Behavioral econometrics for psychologists

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 h...

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Bibliographic Details
Published in:Journal of economic psychology 2010-08, Vol.31 (4), p.553-576
Main Authors: Andersen, Steffen, Harrison, Glenn W., Lau, Morten Igel, Rutström, Elisabet E.
Format: Article
Language:English
Subjects:
Applied psychology
Behavioral economics
Behavioural economics
Biological and medical sciences
Decision making
Econometrics
Econometrics Behavioral economics Decision making Risk preferences
Economic behaviour
Economic psychology
Fundamental and applied biological sciences. Psychology
Maximum likelihood method
Microeconomics
Miscellaneous
Psychologists
Psychology
Psychology. Psychoanalysis. Psychiatry
Psychology. Psychophysiology
Risk preferences
Studies
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Summary: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.
ISSN:0167-4870
1872-7719
DOI:10.1016/j.joep.2010.03.017