Abstract

http://ssrn.com/abstract=671024
 
 

References (28)



 
 

Citations (6)



 


 



Behavioral Economics and Institutional Innovation


Robert J. Shiller


Yale University - Cowles Foundation; National Bureau of Economic Research (NBER); Yale University - International Center for Finance

January 2005

Yale ICF Working Paper No. 04-50; Cowles Foundation Discussion Paper No. 1499

Abstract:     
Behavioral economics has played a fundamental role historically in innovation in economic institutions, even long before behavioral economics was recognized as a discipline. Examples from history, notably that of the invention of workers' compensation, illustrate this point. Though scholarly discussion develops over decades, actual innovation tends to occur episodically, particularly at times of economic crisis. Fortunately, some of the major professional societies, the Verein fur Sozialpolitik, the American Economic Association and their successors, have managed to keep a broad discourse going, involving a variety of research methods including some that may be described today as behavioral economics, thereby maintaining an environment friendly to institutional innovation. Further, the broad expansion of behavioral economics that is going on today can be expected to yield even more such important institutional innovations.

Number of Pages in PDF File: 24

Keywords: Economics innovation, invention, psychological economics, institutional economics, social insurance, workers'compensation, American Economic Association, Germany, Verein fur Sozialpolitik

JEL Classification: B41

working papers series


Download This Paper

Date posted: February 22, 2005  

Suggested Citation

Shiller, Robert J., Behavioral Economics and Institutional Innovation (January 2005). Yale ICF Working Paper No. 04-50; Cowles Foundation Discussion Paper No. 1499. Available at SSRN: http://ssrn.com/abstract=671024

Contact Information

Robert J. Shiller (Contact Author)
Yale University - Cowles Foundation ( email )
Box 208281
New Haven, CT 06520-8281
United States
203-432-3708 (Phone)
203-432-6167 (Fax)
HOME PAGE: http://www.econ.yale.edu/~shiller/
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
203-432-3708 (Phone)
Yale University - International Center for Finance ( email )
Box 208200
New Haven, CT 06520
United States
203-432-3708 (Phone)
203-432-6167 (Fax)
Feedback to SSRN


Paper statistics
Abstract Views: 6,886
Downloads: 1,851
Download Rank: 3,727
References:  28
Citations:  6

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo5 in 0.407 seconds