Behavioral Econometrics for Psychologists

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

    Research output: Working paperResearch

    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.

    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.

    LanguageEnglish
    Place of PublicationFrederiksberg
    PublisherCopenhagen Business School, CBS
    Number of pages73
    StatePublished - 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. Frederiksberg: Copenhagen Business School, CBS. Working Paper / Department of Economics. Copenhagen Business School, No. 4-2009
    Andersen, Steffen ; Harrison, Glenn W. ; Lau, Morten ; Rutström, E. Elisabet. / Behavioral Econometrics for Psychologists. Frederiksberg : Copenhagen Business School, CBS, 2009. (Working Paper / Department of Economics. Copenhagen Business School; No. 4-2009).
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    Andersen, S, Harrison, GW, Lau, M & Rutström, EE 2009 'Behavioral Econometrics for Psychologists' Copenhagen Business School, CBS, Frederiksberg.

    Behavioral Econometrics for Psychologists. / Andersen, Steffen; Harrison, Glenn W.; Lau, Morten; Rutström, E. Elisabet.

    Frederiksberg : Copenhagen Business School, CBS, 2009.

    Research output: Working paperResearch

    TY - UNPB

    T1 - Behavioral Econometrics for Psychologists

    AU - Andersen,Steffen

    AU - Harrison,Glenn W.

    AU - Lau,Morten

    AU - Rutström,E. Elisabet

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    Y1 - 2009

    N2 - 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.

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    Andersen S, Harrison GW, Lau M, Rutström EE. Behavioral Econometrics for Psychologists. Frederiksberg: Copenhagen Business School, CBS. 2009.