A Practicum in Behavioral Economics IV Section 4- Empirical Studies and Field Experiments

PART IV . SECTION EMPIRICAL STUDIES AND FIELD EXPERIMENTS In Sections , we learned something about how the field of behavioral economics has evolved from laboratory experiments undertaken with individuals and games played by groups of individuals to revised theories that canonize the specific ways in which Homo sapiens choice behavior deviates from the model of Homo . In Section We consider novel empirical studies and field experiments that have been conducted in a myriad of settings , some of which test ( with larger samples of Homo sapiens ) the main tenets of behavioral economic theory . In particular , they test our for loss aversion , reference dependence , time inconsistency , and generally our reactions to how choice situations are framed ( narrowly versus broadly ) BEHAVIORAL ECONOMICS

These studies seek answers to the same types of questions the laboratory experiments and games of the previous two sections posed to economists and psychologists how exactly do Homo sapiens choice behaviors deviate from those of Homo in a variety of situations that often have pronounced social consequences ?

What might explain these deviations ?

Other empirical studies conducted by behavioral economists test for evidence of behavior among Homo sapiens that expresses itself as discrimination , racial bias , corruption , crime , waste , homelessness , drunk driving I think you get the point . These behaviors manifest themselves as social ills . Less severe forms of behavior ( underperforming students and teachers , insufficient savings and investment by households and businesses , tax evasion , and low voter turnout ) have also received attention from behavioral economists . These types of behaviors lead scholars and to ask what social constructs ( or , what Thaler and ( 2009 ) call choice architecture ) might be developed to mitigate the negative social consequences associated with these types of behavior . Referring to the diagram presented in the This Book Approach section , Section pertains to the diagrams middle portion , where we investigate empirical studies that have been undertaken in the real world and the corresponding choice architecture that has been and architecture spawned by the now famous experiments , games , and concomitant theory of behavioral economics . Chance Economics . 352 ARTHUR

For the most part , these empirical studies are based not on experiments run in laboratories but rather on experiments run in the fields of our daily lives . We call them natural experiments or field The findings We obtain from these studies can inform public policy and point us ( or , as Thaler and would say , nudge us ) toward crafting more enlightened policies that and channel our idiosyncrasies , biases , foibles , and social norms ( our humanity ) for improved social outcomes . As you proceed through what is essentially a menagerie of different behavioral economics case studies , bear in mind that one of the goals of this section is to introduce you to research methods as well as attendant empirical results . Along the way , you will be introduced to the myriad approaches researchers use to present their statistical results . Note that , unlike a normal textbook chapter , this section is not necessarily meant to be read from beginning to end . There are too many disparate studies included herein , with no particular theme to tie them all together . Rather , only those studies deemed relevant for your this relevance is predetermined by the courses instructor or the students personal meant to be chosen from the wide universe of studies compiled below , and conceivably linked with the concepts and topics from Sections that were previously covered in the course . The Linkages Matrix contained in Appendix can help you with making these linkages . Media Figure ( Section ) Arthur is licensed under a BY Attribution license BEHAVIORAL ECONOMICS PRACTICUM 353