = Russell Sage Foundation Princeton University Press | location = New York, New York Princeton, New Jersey | year = 2003 | isbn = 978-0-691-09039-9 |url={{google books |plainurl=y |id=cr_Xg7cRvdcC}} }}</ref><ref>{{cite book |first1 = George |last1=Loewenstein |authorlink1 =George Loewenstein  |first2=Matthew |last2=Rabin |authorlink2=Matthew Rabin |year=2003 |title=Advances in Behavioral Economics 1986–2003 papers |location=Princeton  |url=http://press.princeton.edu/titles/8437.html }}</ref><ref>{{cite journal |last=Fudenberg |first=Drew |authorlink=Drew Fudenberg |year=2006 |title=Advancing Beyond Advances in Behavioral Economics |journal=Journal of Economic Literature |volume=44 |issue=3 | jstor=30032349 |pages=  694–711 |doi=10.1257/jel.44.3.694|citeseerx=10.1.1.1010.3674 }}</ref><ref>{{cite book |first=Vincent P. |last=Crawford |year=1997 |title=Theory and Experiment in the Analysis of Strategic Interaction |journal=Advances in Economics and Econometrics: Theory and Applications |pages=206–42 |url=http://weber.ucsd.edu/~vcrawfor/CrawfordThExp97.pdf |location =Cambridge|doi=10.1017/CCOL521580110.007 |citeseerx=10.1.1.298.3116 |isbn=9781139052009 |editor1-last=Kreps |editor1-first=David M |editor2-last=Wallis |editor2-first=Kenneth F }}</ref><ref>{{cite book |first=Martin |last=Shubik |authorlink=Martin Shubik |year=2002 |title=Game Theory and Experimental Gaming |editor-first1=R. |editor-last1=Aumann and |editor-first2=S. |editor-last2=Hart |publisher=Elsevier |volume= 3 |pages= 2327–51 |doi=10.1016/S1574-0005(02)03025-4|chapter=Chapter 62 Game theory and experimental gaming |series=Handbook of Game Theory with Economic Applications |isbn=9780444894281 }}</ref><ref>{{cite book |first1= Charles R.|last1=Plott |authorlink= | last2= Smith| first2 = Vernon l| year=2002 |title=Game Theory and Experimental Gaming |editor-first1=R. |editor-last1=Aumann and |editor-first2=S. |editor-last2=Hart |work=Handbook of Game Theory with Economic Applications |publisher=Elsevier |volume= 4 |pages= 387–615 | doi=10.1016/S1574-0722(07)00121-7 | chapter= 45–66  |series=Handbook of Experimental Economics Results |isbn=9780444826428 }}</ref><ref>''[[Games and Economic Behavior]]'' (journal), Elsevier. [http://www.journals.elsevier.com/games-and-economic-behavior Online]</ref>

|url=http://www.dictionaryofeconomics.com/article?id=pde2008_S000466&edition=current&q=fairness%20game%20&topicid=&result_number=1 }} in </ref> and framing effects. On the positive side, the method has been applied to interactive learning and social preferences. As a research program, the subject is a development of the last three decades.

|url=http://www.dictionaryofeconomics.com/article?id=pde2008_S000466&edition=current&q=fairness%20game%20&topicid=&result_number=1 }} in </ref> and framing effects. On the positive side, the method has been applied to interactive learning and social preferences. As a research program, the subject is a development of the last three decades.

和帧 http://www.dictionaryofeconomics.com/article?id=pde2008_s000466&edition=current&q=fairness%20game%20&topicid=&result_number=1效果。积极的一面是，这种方法已经应用于交互式学习和社会偏好。作为一门研究课题，本课题是近三十年来的发展。

和'''<font color = 'ff8000'>框架效应framing effects</font>'''。积极的一面是，这种方法已经应用于'''<font color = 'ff8000'>交互式学习interactive learning</font>'''和'''<font color = 'ff8000'>社会偏好social preferences</font>'''。作为一门研究课题，它是近三十年来发展的。

=== Economic reasoning in animals ===

=== Economic reasoning in animals 动物的经济推理===

A handful of [[comparative psychology|comparative psychologists]] have attempted to demonstrate quasi-economic reasoning in non-human animals. Early attempts along these lines focus on the behavior of [[laboratory rat|rats]] and [[rock pigeon|pigeons]]. These studies draw on the tenets of [[comparative psychology]], where the main goal is to discover analogs to human behavior in [[experiment]]ally-tractable non-human animals. They are also methodologically similar to the work of [[Charles Ferster|Ferster]] and [[B. F. Skinner|Skinner]].<ref name="skin">{{cite book |last=Ferster |first=C. B. |year=1957 |title=Schedules of Reinforcement |url=https://archive.org/details/schedulesofreinf0000fers |url-access=registration |location=New York |publisher=Appleton-Century-Crofts |display-authors=etal}}</ref> Methodological similarities aside, early researchers in non-human economics deviate from [[behaviorism]] in their [[terminology]]. Although such studies are set up primarily in an [[operant conditioning chamber]] using food rewards for pecking/bar-pressing behavior, the researchers describe pecking and bar-pressing not in terms of [[reinforcement]] and [[stimulus-response model|stimulus-response relationships]] but instead in terms of work, [[demand (economics)|demand]], [[budget]], and [[employment|labor]]. Recent studies have adopted a slightly different approach, taking a more [[evolution]]ary perspective, comparing economic behavior of humans to a species of non-human [[primate]], the [[capuchin monkey]].<ref name="monkey">{{cite journal |last=Chen |first=M. K. |year=2006 |title=How Basic Are Behavioral Biases? Evidence from Capuchin Monkey Trading Behavior |journal=[[Journal of Political Economy]] |volume=114 |issue=3 |pages=517–37 |doi=10.1086/503550 |display-authors=etal|citeseerx=10.1.1.594.4936 }}</ref>

A handful of [[comparative psychology|comparative psychologists]] have attempted to demonstrate quasi-economic reasoning in non-human animals. Early attempts along these lines focus on the behavior of [[laboratory rat|rats]] and [[rock pigeon|pigeons]]. These studies draw on the tenets of [[comparative psychology]], where the main goal is to discover analogs to human behavior in [[experiment]]ally-tractable non-human animals. They are also methodologically similar to the work of [[Charles Ferster|Ferster]] and [[B. F. Skinner|Skinner]].<ref name="skin">{{cite book |last=Ferster |first=C. B. |year=1957 |title=Schedules of Reinforcement |url=https://archive.org/details/schedulesofreinf0000fers |url-access=registration |location=New York |publisher=Appleton-Century-Crofts |display-authors=etal}}</ref> Methodological similarities aside, early researchers in non-human economics deviate from [[behaviorism]] in their [[terminology]]. Although such studies are set up primarily in an [[operant conditioning chamber]] using food rewards for pecking/bar-pressing behavior, the researchers describe pecking and bar-pressing not in terms of [[reinforcement]] and [[stimulus-response model|stimulus-response relationships]] but instead in terms of work, [[demand (economics)|demand]], [[budget]], and [[employment|labor]]. Recent studies have adopted a slightly different approach, taking a more [[evolution]]ary perspective, comparing economic behavior of humans to a species of non-human [[primate]], the [[capuchin monkey]].<ref name="monkey">{{cite journal |last=Chen |first=M. K. |year=2006 |title=How Basic Are Behavioral Biases? Evidence from Capuchin Monkey Trading Behavior |journal=[[Journal of Political Economy]] |volume=114 |issue=3 |pages=517–37 |doi=10.1086/503550 |display-authors=etal|citeseerx=10.1.1.594.4936 }}</ref>

A handful of comparative psychologists have attempted to demonstrate quasi-economic reasoning in non-human animals. Early attempts along these lines focus on the behavior of rats and pigeons. These studies draw on the tenets of comparative psychology, where the main goal is to discover analogs to human behavior in experimentally-tractable non-human animals. They are also methodologically similar to the work of Ferster and Skinner. Methodological similarities aside, early researchers in non-human economics deviate from behaviorism in their terminology. Although such studies are set up primarily in an operant conditioning chamber using food rewards for pecking/bar-pressing behavior, the researchers describe pecking and bar-pressing not in terms of reinforcement and stimulus-response relationships but instead in terms of work, demand, budget, and labor. Recent studies have adopted a slightly different approach, taking a more evolutionary perspective, comparing economic behavior of humans to a species of non-human primate, the capuchin monkey.

A handful of comparative psychologists have attempted to demonstrate quasi-economic reasoning in non-human animals. Early attempts along these lines focus on the behavior of rats and pigeons. These studies draw on the tenets of comparative psychology, where the main goal is to discover analogs to human behavior in experimentally-tractable non-human animals. They are also methodologically similar to the work of Ferster and Skinner. Methodological similarities aside, early researchers in non-human economics deviate from behaviorism in their terminology. Although such studies are set up primarily in an operant conditioning chamber using food rewards for pecking/bar-pressing behavior, the researchers describe pecking and bar-pressing not in terms of reinforcement and stimulus-response relationships but instead in terms of work, demand, budget, and labor. Recent studies have adopted a slightly different approach, taking a more evolutionary perspective, comparing economic behavior of humans to a species of non-human primate, the capuchin monkey.

一些比较心理学家试图证明非人类动物的准经济推理。这方面的早期尝试集中在老鼠和鸽子的行为上。这些研究利用了比较心理学的原则，其主要目标是在实验上发现类似于人类行为的非人类动物。它们在方法上也与费斯特和斯金纳的工作相似。撇开方法上的相似性不谈，非人类经济学的早期研究者在他们的术语中偏离了行为主义。尽管这些研究主要建立在美国操作制约箱，用食物奖励啄食 / 按棒的行为，研究人员描述啄食和按棒不是从强化和刺激反应关系的角度，而是从工作、需求、预算和劳动力的角度。最近的研究采用了稍微不同的方法，从更进化的角度，将人类的经济行为与一种非人类灵长类动物——卷尾猴进行了比较。

一些比较心理学家试图证明动物（除了人）的'''<font color = 'ff8000'>准经济推理quasi-economic reasoning</font>'''。这方面的早期尝试集中在大鼠和鸽子的行为上。这些研究利用了比较心理学的原则，其主要目标是在实验中非人类动物身上发现类似人类的行为。它在方法上也与'''<font color = 'ff8000'>费斯特Ferster</font>'''和'''<font color = 'ff8000'>斯金纳Skinner</font>'''的工作相似。撇开方法上的相似性不谈，'''<font color = 'ff8000'>非人类经济学non-human economics</font>'''的早期研究者在他们的术语中偏离了'''<font color = 'ff8000'>行为主义behaviorism</font>'''。尽管这些研究主要建立在'''<font color = 'ff8000'>操作条件箱operant conditioning chamber</font>'''，用食物奖励啄食或按棒的行为，但研究人员描述啄食和按棒不是从'''<font color = 'ff8000'>强化reinforcement</font>'''和'''<font color = 'ff8000'>刺激-反应stimulus-response</font>'''关系的角度，而是从'''<font color = 'ff8000'>工作work</font>'''、'''<font color = 'ff8000'>需求demand</font>'''、'''<font color = 'ff8000'>预算budget</font>'''和'''<font color = 'ff8000'>劳动力labor</font>'''的角度。最近的研究采用了稍微不同的方法，从更进化的角度，将人类的经济行为与一种灵长类动物：'''<font color = 'ff8000'>卷尾猴capuchin monkey</font>'''进行了比较。

==== Animal studies ====

==== Animal studies 动物研究====

Many early studies of non-human economic reasoning were performed on rats and pigeons in an operant conditioning chamber. These studies looked at things like peck rate (in the case of the pigeon) and bar-pressing rate (in the case of the rat) given certain conditions of reward. Early researchers claim, for example, that response pattern (pecking/bar-pressing rate) is an appropriate analogy to human [[labour supply|labor supply]].<ref name="bat">{{cite journal |last=Battalio |first=R. C. |year=1981 |title=Income-Leisure Tradeoffs of Animal Workers |journal=[[American Economic Review]] |volume=71 |issue=4 |pages=621–32 |jstor=1806185 |doi= |display-authors=etal}}</ref> Researchers in this field advocate for the appropriateness of using animal economic behavior to understand the elementary components of human economic behavior.<ref name="kbook">{{cite book|first1=John H. |last1=Kagel|first2=Raymond C. |last2=Battalio|first3=Leonard |last3=Green|title=Economic Choice Theory: An Experimental Analysis of Animal Behavior|url={{google books |plainurl=y |id=s4zk69tXQs8C}}|year=1995|publisher=Cambridge University Press|isbn=978-0-521-45488-9}}</ref> In a paper by Battalio, Green, and Kagel,<ref name="bat" /> they write,

Many early studies of non-human economic reasoning were performed on rats and pigeons in an operant conditioning chamber. These studies looked at things like peck rate (in the case of the pigeon) and bar-pressing rate (in the case of the rat) given certain conditions of reward. Early researchers claim, for example, that response pattern (pecking/bar-pressing rate) is an appropriate analogy to human [[labour supply|labor supply]].<ref name="bat">{{cite journal |last=Battalio |first=R. C. |year=1981 |title=Income-Leisure Tradeoffs of Animal Workers |journal=[[American Economic Review]] |volume=71 |issue=4 |pages=621–32 |jstor=1806185 |doi= |display-authors=etal}}</ref> Researchers in this field advocate for the appropriateness of using animal economic behavior to understand the elementary components of human economic behavior.<ref name="kbook">{{cite book|first1=John H. |last1=Kagel|first2=Raymond C. |last2=Battalio|first3=Leonard |last3=Green|title=Economic Choice Theory: An Experimental Analysis of Animal Behavior|url={{google books |plainurl=y |id=s4zk69tXQs8C}}|year=1995|publisher=Cambridge University Press|isbn=978-0-521-45488-9}}</ref> In a paper by Battalio, Green, and Kagel,<ref name="bat" /> they write,

Many early studies of non-human economic reasoning were performed on rats and pigeons in an operant conditioning chamber. These studies looked at things like peck rate (in the case of the pigeon) and bar-pressing rate (in the case of the rat) given certain conditions of reward. Early researchers claim, for example, that response pattern (pecking/bar-pressing rate) is an appropriate analogy to human labor supply. Researchers in this field advocate for the appropriateness of using animal economic behavior to understand the elementary components of human economic behavior. In a paper by Battalio, Green, and Kagel, they write,

Many early studies of non-human economic reasoning were performed on rats and pigeons in an operant conditioning chamber. These studies looked at things like peck rate (in the case of the pigeon) and bar-pressing rate (in the case of the rat) given certain conditions of reward. Early researchers claim, for example, that response pattern (pecking/bar-pressing rate) is an appropriate analogy to human labor supply. Researchers in this field advocate for the appropriateness of using animal economic behavior to understand the elementary components of human economic behavior. In a paper by Battalio, Green, and Kagel, they write,

许多关于非人类经济推理的早期研究都是在操作制约箱的老鼠和鸽子身上进行的。这些研究观察了在一定的奖励条件下的啄食率(在鸽子身上)和压棒率(在老鼠身上)。例如，早期的研究人员声称，反应模式(啄食 / 压棒速率)与人类劳动力供应是一个恰当的类比。这个领域的研究人员主张用动物的经济行为来理解人类经济行为的基本组成部分是合适的。格林和卡格尔在他们的一篇论文中写道:

许多关于非人类经济推理的早期研究都是在操作条件箱中的大鼠和鸽子身上进行的。这些研究观察了在一定的奖励条件下的啄食率（在鸽子身上）和压棒率（在大鼠身上）。例如，早期的研究人员声称，反应模式（啄食或压棒速率）是'''<font color = 'ff8000'>劳动力供应human labor supply</font>'''的一个恰当类比。这个领域的研究人员主张用动物的经济行为来理解人类经济行为的基本组成部分。Battalio，Green和Kagel在他们的一篇论文中写道:

 

 

{{quote|Space considerations do not permit a detailed discussion of the reasons why economists should take seriously the investigation of economic theories using nonhuman subjects....[Studies of economic behavior in non-human animals] provide a laboratory for identifying, testing, and better understanding general laws of economic behavior. Use of this laboratory is predicated on the fact that behavior, as well as structure, vary continuously across species, and that principles of economic behavior would be unique among behavioral principles if they did not apply, with some variation, of course, to the behavior of nonhumans.}}

{{quote|Space considerations do not permit a detailed discussion of the reasons why economists should take seriously the investigation of economic theories using nonhuman subjects....[Studies of economic behavior in non-human animals] provide a laboratory for identifying, testing, and better understanding general laws of economic behavior. Use of this laboratory is predicated on the fact that behavior, as well as structure, vary continuously across species, and that principles of economic behavior would be unique among behavioral principles if they did not apply, with some variation, of course, to the behavior of nonhumans.}}

==== Labor supply ====

==== Labor supply 劳动供给====

The typical laboratory environment to study labor supply in pigeons is set up as follows. Pigeons are first deprived of food. Since the animals become hungry, food becomes highly desired. The pigeons are then placed in an operant conditioning chamber and through [[Shaping (psychology)|orienting and exploring]] the environment of the chamber they discover that by pecking a small disk located on one side of the chamber, food is delivered to them. In effect, pecking behavior becomes [[reinforcement|reinforced]], as it is associated with food. Before long, the pigeon pecks at the disk (or stimulus) regularly.

The typical laboratory environment to study labor supply in pigeons is set up as follows. Pigeons are first deprived of food. Since the animals become hungry, food becomes highly desired. The pigeons are then placed in an operant conditioning chamber and through [[Shaping (psychology)|orienting and exploring]] the environment of the chamber they discover that by pecking a small disk located on one side of the chamber, food is delivered to them. In effect, pecking behavior becomes [[reinforcement|reinforced]], as it is associated with food. Before long, the pigeon pecks at the disk (or stimulus) regularly.

The typical laboratory environment to study labor supply in pigeons is set up as follows. Pigeons are first deprived of food. Since the animals become hungry, food becomes highly desired. The pigeons are then placed in an operant conditioning chamber and through orienting and exploring the environment of the chamber they discover that by pecking a small disk located on one side of the chamber, food is delivered to them. In effect, pecking behavior becomes reinforced, as it is associated with food. Before long, the pigeon pecks at the disk (or stimulus) regularly.

The typical laboratory environment to study labor supply in pigeons is set up as follows. Pigeons are first deprived of food. Since the animals become hungry, food becomes highly desired. The pigeons are then placed in an operant conditioning chamber and through orienting and exploring the environment of the chamber they discover that by pecking a small disk located on one side of the chamber, food is delivered to them. In effect, pecking behavior becomes reinforced, as it is associated with food. Before long, the pigeon pecks at the disk (or stimulus) regularly.

 

In this circumstance, the pigeon is said to "work" for the food by pecking. The food, then, is thought of as the currency. The value of the currency can be adjusted in several ways, including the amount of food delivered, the rate of food delivery and the type of food delivered (some foods are more desirable than others).

In this circumstance, the pigeon is said to "work" for the food by pecking. The food, then, is thought of as the currency. The value of the currency can be adjusted in several ways, including the amount of food delivered, the rate of food delivery and the type of food delivered (some foods are more desirable than others).

Economic behavior similar to that observed in humans is discovered when the hungry pigeons stop working/work less when the reward is reduced. Researchers argue that this is similar to labor supply behavior in humans. That is, like humans (who, even in need, will only work so much for a given wage), the pigeons demonstrate decreases in pecking (work) when the reward (value) is reduced.

Economic behavior similar to that observed in humans is discovered when the hungry pigeons stop working/work less when the reward is reduced. Researchers argue that this is similar to labor supply behavior in humans. That is, like humans (who, even in need, will only work so much for a given wage), the pigeons demonstrate decreases in pecking (work) when the reward (value) is reduced.

==== Demand ====

==== Demand需求====

In human economics, a typical demand curve has negative slope. This means that as the price of a certain good increase, the amount that consumers are willing and able to purchase decreases. Researchers studying the demand curves of non-human animals, such as rats, also find downward slopes.

In human economics, a typical demand curve has negative slope. This means that as the price of a certain good increase, the amount that consumers are willing and able to purchase decreases. Researchers studying the demand curves of non-human animals, such as rats, also find downward slopes.

Researchers have studied demand in rats in a manner distinct from studying labor supply in pigeons. Specifically, in an operant conditioning chamber containing rats as experimental subjects, we require them to press a bar, instead of pecking a small disk, to receive a reward. The reward can be food (reward pellets), water, or a commodity drink such as cherry cola. Unlike in previous pigeon studies, where the work analog was pecking and the monetary analog was a reward, the work analog in this experiment is bar-pressing. Under these circumstances, the researchers claim that changing the number of bar presses required to obtain a commodity item is analogous to changing the price of a commodity item in human economics.

Researchers have studied demand in rats in a manner distinct from studying labor supply in pigeons. Specifically, in an operant conditioning chamber containing rats as experimental subjects, we require them to press a bar, instead of pecking a small disk, to receive a reward. The reward can be food (reward pellets), water, or a commodity drink such as cherry cola. Unlike in previous pigeon studies, where the work analog was pecking and the monetary analog was a reward, the work analog in this experiment is bar-pressing. Under these circumstances, the researchers claim that changing the number of bar presses required to obtain a commodity item is analogous to changing the price of a commodity item in human economics.

In effect, results of demand studies in non-human animals show that, as the bar-pressing requirement (cost) increase, the number of times an animal presses the bar equal to or greater than the bar-pressing requirement (payment) decreases.

In effect, results of demand studies in non-human animals show that, as the bar-pressing requirement (cost) increase, the number of times an animal presses the bar equal to or greater than the bar-pressing requirement (payment) decreases.

=== Evolutionary psychology ===

=== Evolutionary psychology 进化心理学===

{{Main|Evolutionary psychology}}

{{Main|Evolutionary psychology}}

An evolutionary psychology perspective states that many of the perceived limitations in rational choice can be explained as being rational in the context of maximizing biological fitness in the ancestral environment, but not necessarily in the current one. Thus, when living at subsistence level where a reduction of resources may result in death, it may have been rational to place a greater value on preventing losses than on obtaining gains. It may also explain behavioral differences between groups, such as males being less risk-averse than females since males have more variable reproductive success than females. While unsuccessful risk-seeking may limit reproductive success for both sexes, males may potentially increase their reproductive success from successful risk-seeking much more than females can.

An evolutionary psychology perspective states that many of the perceived limitations in rational choice can be explained as being rational in the context of maximizing biological fitness in the ancestral environment, but not necessarily in the current one. Thus, when living at subsistence level where a reduction of resources may result in death, it may have been rational to place a greater value on preventing losses than on obtaining gains. It may also explain behavioral differences between groups, such as males being less risk-averse than females since males have more variable reproductive success than females. While unsuccessful risk-seeking may limit reproductive success for both sexes, males may potentially increase their reproductive success from successful risk-seeking much more than females can.

 

=== Artificial intelligence 人工智能===

=== Artificial intelligence ===

{{Main|Artificial intelligence}}

{{Main|Artificial intelligence}}

Much of the decisions are more and more made either by human beings with the assistance of artificial intelligent machines or wholly made by these machines. Tshilidzi Marwala and Evan Hurwitz in their book, studied the utility of behavioral economics in such situations and concluded that these intelligent machines reduce the impact of bounded rational decision making. In particular, they observed that these intelligent machines reduce the degree of information asymmetry in the market, improve decision making and thus making markets more rational.

Much of the decisions are more and more made either by human beings with the assistance of artificial intelligent machines or wholly made by these machines. Tshilidzi Marwala and Evan Hurwitz in their book, studied the utility of behavioral economics in such situations and concluded that these intelligent machines reduce the impact of bounded rational decision making. In particular, they observed that these intelligent machines reduce the degree of information asymmetry in the market, improve decision making and thus making markets more rational.

 

The use of AI machines in the market in applications such as online trading and decision making has changed major economic theories. Other theories where AI has had impact include in rational choice, rational expectations, game theory, Lewis turning point, portfolio optimization and counterfactual thinking.

The use of AI machines in the market in applications such as online trading and decision making has changed major economic theories. Other theories where AI has had impact include in rational choice, rational expectations, game theory, Lewis turning point, portfolio optimization and counterfactual thinking.

== Related fields ==

== Related fields 相关领域==

=== Experimental economics ===

=== Experimental economics 实验经济学===

{{Main|Experimental economics}}

{{Main|Experimental economics}}

Experimental economics is the application of experimental methods, including statistical, econometric, and computational, to study economic questions. Data collected in experiments are used to estimate effect size, test the validity of economic theories, and illuminate market mechanisms. Economic experiments usually use cash to motivate subjects, in order to mimic real-world incentives. Experiments are used to help understand how and why markets and other exchange systems function as they do. Experimental economics have also expanded to understand institutions and the law (experimental law and economics).

Experimental economics is the application of experimental methods, including statistical, econometric, and computational, to study economic questions. Data collected in experiments are used to estimate effect size, test the validity of economic theories, and illuminate market mechanisms. Economic experiments usually use cash to motivate subjects, in order to mimic real-world incentives. Experiments are used to help understand how and why markets and other exchange systems function as they do. Experimental economics have also expanded to understand institutions and the law (experimental law and economics).

A fundamental aspect of the subject is design of experiments.  Experiments may be conducted in the field or in laboratory settings, whether of individual or group behavior.<ref>• Vernon L. Smith, 2008a. "experimental methods in economics," The New Palgrave Dictionary of Economics, 2nd Edition, [http://www.dictionaryofeconomics.com/article?id=pde2008_E000186&q=Experimental%20economics&topicid=&result_number=2 Abstract.]

A fundamental aspect of the subject is design of experiments.  Experiments may be conducted in the field or in laboratory settings, whether of individual or group behavior.<ref>• Vernon L. Smith, 2008a. "experimental methods in economics," The New Palgrave Dictionary of Economics, 2nd Edition, [http://www.dictionaryofeconomics.com/article?id=pde2008_E000186&q=Experimental%20economics&topicid=&result_number=2 Abstract.]

 

 

<br />&nbsp;&nbsp; • _____, 2008b. "experimental economics," ''The New Palgrave Dictionary of Economics'', 2nd Edition. [http://www.dictionaryofeconomics.com/article?id=pde2008_E000277&q=experimental%20&topicid=&result_number=2 Abstract.]<br />&nbsp;&nbsp; •  Relevant subcategories are found at the ''Journal of Economic Literature'' classification codes at [[JEL classification codes#Mathematical and quantitative methods JEL: C Subcategories|JEL: C9]].</ref>

<br />&nbsp;&nbsp; • _____, 2008b. "experimental economics," ''The New Palgrave Dictionary of Economics'', 2nd Edition. [http://www.dictionaryofeconomics.com/article?id=pde2008_E000277&q=experimental%20&topicid=&result_number=2 Abstract.]<br />&nbsp;&nbsp; •  Relevant subcategories are found at the ''Journal of Economic Literature'' classification codes at [[JEL classification codes#Mathematical and quantitative methods JEL: C Subcategories|JEL: C9]].</ref>

<br />&nbsp;&nbsp; • _____, 2008b. "experimental economics," The New Palgrave Dictionary of Economics, 2nd Edition. [http://www.dictionaryofeconomics.com/article?id=pde2008_E000277&q=experimental%20&topicid=&result_number=2 Abstract.]<br />&nbsp;&nbsp; •  Relevant subcategories are found at the Journal of Economic Literature classification codes at JEL: C9.</ref>

<br />&nbsp;&nbsp; • _____, 2008b. "experimental economics," The New Palgrave Dictionary of Economics, 2nd Edition. [http://www.dictionaryofeconomics.com/article?id=pde2008_E000277&q=experimental%20&topicid=&result_number=2 Abstract.]<br />&nbsp;&nbsp; •  Relevant subcategories are found at the Journal of Economic Literature classification codes at JEL: C9.</ref>

 

Variants of the subject outside such formal confines include natural and quasi-natural experiments.

Variants of the subject outside such formal confines include natural and quasi-natural experiments.

 

=== Neuroeconomics ===

=== Neuroeconomics 神经经济学===

{{Main|Neuroeconomics}}

{{Main|Neuroeconomics}}

Neuroeconomics is an interdisciplinary field that seeks to explain human decision making, the ability to process multiple alternatives and to follow a course of action. It studies how economic behavior can shape our understanding of the brain, and how neuroscientific discoveries can constrain and guide models of economics.

Neuroeconomics is an interdisciplinary field that seeks to explain human decision making, the ability to process multiple alternatives and to follow a course of action. It studies how economic behavior can shape our understanding of the brain, and how neuroscientific discoveries can constrain and guide models of economics.

 

It combines research methods from [[neuroscience]], [[Experimental economics|experimental]] and behavioral economics, and [[Cognitive psychology|cognitive]] and [[Social psychology|social]] psychology.<ref name="LevalloisClithero2012">{{cite journal|last1=Levallois|first1=Clement|last2=Clithero|first2=John A.|last3=Wouters|first3=Paul|last4=Smidts|first4=Ale|last5=Huettel|first5=Scott A.|title=Translating upwards: linking the neural and social sciences via neuroeconomics|journal=Nature Reviews Neuroscience|volume=13|issue=11|year=2012|pages=789–797|issn=1471-003X|doi=10.1038/nrn3354|pmid=23034481}}</ref> As research into decision-making behavior becomes increasingly computational, it has also incorporated new approaches from [[theoretical biology]], [[computer science]], and [[mathematics]]. Neuroeconomics studies decision making by using a combination of tools from these fields so as to avoid the shortcomings that arise from a single-perspective approach. In [[mainstream economics]], [[Expected utility hypothesis|expected utility]] (EU) and the concept of [[rational agents]] are still being used. Many economic behaviors are not fully explained by these models, such as [[heuristics]] and [[Framing (social sciences)|framing]].<ref name="annualreviews.org">{{cite journal | last1 = Loewenstein | first1 = G. | last2 = Rick | first2 = S. | last3 = Cohen | first3 = J. | year = 2008 | title =  Neuroeconomics| url = | journal = Annual Reviews | volume = 59 | issue = | pages = 647–672 | doi = 10.1146/annurev.psych.59.103006.093710 | pmid = 17883335 }}</ref>

It combines research methods from [[neuroscience]], [[Experimental economics|experimental]] and behavioral economics, and [[Cognitive psychology|cognitive]] and [[Social psychology|social]] psychology.<ref name="LevalloisClithero2012">{{cite journal|last1=Levallois|first1=Clement|last2=Clithero|first2=John A.|last3=Wouters|first3=Paul|last4=Smidts|first4=Ale|last5=Huettel|first5=Scott A.|title=Translating upwards: linking the neural and social sciences via neuroeconomics|journal=Nature Reviews Neuroscience|volume=13|issue=11|year=2012|pages=789–797|issn=1471-003X|doi=10.1038/nrn3354|pmid=23034481}}</ref> As research into decision-making behavior becomes increasingly computational, it has also incorporated new approaches from [[theoretical biology]], [[computer science]], and [[mathematics]]. Neuroeconomics studies decision making by using a combination of tools from these fields so as to avoid the shortcomings that arise from a single-perspective approach. In [[mainstream economics]], [[Expected utility hypothesis|expected utility]] (EU) and the concept of [[rational agents]] are still being used. Many economic behaviors are not fully explained by these models, such as [[heuristics]] and [[Framing (social sciences)|framing]].<ref name="annualreviews.org">{{cite journal | last1 = Loewenstein | first1 = G. | last2 = Rick | first2 = S. | last3 = Cohen | first3 = J. | year = 2008 | title =  Neuroeconomics| url = | journal = Annual Reviews | volume = 59 | issue = | pages = 647–672 | doi = 10.1146/annurev.psych.59.103006.093710 | pmid = 17883335 }}</ref>

It combines research methods from neuroscience, experimental and behavioral economics, and cognitive and social psychology. As research into decision-making behavior becomes increasingly computational, it has also incorporated new approaches from theoretical biology, computer science, and mathematics. Neuroeconomics studies decision making by using a combination of tools from these fields so as to avoid the shortcomings that arise from a single-perspective approach. In mainstream economics, expected utility (EU) and the concept of rational agents are still being used. Many economic behaviors are not fully explained by these models, such as heuristics and framing.

It combines research methods from neuroscience, experimental and behavioral economics, and cognitive and social psychology. As research into decision-making behavior becomes increasingly computational, it has also incorporated new approaches from theoretical biology, computer science, and mathematics. Neuroeconomics studies decision making by using a combination of tools from these fields so as to avoid the shortcomings that arise from a single-perspective approach. In mainstream economics, expected utility (EU) and the concept of rational agents are still being used. Many economic behaviors are not fully explained by these models, such as heuristics and framing.

它结合了神经科学、实验和行为经济学以及认知和社会心理学的研究方法。随着对决策行为的研究变得越来越计算化，它也吸收了来自理论生物学、计算机科学和数学的新方法。神经经济学研究决策制定，使用来自这些领域的工具的组合，以避免出现的缺点，从一个单一的观点方法。在主流经济学中，预期效用(EU)和理性主体的概念仍然被使用。许多经济行为并没有完全用这些模型来解释，比如启发式和框架式。

它结合了神经科学、实验和行为经济学以及认知和社会心理学的研究方法。随着对决策行为的研究变得越来越计算化，它也吸收了来自理论生物学、计算机科学和数学的新方法。神经经济学通过使用来自这些领域工具的组合来研究决策，以避免出现只使用单一方法的缺点。在主流经济学中，'''<font color = 'ff8000'>期望效用expected utility, EU</font>'''和理性主体的概念仍然在被使用。许多经济行为并没有完全被这些模型来解释，比如'''<font color = 'ff8000'>启发式heuristics</font>'''和'''<font color = 'ff8000'>框架效应framing</font>'''。

Behavioral economics emerged to account for these anomalies by integrating social, cognitive, and emotional factors in understanding economic decisions. Neuroeconomics adds another layer by using neuroscientific methods in understanding the interplay between economic behavior and neural mechanisms. By using tools from various fields, some scholars claim that neuroeconomics offers a more integrative way of understanding decision making.

Behavioral economics emerged to account for these anomalies by integrating social, cognitive, and emotional factors in understanding economic decisions. Neuroeconomics adds another layer by using neuroscientific methods in understanding the interplay between economic behavior and neural mechanisms. By using tools from various fields, some scholars claim that neuroeconomics offers a more integrative way of understanding decision making.

=== Economics ===

 

=== Economics 经济学===

{{div col|colwidth=20em}}

{{div col|colwidth=20em}}

=== Finance ===

=== Finance 金融学===

{{div col|colwidth=20em}}

{{div col|colwidth=20em}}

=== Psychology ===

=== Psychology 心理学===

{{div col|colwidth=20em}}

{{div col|colwidth=20em}}

* [[Laszlo Garai]]

* [[Laszlo Garai]]

* [[Gerd Gigerenzer]]

* [[Gerd Gigerenzer]]  

* [[Daniel Kahneman]]

* [[Daniel Kahneman]] 丹尼尔·卡尼曼

* [[Ariel Kalil]]

* [[Ariel Kalil]]

{{Wikipedia books|Finance}}  

 

{{Wikipedia books|Finance}}

{{div col|colwidth=30em}}

{{div col|colwidth=30em}}

* [[Adaptive market hypothesis]]

* [[Adaptive market hypothesis]] 适应性市场假设

* [[Animal Spirits (Keynes)]]

* [[Animal Spirits (Keynes)]] 动物本能（凯恩斯）

* [[Behavioralism]]

* [[Behavioralism]] 行为主义

* [[Behavioral analysis of markets]]

* [[Behavioral analysis of markets]] 市场的行为分析

* [[Behavioral operations research]]

* [[Behavioral operations research]] 行为运筹学

*[[Big Five personality traits]]

*[[Big Five personality traits]] 大五人格

* [[Confirmation bias]]

* [[Confirmation bias]] 确认偏差

* [[Cultural economics]]

* [[Cultural economics]] 文化经济学

* [[Culture change]]

* [[Culture change]] 文化变迁

* [[Economic sociology]]

* [[Economic sociology]] 经济社会学

* [[Emotional bias]]

* [[Emotional bias]] 情绪偏差

* [[Fuzzy-trace theory]]

* [[Fuzzy-trace theory]] 模糊痕迹理论

* [[Hindsight bias]]

* [[Hindsight bias]] 后见之明偏差

* ''[[Homo reciprocans]]''

* ''[[Homo reciprocans]]'' “人属”

* [[List of important publications in economics#Behavioral economics|Important publications in behavioral economics]]

* [[List of important publications in economics#Behavioral economics|Important publications in behavioral economics]] 经济学重要发表物列表 #行为经济学|行为经济学重要发表物

* [[List of cognitive biases]]

* [[List of cognitive biases]] 认知偏差列表

* [[Market sentiment]]

* [[Market sentiment]] 市场情绪

* [[Methodological individualism]]

* [[Methodological individualism]] 方法论个人主义

* [[Nudge theory]]

* [[Nudge theory]] 助推理论

* [[Observational techniques]]

* [[Observational techniques]] 可观察的技术

* [[Praxeology]]

* [[Praxeology]] 人类行为学

* [[Priority heuristic]]

* [[Priority heuristic]] 齐当别启发式

* [[Regret (decision theory)|Regret theory]]

* [[Regret (decision theory)|Regret theory]] 后悔（决策理论）|后悔理论

* [[Repugnancy costs]]

* [[Repugnancy costs]] 厌恶成本

* [[Socioeconomics]]

* [[Socioeconomics]] 社会经济学

* [[Socionomics]]

* [[Socionomics]] （一种研究社会情绪和社会行为之间关系的学科，由Robert R. Prechter, Jr.创立。The study of the relationship between social mood and social behavior pioneered by Robert R. Prechter, Jr.）

{{div col end}}

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