BADM 791
Behavioral Economics
Thursday, 7:00-9:45, AB 201
Professor Mark Pingle
Office and Hours: AB 319C, Wednesday and Thursday 5:30-6:45
Fall 2012
Course Description: This course provides an introduction to behavioral economics, a branch of
economics that stretches the economics discipline by relaxing its traditional assumptions, using ideas
from psychology, sociology, and other disciplines.
Course Objectives: This course will expose students to many of the ideas which have fallen under the
behavior economics umbrella. For each idea considered, the objectives will be to:
 understand the basic theories (propositions about how the world works);
 review one or more relevant experiments (environments designed to reduce confounding)
designed to test theories;
 review relevant empirics (data characterizing observed behaviors from experiments and from
real world);
 review practical applications (how the idea can be applied in our daily lives, in business
settings, or in framing public policy).
Required Books
Ariely, Dan. 2012. The (Honest) Truth About Dishonesty; How We Lie to Everyone—Especially
Ourselves, New York: Harper Collins.
Covey, Steven M.R., 2012. The Speed of Trust: The One Thing That Changes Everything. New
York: Free Press.
Grading
Presentations:
 Topic Presentations (2 Assigned During Semester)
 Truth About Dishonesty written work and presentation
 Speed of Trust written work and presentation
Term Paper: What is Behavioral Economics?
Concept and Application Posts (Expectation: One per week average)
Take Home Midterm
In Class Final
10%
10%
10%
20%
10%
20%
20%
Topic Presentations: Expectations and Grading
 The total presentation should last at least 30 minutes, but no more than 60 minutes
 The work load for each presentation should be roughly balanced among group members
 Each group member should participate in the presentation.
 Typically the presentation would be organized using powerpoint, but the presentation may
include short videos or illustrations (e.g. an brief in class experiment)
 The focus of the presentation should be on
o Identifying salient ideas, and explaining them in an understandable manner.
o Identifying and presenting applications of the ideas, so people understand why the ideas
are meaningful.
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o The papers presented in the syllabus should be used as the primary source of content.
However, students are encouraged to do a bit of extra research and add any particularly
relevant content. Plus, students are encouraged to include applications they directly
have observed or experienced in their own lives.
The group should post a definition and an application for the most important key terms, so at
least one post is made by each group member. Key terms not posted by group members
should be listed on web campus and made available for others in class to post.
Some written form of the in-class presentation should be posted electronically on webcampus,
so all in the class have access to the written form.
For the given presentation, each group member will submit a grade 2=C, 3=B, or 4=A for each
of the other members, subjectively judging the overall contribution of each member.
Immediately after hearing the presentation, each class member not in the group will submit a
grade 2=C, 3=B, or 4=A for the quality of the presentation
Using the class feedback and his own judgment, the professor will provide a grade for each
member of the group, using the same grade for each group member as a starting point, but then
adjusting grades for individuals based upon feedback from those within the group and based
upon the professor’s perception of the quality of each individual’s effort.
Book Presentations (Truth About Dishonesty and Speed of Trust) and Associated Written Work:
The expectations are presented below, and the grading process will be the same as used for topic
presentations. Students should obtain the books and begin reading them as soon as possible. As you
can see below, each group will present a portion of each book.
Term Paper: The term paper shall typed, double spaced, 12 font, with one inch margins, and no more
than 15 pages of text. An additional cover page shall be added, which shall at least include the title
“What is Behavioral Economics” and the student’s name. Additional pages for references should also
be included, and the method of some journal of choice should be used as a model for citing sources and
presenting references. The letter grade for the term paper will entirely be the professor’s subjective
judgment of the paper’s quality.
Concept and application posts: The expectation is that you should seek to post an average of once
each week, or 14 posts for the semester. Each week, the presenting group should indicate the key
terms they have identified and indicate who in their group is taking responsibility for posting the given
key idea. Students not in the presenting group should look for key terms not identified by the
presenting group, but related to the topic, or terms the group has identified but did not chose to post.
When you find such an idea, simply post it, along with your name. You should accumulate your posts
in a single document, which you will turn in on Week 13, November 15. Your grade for this work
will entirely be the professor’s subjective judgment of the quality of your work.
You should post your concepts and applications to the following “econwiki,” which is an attempt to
accumulate some behavioral economics knowledge on the web.
http://students.coba.unr.edu/econwiki/index.php?title=Main_Page
You will need to create a log in account in order to be able to edit the wiki.
Take Home Midterm: You will receive one question per week, related to the given topic. On week
8, October 18, you will turn in your answers to the first 7 questions. You may answer these questions
individually, or in a group of up to 3 people. If you answer the questions as a group, you should turn
2
in one paper for the group, and in this case all in the group will receive the same grade. Your grade
for this exam will entirely be the professor’s subjective judgment of the quality of your work.
In Class Final: The questions for the final will be drawn from the course content presented in weeks
8-14. You will not know the questions in advance, and you will only be able to use the knowledge you
have in your head. Your grade for this exam will entirely be the professor’s subjective judgment of the
quality of your work.
August 30---Week 1: What is Behavioral Economics? (Group 1: Presents to Econ Club at later
date)
Fundenberg, Drew (September 2006). Advancing Beyond Advances in Behavioral Economics Journal
of Economic Literature 44, 694–711.
Hosseini, Hamid (2003). The Arrival of Behavioral Economics: From Michigan, or the Carnegie
School in the 1950s and the Early 1960s? Journal of Socio-Economics 32 (2003) 391–409.
Rabin, Mathew (March, 1998). “Psychology and Economics,” Journal of Economic Literature, 36: 1146
Thaler, Richard (Winter, 2000). From Homo Economicus to Homo Sapiens.” Journal of Economic
Perspectives 14(1), 133-141.
Thaler, Richard H. and Cass Sunstein (2003). “Behavioral Economics, Public Policy, and Paternalism:
Libertarian Paternalism,” American Economic Review, Papers and Proceedings 93: 175-179.
John Tomer (June, 2007). “What Is Behavioral Economics?,” Journal of Socio-Economics, 36(3), 463479.
September 6---Week 2: Game Theory and Behavioral Economics (Group 2)
Berg, Joyce, Dickout, John, and McCabe, Kevin (1995). Trust, Reciprocity, and Social History.
Games and Economic Behavior 10, 122-142.
Dixit, Avinash (Summer, 2005). Restoring Fun to Game Theory, Journal of Economic Education,
205-219.
Forsyth, Robert, Horowitz, Joel, Savin, N.E., and Sefton, Martin (1994). Fairness in Simple
Bargaining Experiments. Games and Economic Behavior 6, 347-369.
Guth, Werner, Schmittberger, Rolf, and Schartz, Bernd (1982). An Experimental Analysis of
Ultimatum Bargaining. Journal of Economic Behavior and Organization 3, 367-388.
Rabin, Matthew (1993). Incorporating Fairness into Game Theory and Economics, American
Economic Review 83, 1281–1302.
Sexton, Richard (April, 1994). A Survey of Noncooperative Game Theory: Part 1 Theoretical
Concepts . Review of Marketing and Agricultural Economics 62(1), 11-28.
September 13---Week 3: Experimental Economics and Neuroeconomics (Group 3)
Experimental Economics
Croson, Rachel and Gachter, Simon (2010). The Science of Experimental Economics. Journal of
Economic Behavior and Organization 73, 122-131.
Friedman, Daniel (2010). Preferences, beliefs and equilibrium: What have experiments taught us?
Journal of Economic Behavior & Organization 73, 29–33.
Güth, Werner and Kliemt, Hartmut (2010). Comments on Vernon Smith’s—“Theory and experiment:
What are the Questions?” Journal of Economic Behavior and Organization 73, 44-48.
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Harrison, Glenn W. (2010). The behavioral counter-revolution, Journal of Economic Behavior &
Organization 73, 49–57.
Plott, Charles R. (September, 1982). Industrial Organization Theory And Experimental Economics,
Journal of Economic Literature 20, 1485-1527.
Samuelson, Larry (March 2005). Economic Theory and Experimental Economics, Journal of
Economic Literature 43, 65–107.
Smith ,Vernon (Winter, 1989). Theory, Experiment and Economics. Journal of Economic
Perspectives 3(1), 151-169.
Smith ,Vernon (2010). Theory and experiment: What are the questions? Journal of Economic
Behavior and Organization 73, 3-15.
Neuroeconomics
Camerer, Colin, George Loewenstein, and Drazen Prelec (2005). Neuroeconomics: How Neuroscience
Can Inform Economics, Journal of Economic Literature 43, 9-64.
Harrison, Glenn and Ross, Dan (2010). The methodologies of neuroeconomics, Journal of Economic
Methodology, 17 (2), 185-196.
September 20---Week 4: Bounded Rationality and Heuristics (Group 4)
Conlisk, John (June 1996). Why Bounded Rationality? Journal of Economic Literature 34, 669–700.
Day, Richard H. (May, 1967). Profits, Learning and the Convergence of Satisficing to Marginalism,
Quarterly Journal of Economics 81 (2), 302-311.
Gigerenzer, Gerd and Todd, Peter M. (2003). Bounding Rationality to the World, Journal of
Economic Psychology 24, 143–165.
Koumakhov, Rouslan (2009). Conventions in Herbert Simon’s theory of bounded rationality, Journal
of Economic Psychology 30, 293–306.
Pingle, Mark (2006). Deliberation Cost as a Foundation for Behavioral Economics, Handbook of
contemporary behavioral economics: foundations and developments, (Morris Altman ed.), 340355.
Pingle, Mark (2010). Looking under the hood: Exploring assumptions and finding behavioral
economics, Journal of Economic Behavior and Organization 73, 73–76.
Simon, Herbert. (February, 1955). A Behavioral Model of Rational Choice. Quarterly Journal of
Economics 69 (1), 99-118.
Simon, Herbert. (May, 1978). Rationality as Process and as Product of Thought, American Economic
Review 70, 1-16.
Smith, Vernon L. (2005). Behavioral economics research and the foundations of economics, Journal of
Socioeconomics 34, 135-150.
September 27---Week 5: Decision Invariance (Group 5)
Cheema, Amar and Dilip Soman (2006), “Malleable Mental Accounting: The Effect of Flexibility on
the Justification of Attractive Spending and Consumption Decisions,” Journal of Consumer
Psychology, 16 (1), 33-44.
Kahneman, Daniel, Knetsch, Jack, and Thaler, Richard (Winter 1991). “The Endowment Effect, Loss
Aversion, and Status Quo Bias,” Journal of Economic Perspectives, 3(1), 193-206.
Kahneman, Daniel and Novemsky, Nathan (May, 2005), The Boundaries of Loss Aversion, Journal of
Marketing Research 42, 119-128.
Kahneman, Daniel, Slovic, Paul, and Tversky, Amos (March 1990). The Causes of Preference
Reversal, American Economic Review 80(1), 204-217.
Kahneman, Daniel and Tversky, Amos(1981). The Framing of Decisions and the Psychology of
Choice, Science 211: 453-458.
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Loewenstein, George (May, 2000). Emotions in Economic Theory and Economic Behavior.
American Economic Review 90(2), 426-432.
October 4---Week 6: Decision Making Under Risk and Uncertainty (Group 6)
Alchian, Armen A. (June, 1950). Uncertainty, Evolution, and Economic Theory, Journal of Political
Economy 58 (3), 211-221.
Allais, Maurice (October, 1953). Le Comportement de l'Homme Rationnel devant le Risque: Critique des
Postulats et Axiomesde l'Ecole Americaine, Econometrica 21 (4), 503-546.
Becker, Gordon, Degroot, Morris, and Marschak, Jacob (1964). Measuring utility by a singleresponse sequential method, Behavioral Science 9(3), 226-232.
Ellsberg, Daniel (November, 1961). Risk, Ambiguity, and the Savage Axioms, Quarterly Journal of Economics
75 (4), 643-669.
Kahneman, Daniel and Tversky, Amos (September , 1974). Judgment under Uncertainty: Heuristics
and Biases, Science, 185 (4157), 1124-1131.
Kahneman, Daniel and Tversky, Amos (1979). Prospect Theory: An Analysis of Decisions under Risk,
Econometrica 47, 363-391.
Melkonyan, Tigran and Pingle, Mark (July, 2009). Ambiguity, pessimism, and rational religious
choice, Theory and Decision 69, 417–438.
Starmer, Chris (June, 2000). Developments in non-expected utility theory: The hunt for a descriptive
theory of choice under risk, Journal of Economic Literature 38, 332-382.
October 11---Week 7: Procrastination, Impatience and Hyperbolic Discounting (Group 1)
Akerlof, George (May, 1991). Procrastination and obedience, American Economic Review 81 (2), 1-19
Ariely, Daniel and Wertenbroch, Klaus (May, 2002). Procrastination, deadlines, and performance: Self
control by precommitment, Psychological Science 13 (3), 219-224..
Casari, Marco (2006). Pre-commitment and flexibility in a time decision experiment, Journal of Risk
and Uncertainty 38, 117–141.
Frederic, Shane, George Loewenstein and Ted O’Donoghue (2002). Time Discounting and Time
Preference: A Critical Review, Journal of Economic Literature, XL (June), 351-401.
Fundenberg, Drew and Levine, David (December, 2006). A duel self model of impulse control,
American Economic Review 96 (5), 1449-1476.
Green, Leonard and Joel Myerson (2004). A Discounting Framework for Choice With Delayed and
Probabilistic Rewards, Psychological Bulletin, 130 (5), 769-792.
Laibson, David (1997). Golden Eggs and Hyperbolic Discounting, Quarterly Journal of Economics
112, 443–77.
O'Donoghue, Ted and Rabin, Matthew (March, 1999). Doing it now or later, American Economic
Review 89 (1), 103-124.
Read, Daniel, Shane Frederick, Burcu Orsel and Juwaria Rahman (2005). Four Score and Seven Years
from Now: The Date/Delay Effect in Temporal Discounting, Management Science, 51 (9),
1326-1335.
Rubenstein, Ariel (November, 2003). Economics and psychology? The case of hyperbolic
discounting, International Economic Review 44(4), 1207-1216.
October 18---Week 8: Learning and Evolutionary Economics (Group 2)
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Boylan, Richard and El-Gamal, Mahmoud (1993). Fictitious Play: A statistical study of multiple
economic experiments, Games and Economic Behavior 5, 205-222.
Camerer, Colin and Ho, Teck-Hua (1999). Experience-weighted attraction learning in normal-form
games, Econometrica 67, 827–874.
Erev, Ido and Roth, Alvin (1995). Learning in Extensive-Form Games: Experimental Data and Simple
Dynamic Models in the Intermediate Term, Games and Economic Behavior 8, 164-212.
Erev, Ido and Roth, Alvin (September,1998). Predicting How People Play Games: Reinforcement
Learning in Experimental Games with Unique Mixed Strategy Equilibria, American Economics
Review 88 (4), 848-881.
Friedman, Daniel (September, 1998). Monty Hall’s Three Doors: Construction and Deconstruction of
a Choice Anamoly, American Economics Review, 933-946.
Mailath, George (September, 1998). Do People Play Nash Equilibrium? Lessons from Evolutionary
Game Theory. Journal of Economic Literature 36, 1347-1374.
Selten, Reinhard (1991). Evolution, Learning, and Economic Behavior, Games and Economic
Behavior 3, 3-24.
October 25---Week 9: Behavioral Microeconomics (Group 3)
Benartzi, Shlomo and Thaler, Richard (2007). Heuristics and Biases in Retirement Savings Behavior
Journal of Economic Perspectives, 21 (3), 81-104.
Leibenstein, H. (1966). Allocative Efficiency vs. X-Efficiency, American Economic Review 56: 392415.
March, James G. (1978). Bounded Rationality, Ambiguity, and the Engineering of Choice, Bell
Journal of Economics 9: 587-608.
Stigler, G. J. (1976). The X-istence of X-Efficiency, American Economic Review 66: 213-216.
Stigler, G.J. (1961). The Economics of Information, Journal of Political Economy 69: 213-225.
Stiglitz, J.E. (1987). The Causes and Consequences of the Dependence of Quality on Price, Journal of
Economic Literature 25: 1-48.
Thaler, Richard (2008/1985). Mental Accounting and Consumer Choice, Marketing Science 27 (1),
15–25.
Williamson, Oliver E. (1981). The Modern Corporation: Origins, Evolutions, Attributes, Journal of
Economic Literature 19: 1537-1568.
November 1---Week 10: Behavioral Macroeconomics (Group 4)
Akerlof, George (2002). Behavioral Macroeconomics and Macroeconomic Behavior. American
Economic Review 92, 411-433.
Akerlof, George and Kranton, Rachel (August, 2000). Economics and Identity, Quarterly Journal of
Economics 114 (3), 715-753.
Bewley, Truman (1998). Why not cut pay? European Economic Review 42, 459-490.
Caginalp, Gunduz, McCabe, Kevin, and Porter, David (2003). The Foundations of Experimental
Economics and Applications to Experimental Finance: The Contributions of Nobel Aureate
Vernon Smith, Journal of Behavioral Finance 4 (1), 3-6.
Dreman, David (2004). The influence of affect on investor decision making, Journal of Behavioral
Finance 5 (2), 70-74.
Thaler, Richard H. and Cass Sustein (2003). Behavioral Economics, Public Policy, and Paternalism:
Libertarian Paternalism, American Economic Review, Papers and Proceedings 93, 175-179.
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November 8---Week 11: Other Regarding Preferences (Group 5)
Charness, Gary and Rabin, Matthew (August, 2002). Understanding Social Preferences with Simple Tests, The
Quarterly Journal of Economics 117(3), 817-869.
Eckel, Catherine and Gintis, Herb (2010). Blaming the messenger: Notes on the current state of
experimental economics, Journal of Economic Behavior & Organization 73, 109–119.
Eckel, Catherine and Grossman, Phillip (1996). Altruism in Anonymous Dictator Games. Games and
Economic Behavior 16, 181–191.
Fehr, Ernst and Klaus Schmidt (1999). A Theory of Fairness, Competition, and Cooperation.
Quarterly Journal of Economics, 817-868.
Levitt, Stephen and List, John (Spring, 2007). What Do Laboratory Experiments Measuring Social
Preferences Reveal About the Real World? Journal of Economic Perspectives 21 (2), 153–174.
Rabin, Matthew (1993). Incorporating Fairness into Game Theory and Economics, American
Economic Review 83, 1281–1302.
November 22: Thanksgiving---No Class
November 15---Week 12: Trust, Reciprocity, and Efficiency Wages (Group 6)
Akerlof, George (1982). Labor Contracts as Partial Gift Exchange, Quarterly Journal of Economics 97,
543-596.
Akerlof, George (May, 1984). Gift Exchange and Efficiency-Wage Theory: Four Views, American
Economic Review 74 (2), 79-83.
Charness, Gary, Du, Ninghua, and Yang, Chun-Lei (2011). Trust and trustworthiness reputations in an
investment game, Games and Behavior 72, 361-375.
Fehr, Ernst and Gachter, Simon (2000). Fairness and Retaliation: The Economics of Reciprocity,
Journal of Economic Perspectives 14 (3), 159-181.
Hoffman, Elizabeth, McCabe, Kevin, and Smith, Vernon. 1998. Behavioral Foundations of
Reciprocity: Experimental Economics and Evolutionary Psychology, Economic Inquiry 36,
335-352.
Sobel, Joel (June, 2005). Interdependent preferences and reciprocity, Journal of Economic Literature
43 (2), 392-436.
Yellen, Janet (May,1984). Efficiency wage models of unemployment, American Economic Review 74
(2) 200-205.
November 29---Week 13: The Truth About Dishonesty
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Read The (Honest) Truth About Dishonesty: How we lie to everyone—Especially ourselves
Collaborate with your assigned group to:
o Prepare an MS Word document summary of the assigned reading for your group, of no
more than 5 pages, with a hard copy to be turned in on this week and an electronic copy
posted for all in class to read.
o Identify key terms in the assigned reading for your group, posting a definition for each
key term and at least one application.
Prepare a 15 minute class presentation of the content assigned for your group.
Group Task and Content
o Group 1: Introduction (Why is Dishonesty so Interesting) and Chapter 1 (Testing the
Simple Model of Rational Crime)
o Group 2: Chapter 2 (Fun with the Fudge Factor) and Chapter 2b (Golf)
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o Group 3: Chapter 3 (Blinded by our own motivations) and Chapter 4 (Why we blow it
when we’re tired)
o Group 4: Chapter 5 (Why wearing fakes makes us cheat more) and Chapter 6 (Cheating
ourselves)
o Group 5: Chapter 7 (Creative dishonesty: We are all storytellers) and Chapter 8
(Cheating as an infection: How we catch the dishonesty germ)
o Group 6: Chapter 9 (Collaborative cheating: Why two heads aren’t necessarily better
than one) and Chapter 10 (A semioptimistic ending: People don’t cheat enough)
December 6---Week 14: Covey—The Speed of Trust
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Read The SPEED of Trust
Collaborate with your assigned group to:
o Prepare an MS Word document summary of the assigned reading for your group, of no
more than 5 pages, with a hard copy to be turned in on this week and an electronic copy
posted for all in class to read.
o Identify key terms in the assigned reading for your group, posting a definition for each
key term and at least one application.
o Prepare a 15 minute class presentation of the content assigned for your group.
Group Task and Content
o Group 1: Provide an overview of the book, using the chapters starting with the chapter
“Forward by Dr. Stephen R. Covey” through the Chapter “You can do something about
this.”
o Group 2: Summarize the self-trust concept, using the chapters starting with the
chapter “The first wave---Self Trust” through the chapter “Core 4--- results: What is
your track record?”
o Group 3: Summarize a portion of the relationship trust concept, using the chapters
starting with “The Second Wave---Relationship Trust, The Principle of Behavior"
through the chapter "Behavior #5: Show Loyalty.”
o Group 4: Summarize a portion of the relationship trust concept, using the chapters
starting with “Behavior #6: Delivering Results” through the chapter “Creating an
Action Plan.”
o Group 5: Summarize the stakeholder trust concept, using the chapters starting with
“The Third, Fourth, and Fifth Waves---Stakeholder Trust” through the chapter “The
Fifth Wave---Societal Trust, The Principle of Contribution.”
o Group 6: Provide a concluding summary, using the chapters starting with “Inspiring
Trust” through the chapter “A Propensity to Trust.”
December 13: In Class Final
Books of Interest
Akerlof, G.A and Kranton, Rachel E. (2010). Identity Economics: How Our Identities Shape Our
Work, Wages, and Well-Being. Princeton, New Jersey: Princeton University.
Akerlof, George A. and Shiller, Robert J. (2009). Animal Spirits: How Human Psychology Drives the
Economy, and Why it Matters for Global Capitalism. Princeton: Princeton University Press.
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Akerlof, G.A. and J.L. Yellen, eds. (1986). Efficiency Wage Models of the Labor Market, Cambridge,
England and New York: Cambridge University Press.
Altman, Morris (2012). Behavioral Economics for Dummies. New York: Wiley.
Altman, Morris (ed.) (2006). Handbook of Contemporary Behavioral Economics: Foundations and
Developments. Armonk, New York: M.E. Sharpe Publishers.
Ariely, Daniel. Predictably Irrational: The Hidden Forces that Shape our Decisions, New York, NY:
Harper Collins.
Ariely, Daniel (2011). The Upside of Rationality.New York, NY: Harper Collins.
Becker, Gary S. (1998). Accounting for Tastes. Cambridge, Mass: Harvard University Press.
Camerer, Colin and Loewenstein, George (eds.) (2004). Advances in Behavioral Economics.
Princeton University Press.
Chaudhuri, Ananish. Experiments in Economics: Playing Fair with Money. Routledge, 2009,
Coase, R.H. (1994). “How Should Economists Choose?” in R. H. Coase, Essays on Economcs and
Economists, Chicago and London: University of Chicago Press: 15-33.
Diamond, Peter and Hannu Vartiainen, eds. (2007). Behavioral Economics and Its Applications.
Princeton, NJ: Princeton University Press.
Dreman, David (2012). Contrarian Investment Strategies: The Psychological Edge, New York, NY
Simon & Schuster.
Friedman, Daniel and Alessandra Cassar (2004). Economics Lab: An Intensive Course in Experimental
Economics. London and New York: Routledge.
Friedman, Daniel and Shyam Sunder (1994). Experimental Economics: A Primer for Economists. New
York: Cambridge University Press.
Gigerenzer, Gerd (2007). Gut Feelings: The Intelligence of the Unconscious. New York: Viking.
Gigerenzer, Gerd, and Reinhard Selten, eds. (2001). Bounded Rationality: The Adaptive Toolbox.
Cambridge, MA: MIT Press.
Gigerenzer, Gerd and Peter M. Todd (1999). “Fast and Frugal Heuristics: The Adaptive Toolbox.” In:
Gerd Gigerenzer, Peter M. Todd, and the ABC Research Group, eds., Simple Heuristics that
Make Us Smart. New York: Oxford University Press.
Glimcher, Paul, Camerer, Colin, Poldrack, Russell and Fehr, Ernst (2008). Editors. Neuroeconomics:
Decision Making and the Brain. Academic Press.
Savage, Leonard (1954). The Foundations of Statistics, New York, NY: Wiley.
Shefrin, Hersh (2007). Beyond Greed and Fear: Understanding Behavioral Finance and the
Psychology of Investing. Oxford University Press.
Shiller, Robert. Irrational Exuberance. 2d Edition. Currency/Doubleday, 2005.
Simon, Herbert. Reason in Human Affairs. Stanford University Press, 1983, 3-35.
Thaler, Richard H. (1992). The Winner’s Curse: Paradox’s and Anamolies of Economic Life, New
York: Free Press.
Thaler, Richard and Sunstein, Cass (2008). Nudge: Improving Decisions About Health, Wealth, and
Happiness, New Haven, CT: Yale University Press.
Wilkinson, Nick (2008). An Introduction to Behavioral Economics. London: Palgrave.
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