Behavioral Econometrics for Psychologists

Andersen, S.; Harrison, G.W.; Lau, M.I.; Rutström, E.E.

doi:10.1016/j.joep.2010.03.017

Behavioral Econometrics for Psychologists

Andersen, S.; Harrison, G.W.; Lau, M.I.; Rutström, E.E.

Authors

S. Andersen

G.W. Harrison

Professor Morten Lau m.i.lau@durham.ac.uk
Professor

E.E. Rutström

Abstract

We make the case that psychologists should make wider use of econometric methods for the estimation of structural models. These methods involve the development of maximum likelihood estimates of models, where the likelihood function is tailored to the structural model. In recent years these models have been developed for a wide range of behavioral models of choice under uncertainty. We explain the components of this methodology, and illustrate with applications to major models from psychology. The goal is to build, and traverse, a constructive bridge between the modeling insights of psychology and the statistical tools of economists.

Citation

Andersen, S., Harrison, G., Lau, M., & Rutström, E. (2010). Behavioral Econometrics for Psychologists. Journal of Economic Psychology, 31(4), 553-576. https://doi.org/10.1016/j.joep.2010.03.017

Journal Article Type	Article
Publication Date	Aug 1, 2010
Deposit Date	Oct 25, 2010
Journal	Journal of Economic Psychology
Print ISSN	0167-4870
Publisher	Elsevier
Peer Reviewed	Peer Reviewed
Volume	31
Issue	4
Pages	553-576
DOI	https://doi.org/10.1016/j.joep.2010.03.017
Keywords	Econometrics, Behavioral economics, Decision making, Risk preferences.
Public URL	https://durham-repository.worktribe.com/output/1538026