BEHAVIORAL ECONOMICS: DEVELOPMENT, CONDITION AND PERSPECTIVES

Behavioral economics perspectives on public sector pension plans.

We describe the pension plan features of the states and the largest cities and counties in the U.S. Unlike in the private sector, defined benefit (DB) pensions are still the norm in the public sector. However, a few jurisdictions have shifted toward defined contribution (DC) plans as their primary savings plan, and fiscal pressures are likely to generate more movement in this direction. Holding...

Behavioral Economics Introduction: Definitions and Naming Problems in Behavioral Economics

Infill Development: Perspectives and Evidence from Economics and Planning

This paper explores the different perspectives on infill development and its role in urban growth. Despite the intense debate about the potential for and effects of infill development, there is very little empirical evidence about whether policies to promote it have been effective, about the amount and type of infill development and its effect on surrounding communities. This paper first review...

Perspective Behavioral economics: Reunifying psychology and economics

Because economics is the science of how resources are allocated by individuals and by collective institutions like firms and markets, the psychology of individual behavior should underlie and inform economics, much as physics informs chemistry; archaeology informs anthropology; or neuroscience informs cognitive psychology. However, economists routinely—and proudly—use models that are grossly in...

Behavioral Economics

Behavioral Economics is the combination of psychology and economics that investigates what happens in markets in which some of the agents display human limitations and complications. We begin with a preliminary question about relevance. Does some combination of market forces, learning and evolution render these human qualities irrelevant? No. Because of limits of arbitrage less than perfect age...