Estimation of Structural Models Using Experimental Data From the Lab and the Field (Paperback)

Charles Bellemare

ISBN 10: 1009362631 / ISBN 13: 9781009362634

Published by Cambridge University Press, Cambridge, 2023

About this Item

Paperback. Behavioral economics provides a rich set of explicit models of non-classical preferences and belief formation which can be used to estimate structural models of decision making. At the same time, experimental approaches allow the researcher to exogenously vary components of the decision making environment. The synergies between behavioral and experimental economics provide a natural setting for the estimation of structural models. This Element will cover examples supporting the following arguments 1) Experimental data allows the researcher to estimate structural models under weaker assumptions and can simplify their estimation, 2) many popular models in behavioral economics can be estimated without any programming skills using existing software, 3) experimental methods are useful to validate structural models. This Element aims to facilitate adoption of structural modelling by providing Stata codes to replicate some of the empirical illustrations that are presented. Examples covered include estimation of outcome-based preferences, belief-dependent preferences and risk preferences. Behavioral economics provides a rich set of explicit models of non-classical preferences and belief formation which can be used to estimate structural models of decision making. At the same time, experimental approaches allow the researcher to exogenously vary components of the decision making environment. This item is printed on demand. Shipping may be from multiple locations in the US or from the UK, depending on stock availability.

Seller Inventory # 9781009362634

Bibliographic Details

• Title: Estimation of Structural Models Using Experimental Data From the Lab and the Field (Paperback)
• Publisher: Cambridge University Press, Cambridge
• Publication Date: 2023
• Language: English
• ISBN 10: 1009362631
• ISBN 13: 9781009362634
• Binding: Paperback
• Condition: new

About this title

Synopsis

Behavioral economics provides a rich set of explicit models of non-classical preferences and belief formation which can be used to estimate structural models of decision making. At the same time, experimental approaches allow the researcher to exogenously vary components of the decision making environment. The synergies between behavioral and experimental economics provide a natural setting for the estimation of structural models. This Element will cover examples supporting the following arguments 1) Experimental data allows the researcher to estimate structural models under weaker assumptions and can simplify their estimation, 2) many popular models in behavioral economics can be estimated without any programming skills using existing software, 3) experimental methods are useful to validate structural models. This Element aims to facilitate adoption of structural modelling by providing Stata codes to replicate some of the empirical illustrations that are presented. Examples covered include estimation of outcome-based preferences, belief-dependent preferences and risk preferences.