Social identity has become accepted as a key concept underpinning the endogeneity of
economic behaviour and preferences. It is important in explaining attitudes towards …

Over the last few decades behavioral economics has revolutionized the discipline. It has
done so by putting the human back into economics, by recognizing that people sometimes …

The often observed empirical divergence between WTA and WTP measures of welfare
change continues to be a topic of interest to both theoretical and applied economists. The …

This article explores parallels between the debate prompted by Pareto's reformulation of
choice theory at the beginning of the twentieth century and current controversies about the …

Traditional environmental and resource economics uses rational choice theory to guide the
evaluation of alternative policy options to correct market failure. Behavioral economics …

Empirical research has shown that inexperienced fund managers yield significantly higher
returns than their more experienced colleagues. If the portfolios of inexperienced are not …

We present a new theory of decision under uncertainty: third-generation prospect theory (PT
3). This retains the predictive power of previous versions of prospect theory, but extends that …

We present the results of an experiment that attempts to measure the social value of groups.
In the experiment, group membership is induced artificially: subjects interact with insiders …

Laboratory experiments have been used extensively in economics in the past several
decades to lend both positive and normative insights into a myriad of important economic …

This paper proposes a formulation of consumer sovereignty, for use in normative economics,
which does not presuppose individuals' preferences to be coherent. The fundamental …