Behavioral Econometrics for Psychologists

Steffen Andersen (), Glenn W. Harrison (), Morten Igel Lau and Elisabeth E. Rutström
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Morten Igel Lau: Department of Economics, Copenhagen Business School, Postal: Department of Economics, Copenhagen Business School, Solbjerg Plads 3 C, 5. sal, DK-2000 Frederiksberg, Denmark
Elisabeth E. Rutström: Department of Economics, Copenhagen Business School, Postal: Department of Economics, Copenhagen Business School, Solbjerg Plads 3 C, 5. sal, DK-2000 Frederiksberg, Denmark

No 18-2007, Working Papers from Copenhagen Business School, Department of Economics

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: na (search for similar items in EconPapers)
JEL-codes: C01 D03 (search for similar items in EconPapers)
Date: 2007-01-01
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Related works:
Journal Article: Behavioral econometrics for psychologists (2010)
Working Paper: Behavioral Econometrics for Psychologists (2009)
Working Paper: Behavioral Econometrics for Psychologists (2007)
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Persistent link: http://EconPapers.repec.org/RePEc:hhs:cbsnow:2007_018

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