International Monetary & Financial Economics (Pearson Series in Economics)

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Reciprocity, however, can have positive and negative aspects. In the real world, charities sometimes use reciprocity to their advantage.

Social norms are implicit or explicit behavioral expectations or rules within a society or group of people Dolan et al. Our preferences are not simply a matter of basic tastes; they are also influenced by norms, as manifested in gender roles, for example. Norms vary across cultures and contexts. For example, while market norms would dictate that payment is required for a good or service, social norms are quite different—would you offer to pay a family member for the meal that he has prepared for you Ariely, ?

US relations with Russia, Turkey and Iran: No détente in sight

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Sometimes social norms of exchange such as reciprocity and market norms co-exist in the same sphere. For instance, while market exchange norms dictate that I will charge a client for a consulting job, I may also give that client free advice, on some occasions, in the hope that the favor will be reciprocated in the future. Along with informational feedback e.

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One study compared contribution levels for a public radio fundraiser in the US. When potential donors were provided with social information signaling norms e. Human susceptibility to feedback about social norms is related to our desire to maintain a positive view of who we are as a person. When the outcome of an action threatens this desire, we may change our behavior, though we often simply change our attitudes or beliefs. Unlike the rational choice view of human decision making, where preferences guide choices, rationalization implies the opposite: Sometimes preferences can justify actions after the fact March, Cognitive dissonance theory is an illustration of the human need for a continuous and consistent self-image Cialdini, In an effort to align future behavior, being consistent is best achieved by making a commitment , especially if it is done publicly.

Global slump ahead as banks slash forecasts and predict four years of gloom

Thus, pre-committing to a goal is one of the most frequently applied behavioral devices to achieve positive change. The program gives employees the option of pre-committing to a gradual increase in their savings rate in the future, each time they get a raise. The program avoids the perception of loss that would be felt with a reduction in disposable income, because consumers commit to saving future increases in income.

The idea of herding has a long history in philosophy and crowd psychology. It is particularly relevant in the domain of finance, where it has been discussed in relation to the collective irrationality of investors, including stock market bubbles Banerjee, Economic or asset bubbles form when prices are driven much higher than their intrinsic value. Well-known examples of bubbles include the US Dot-com stock market bubble of the late s and housing bubble of the mids.

According to Robert Shiller , who warned of both of these events, speculative bubbles are fueled by contagious investor enthusiasm see also herd behavior and stories that justify price increases. Doubts about the real value of investment are overpowered by strong emotions, such as envy and excitement.

Economic bubbles are usually followed a sudden and sharp decrease in prices, also known as a crash. Behavioral economics BE uses psychological experimentation to develop theories about human decision making and has identified a range of biases as a result of the way people think and feel. According to BE, people are not always self-interested, benefits maximizing, and costs minimizing individuals with stable preferences—our thinking is subject to insufficient knowledge, feedback, and processing capability, which often involves uncertainty and is affected by the context in which we make decisions.

Most of our choices are not the result of careful deliberation. We are influenced by readily available information in memory, automatically generated affect, and salient information in the environment. We also live in the moment, in that we tend to resist change, are poor predictors of future behavior, subject to distorted memory, and affected by physiological and emotional states.

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Permanent Subcommittee on Investigations. Behavioral research on individual decision making in social contexts often relies on experimental games. The argument that communicative action is important in understanding commerce is not novel Yuthas et al. Forex Technical Supported Data Feeds. The second type of concept and measures of the concept are Most economic issues arise because of scarce resources. Information Avoidance Behavioral economics assumes that people are boundedly rational actors with a limited ability to process information. Economic bubbles are usually followed a sudden and sharp decrease in prices, also known as a crash.

Finally, we are social animals with social preferences, such as those expressed in trust, reciprocity and fairness; we are susceptible to social norms and a need for self-consistency. Ajzen, I. The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50, Akerlof, G. Identity Economics. Allcott, H. Social norms and energy conservation.

Journal of Public Economics, 95 5 , An, S.

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The biasing health halos of fast-food restaurant health claims: Lower calorie estimates and higher side-dish consumption intentions. Journal of Consumer Research, 34 3 , Chartrand, T. Nonconscious goals and consumer choice. Journal of Consumer Research, 35, The chameleon effect: The perception-behavior link and social interaction.

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