Behavioral Econometrics for Psychologists
Department of Economics, College of Business Administration, University of Central Florida Working Paper No. 07-04
73 Pages Posted: 1 Oct 2007
Date Written: September 2007
Abstract
We make the case that psychologists should make wider use of structural econometric methods. 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.
Keywords: pscyhology, econometrics, statistics
Suggested Citation: Suggested Citation
Do you have a job opening that you would like to promote on SSRN?
Recommended Papers
-
Loss of Self-Control in Intertemporal Choice May Be Attributable to Logarithmic Time-Perception
-
The Psychology of Intertemporal Tradeoffs
By Marc Scholten and Daniel Read
-
An Investigation of Time-Inconsistency
By Serdar Sayman and Ayse Onculer
-
Time Discounting: Declining Impatience and Interval Effect
By Yusuke Kinari, Fumio Ohtake, ...
-
Non-Parametric Test of Time Consistency: Present Bias and Future Bias
By Kan Takeuchi
-
Anomalies to Markowitz’s Hypothesis and a Prospect-Theoretical Interpretation
By Marc Scholten and Daniel Read
-
Subadditivity, Patience, and Utility: The Effects of Dividing Time Intervals
-
Outcome Framing in Intertemporal Choice: The DRIFT Model
By Daniel Read, Shane Frederick, ...
-
Longitudinal Tests of Intertemporal Preference Reversals Due to Hyperbolic Discounting
By Daniel Read, Shane Frederick, ...