Covering research in behavioral and experimental economics, this research documents behavior inconsistent with some elements of traditional theory. Topics covered include studies of loss aversion, reference-dependent preferences, the context and framing of choice, hyperbolic discounting and inconsistent intertemporal choice, and more.
This volume focuses on:
• understanding how markets may operate;
• profit maximization;
• how real-world concerns may reduce efficiency;
• what corrective actions may be taken to prevent market failure
• the implications of those actions