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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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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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container_title	Journal of economic psychology
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creator	Andersen, Steffen Harrison, Glenn W. Lau, Morten Igel Rutström, Elisabet E.
description	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.
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source	International Bibliography of the Social Sciences (IBSS); ScienceDirect Freedom Collection
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
title	Behavioral econometrics for psychologists
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