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Behavioral Econometrics for Psychologists

Publication: ResearchWorking paper

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.

Publication information

Original languageEnglish
Place of PublicationFrederiksberg
PublisherCentre for Economic and Business Research, Copenhagen Business School
Number of pages74
StatePublished - 2007
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ID: 236668