Behavioral Econometrics for Psychologists

Steffen Andersen, Glenn W. Harrison, Morten Lau, E. Elisabet Rutström

    Research output: Working paperResearch

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    Abstract

    We make the case that psychologists should make wider use of structural econometricmethods. These methods involve the development of maximum likelihood estimatesof models, where the likelihood function is tailored to the structural model.In recent years these models have been developed for a wide range of behavioralmodels of choice under uncertainty. We explain the components of thismethodology, and illustrate with applications to major models from psychology. The goal is to build, and traverse, a constructive bridge between themodeling insights of psychology and the statistical tools of economists.

    Original languageEnglish
    Place of PublicationFrederiksberg
    PublisherDepartment of Economics. Copenhagen Business School
    Number of pages73
    Publication statusPublished - 2009
    SeriesWorking Paper / Department of Economics. Copenhagen Business School
    Number4-2009

    Cite this

    Andersen, S., Harrison, G. W., Lau, M., & Rutström, E. E. (2009). Behavioral Econometrics for Psychologists. Department of Economics. Copenhagen Business School. Working Paper / Department of Economics. Copenhagen Business School, No. 4-2009