『不品行にふるまう：行動経済学をつくる！』英文目次
On Richard Thaler's Misbehaving : The Making of Behavioral Economics
日本語サイト：不品行にふるまう：行動経済学をつくる！
INDEX
Page numbers in italics refer to illustrations.
Page numbers beginning with 359 refer to endnotes.
accounting, 109
Achatz, Grant, 138
acquisition utility, 59-63, 66
after-tax financial return on savings,
309-13
agency theory, 105-9
Aiello, Greg, 13911
Ainslie, George, 101-2
Akerlof, George, 178, 181, 182, 183, 233
and behavioral macroeconomics,
349
alarm dock, 85-86
Alfred P. Sloan Foundation, 177
Alibaba, 248n
Alinea, 138-39
Amazon, 72, 127, 245
American Association for the
Advancement of Science, 344
American Economic Association
(AEA), 170, 173, 323, 347
American finance Association (AF A),
223-24,240
American Red Cross, 137
Ames, Ruth, 145
Andreoni, James, 145-46
animal spirits, 209, 233, 242
Animal Spirits (Akerlof and Shiller),
233
"Anomalies" column, 170-75, 176, 195
"anomaly mining," 178
anti-antipatemalism, 269, 323
anti-gouging laws, 129, 137
AOL, 245
Apple, 135-36
arbitrage, 237-38
limits of, 249, 288, 349
Palm and, 244-48, 246, 249, 250,
348
Arkes, Hal, 67
Arrow, Kenneth, 44, 181
in behavioral economics debate,
159, 160-62
financial economics work of, 208
Ashenfelter, Orley, 68, 70, 257
Asian disease problem, 159-60
"as if" critique of behavioral
economics, 44-47
ATMs, 133-34
automatic enrollment, 313-22, 318
vs. negative election, 313
automobile loans, 77, 78, 120-24
discounted, 121-23, 363
rebatesin,121-22
Babcock, Linda, 184, 199-200
Baltussen, Guido, 296, 300
bank tellers, 133-34, 136
Banz, Rolf, 221, 228
Barberis, Nicholas, 20611, 353
Bar-Hillel, 36, 194n
quilt purchased by, 57, 59, 61, 65
Barro, Robert, 96-97, 98
baseball, 282
base rates, 187
400
Basu, Sanjoy, 221, 224, 225
Baumol, William, 30, 178
Beautiful Mind, A (Nasar), 212
Index
Blair, Tony, 333
Blinder, Alan, 181
beauty contests (Keynesian), 210-11,
blizzards, 20, 64-65, 128-29, 136, 137
Blumer, Catherine, 67
212,214
Becker, Gary, 277-78, 293-94
Becker conjecture, 277-78, 293-94
beer on the beach, 59-61
"Behavioral Approach to Law and
Economics, A" (Jolls, Sunstein,
and Thaler), 258-59
behavioral bureaucrats, 269
Behavioral Economics Roundtable,
181, 183, 185
behavioral life-cycle hypothesis, 98
behavioral macroeconomics, 349-52
Behavioural Insights Team (BIT), 11,
334, 336-45
creation of, 10, 334
mantras of, 337-38, 339
Benartzi, Shlomo:
equity premium puzzle studied by,
191, 192, 194-95, 198, 203, 217
savings studied by, 313, 314, 317,
318, 321
Berkeley, Calif., 181-82, 185
Berlin Wall, 350n
Bernheim, Douglas, 310
Bernoulli, Daniel, 27-28, 30
Bernoulli, Nicolas, 27
beta beta-delta model), 110
beta (risk measurement), 226-27,
228, 229, 348
biases, 6, 23, 24, 25, 35, 46
confirmation bias, 172, 355
in :financial markets, 203, 251n
hindsight bias, 21-22, 190
status quo bias, 154
tirn.id choices and bold forecasts,
186-87
"big peanuts" hypothesis, 303, 341
Binmore, Ken, SO
"Binmore continuum," 50-51
Black, Fischer, 224, 240, 251, 252
Black-Scholes option pricing model,
208,224
bonds, stocks vs., 191-92, 195-98, 196
bounded rationality, 23-24, 29, 162,
258,269
bounded self-control, 269
bounded self-interest, 258
bounded willpower, 258
break-even effect, 80-81, 83, 84
British Airways, 212
British Columbia, University of,
125-26, 140-43, 185
Brown, E. Carey, 193, 194
Brumberg, Richard, 95
budgeting, 74-79
Buffett, Warren, 134, 219
Burke, Brian, 292
Cabbage Patch Dolls, 129
cabin, 106-7
Cabinet Office, U.K, 343
calendar effects, 174
Camerer, Colin, 176-77, 181, 182, 183,
185
effort project of, 199-201
narrow framing work of, 185
paternalism and, 323
Cameron, David, 331-32, 333, 334
Cameron, Lisa, 143
Campbell, John, 234
"Can the Market Add and Subtract?"
,~,urnJHS and Thaler), 250
capital asset pricing model (CAPM),
226-29, 348
"CAPM is Wanted, Dead or Alive,
The" {Fama and French), 228
Car Talk, 32
Case, Chip, 235
Case-Shiller Home Price Index, 235
cashews,. 21, 24, 42, 85-86, 92, 100,
102-3, 107n
casinos, 49n
cautious paternalism, 323
Census Bureau, 47
Index 401
Center for Research in Security
Prices (CRSP), 208, 221
charity, 66, 129
cheap stocks, 219-21
Checklist Manifesto, The (Gawande), 356
Chen, Nai-fu, 243
Chetty, Raj, 320, 357-58
Chicago, University of, 255-56
behavioral economics conference
at, 159-64, 167-68, 169, 170, 205
conference on 1987 crash at, 237
debate on behavioral economics at,
159-63, 167-68, 169, 170, 205
finance studied at, 208
offices at, 270-76, 278
Chicago Bulls, 19
Chicago police department, 260
chicken (game of), 183
choice:
number of, 21, 85, 99-103
preferences revealed by, 86
choice architecture, 276, 326-27, 357
Choices, Values, and Frames, xiv
Chrysler, 121, 123, 363
Cialdini, Robert, 180, 335, 336
Clegg, Nick, 333
Clinton, Hillary, 22
closed-end funds, 238-39, 239, 240
puzzles of, 240-43, 244, 250
coaches, 292-93
Coase, Ronald, 261
Coase theorem, 261-62, 264-65, 264,
267-68
Cobb, David, 115
Cobb, Michael, 115, 116, 117, 118n, 119,
120,123
Coca-Cola, 134-35
cognitive dissonance, 178
commitment strategies, 100, 102-3,
106-7
compliance (medical), 189-90
COMPUSTAT, 221
computing power, 208
concert tickets, 18-19, 66
conditional cooperators, 146, 182,
335n
"Conference Handbook, The"
(Stigler), 162-63
confirmation bias, 171-72
Conservative Party, U.K, 330-33
constrained optimization, 5-6, 8, 27,
43, 161, 207, 365
"Consumer Choice: A Theory of
Economists' Behavior" (Thaler), 35
consumers, optimization problem
faced by, 5-6, 8, 27, 43, 161, 207,
365
consumer sovereignty, 268-69
consumer surplus, 59
consumption function, 94-98, 106,
309
"Contrarian Investment,
Extrapolation, and Risk"
(Lakonishok, Shleifer and
Vishny), 228
cooperation, 143-47
conditional, 146, 182, 335n
Prisoner's Dilemma and, 143-44,
145, 301-5, 302
Copernican revolution, 169
Cornell University, 42, 43, 115, 140-
43, 153-55, 157
Costco, 63, 71-72
Council of Economic Advisors, 352
coupons, 62, 63, 67-68, 120
credit cards, 18, 74, 76-77
late fees for, 360
crime, 265
Daily Mail, 135
Daily Show, The, 352
Dallas Cowboys, 281
data:
financial, 208
collection and recording of,
355-56
Dawes, Robyn, 146
Deal or No Deal, 296-301, 297, 303
path dependence on, 298-300
deals, 61-62
De Bondt, Werner, 216-18, 221, 222-
24, 226n, 233,278
402 Index
78
default investment portfolio, 316
default option, 313-16, 327
default rate, 312, 316, 319, 357
ucea•,••c1., gratification, 100-102
240
Demos, 330
Denmark, 320, 357-58
descriptive, 25, 30, 45, 89
Design of Everyday Things, The
326
Diam.and, Peter, 323
Dictator Game, 140-41, 142, 160, 182,
301
diets, 342
diminishing rna,n,m~ util.ity; 106
of wealth, 28, 30
diminishing sensitivity, 30-34
surcharge vs., 18
discounts, returns and, 242-43
discounted utility model, 89-94, 99,
HO, 362
discretion, 106
Ditka, Mike, 279, 280
164-67, 365
231-33, 237
vs., 104-9
Donoghue,John,, 265n
"Do Stock Prices Move Too Much to be
Justified by Subsequent Changes
in Dividends?" (Shiller), 232-33
Dow]ones Industrial Average, 220,
221
Down, 334, 336, 337
Dreman, David, 221-22, 225, 227
drug companies, 189-90
"dumb principal" problem, 190-91,
291
DuPont., 248
eBay, 245
econorni.cs, economic theory:
core premises 5-6, 44, 48
powerful reputation of, 5
Economic and Social Research
Council, 344
"Economic Theory of Self-Control,
An" (Thaler), 53
"Economists Free Ride: Does Anyone
Else?" (MarweH and Ames), 145
Econs (homo economicus), 4-5, 6-7,
9, 23-24
evolution of, 94-98
poor people as, 58n
sunk costs ignored by, 65
transaction utility not experienced
61
education, 27
field experiments 353-54
efficient market hypothesis (EMH),
159-63, 167-68, 348-49
"cheap" stocks vs., 220-21
closed-end fund shares price and,
239,250
coining of term, 205
as descriptive model, 251
Keynes's disagreement with,
209-10
and mean reversion, 222-23
no-free-lunch principie of, 206,
207, 222, 225, 226n, 227, 230,
233-36,234,236,251
as normative benchmark, 250-51
overreaction VSo, 222-24, 225-29
prices as "right" in, 206, 222, 230-
33, 231, 237, 251-52
and splitting off of Palm, 245-48,
249, 250, 348
effort project, 199-201
Einhorn, Hillel, 162
El Bulli, 138-39
Elster, Jon, 178, 181
employment contracts, as gift
exchange, 182
Endemol, 296, 301
endowment effect, 12-19, 57, 149-55,
261
fairness related to, 131
instant, 154
and losses, 58-59
Index 403
lottery tickets and, 148-49
as "transaction cost," 266
Energy and Climate Change
Department, U.K, 338
energy bars, 106-7
entrepreneurs, 351-52
epicycles, 170
equilibrium, 44, 131, 150, 207
equity premium puzzle, 191-98, 196,
203,217
Erasmus University, 296
error term, 23-24
escalation of commitment, 65
"Ethics of Nudging, The" (Sunstein),
337n
everyday low pricing, 62
evidence-based:
economics, 348, 353, 355
models of consumer behavior, 351
policy, 338
evolution, 261
exams, based on scores of 137, 3-4,
6, 7
expected utility theory, 29, 295, 353
prospect theory vs., 29, 298
experimental economics, 40-41, 182
bubbles created in, 40n, 206n
with drug compliance, 190
in education, 353-54
for endowment effect, 148-55
on equity premium puzzle, 195-98,
196,217
learning in, 153
experiments:
naturally occurring, 8
randomized control trial, 8, 338-
41, 371
exponential discounting, 91-94, 99
fairness, 119, 127-39, 149, 182
endowment effect related to, 131
in games, 140-47, 160, 182-83
gouging and, 127-29, 137-39
fake prices, 62-63
false consensus effect, and NFL
draft, 280
Fama, Eugene, 159, 167, 177, 208, 221,
348
background of, 205-6
on crash of 1987, 237
"efficient market hypothesis"
studied and defended by, 27-29,
205, 208, 237, 250
on risk measurement, 225
and Thaler's hiring at University
of Chicago, 256
on value stocks, 227-29
Fama-French Three Factor Model,
228
Farnsworth, Ward, 268
Faulkner, William, 72
Federal Reserve Board, 234
Fehr, Ernst, 146, 181-82, 183
fertilizer, 8
Festinger, Leon, 178
Fidelity, 313
field of decision-making, 179n-80n
financial bubbles, 7, 9
and efficient market hypothesis,
206
in experiments, 40n, 206n
financial markets:
behavioral economics and, 203-4,
205,209-53,349-50
high trading volume in, 217-18
invisible handwave critique and,
209
overreaction in, 219-20, 222-24,
225-29
Financial Times, 212-14, 213
firm(s):
and consumer biases, 360
fairness and, 132-33
large vs. small, 221, 228, 242, 243
theory of, 27, 30, 44-45, 52-53
First Chicago, 133-34, 136
Fischhoff, Baruch, 21-22, 25, 36
Fisher, Irving, 88-89, 95
Fisher, Scott, 356-57
five-factor model, 229
football, see National Football
League
404 Index
Ford, 121, 123
forecasts, 233-36
in NFL draft, 280
rational, 230-31
"Foundations of Economic Analysis"
(Samuelson), 89
Foundations of Human Society, The
(McIntosh), 103
401(k) plans, 77, 195, 311, 312, 315
framing, 18
narrow framing, 185-91
of teacher bonuses, 354
Frank,Bob, 97
Frank (game show contestant), 299,
300,303
free riders, 145-47
French, Kenneth, 227-29
Freud, Sigmund, 103, 181
Friedman, Milton, 45-46, 51
" consumption function of, 94, 95,
96,309
Fryer, Roland, 353-54
Fuchs, Victor, 35
Fuller and Thaler Asset
Management,25ln
fungibility:
of money, 74, 76, 82, 109, 164, 320,
353
of wealth, 98, 193n
gambling, 80-84
Samuelson rationality of repeat,
192-95, 197
game shows, 11, 34
Deal or No Deal, 296-301, 297, 303
Golden Balls, 301-5, 302
game theory, 104-5, 176-77
Keynes's beauty contest and, 210-
11, 212,214
and number game, 211-14, 213
Prisoner's Dilemma, 143-44, 145,
301-5, 302
gasoline prices, 75-76, 79
Gauntlet, 43-53, 163
Gawande, Atul, 356
generalized overreaction, 223-24
General Motors, 52-53, 120-24, 248,
363
General Theory of Employment, Interest
and Money, The (Keynes), 94-95,
209
Ghana, 342
gift exchange, employment contracts
as, 182
gifts, 6, 20-21
Gilovich, Tom, 97n
Ginzel, Linda, 356
Glaeser, Edward, 372
global financial crisis, 7, 53, 76, 350
central banks' fighting of, 253
economists' failure to foresee, 4-5
Golden Balls, 301-5, 302
Goldstein, Daniel, 327-28
Google, 170~
Goolsbee, Austan, 352
gouging, 127-29, 137-39
Gourville, John, 66-67
grade point average (GPA), 218-19,
219,223
Graham, Benjamin:
closed-end funds criticized by, 241
discounts recommended by, 242
DuPont/GM investments of, 248
profitability in firms sought by,
229
value investing pioneered by, 219-
20, 221, 225, 227
Great Depression, 165
Greek Peak, 115-20, 123
Green, Bill, 82n
Greenspan,Alan,234
mistakes admitted by, 9
Grether, David, 48, 49
Griffen, Robert, III, 289
Griffen (African gray parrot), 102n
Groucho Marx theorem, 217
Groundhog Day (film), 49-50
growth managers, growth stocks,
214-15, 222, 227, 228
Guardian, 135
Giith, Werner, 141
gym memberships, 66-67, 360
Index 405
habits, theory based on, 161
Hall, Rob, 356-57
Hallsworth, Michael, 336
Halpern, David, 333, 334
Hastings, Justine, 75-76, 357
health care, 329n
health care, as right, 130
Heath, Chip, 75, 184
Heath, Dan, 184
Her Majesty's Revenue and Customs
(HMRC), 334-35, 337n
heuristics, 22-23, 25, 35, 46
Heywood,Jeremy, 332
Hicks, John, 44
Hilton, Steve, 331, 332-34
hindsight bias, 21-22, 190
Hogarth, Robin, 159, 162
Home Depot, 133
home equity, 77-79
Homer, 99-100
homo economicus, see Econs
Hong Kong, 232
horse racing, 80-81, 174-75
hot-cold empathy gaps, 111
hotels, 138, 360
house money effect, 81-82, 83-84,
193n, 296
House of Debt (Mian and Sufi), 78
housing bubble, 7, 78, 83-84, 252
housing prices, 235-36, 236
Houston, Whitney, 135-36
Huizinga,John, 271-73, 274,275
human capital, theory of, 27
Humans vs. Econs, see also Econs
hyperbolic discounting, see present
bias (hyperbolic discounting)
hypothetical questions, 38-39, 82
Ibrahim (game show contestant),
304-5
ice companies, 210
ideas42, 184, 344, 345
identified lives, 13
Illinois, 328
impartial spectator, 88, 103
incentive compatible situations, 60
incentives, 47-49, 50, 52
monetary, 353
incentives critique of behavioral
economics, 47-49, 50, 52
India, 364
individual investment behavior, 184
Individual Retirement Accounts
(IRAs), 310-11, 370
induced value methodology, 40-41,
149-53, 151
inertia, in savings plan, 313
inflation, "real" wages reduced by,
131-32
Influence (Cialdini), 335, 336
Innovations for Poverty Action, 342
inside view, 191
outside view vs., 186-87
instant endowment effect, 154
Intelligent Investor, The (Graham), 219,
220
interest rates, 77-78, 79, 350
intertemporal choice, 88-99
Into Thin Air (Krakauer), 356-57
intrauterine device (IUD), 342
"Invest Now, Drink Later, Spend
Never" (Shafir and Thaler), 71
invisible hand, 52, 87
invisible handwave critique of
behavioral economics, 51-53,
149,209
iPhone, 280, 326
Iran, 130
Irrational Exuberance (Shiller), 234
irrelevance theorem and behavioral
economics, 164-67
IRS, 314-15
iTunes, 135-36
Ivester, Douglas, 134-35
Iwry, Mark, 314-15, 316
Jameel Poverty Action Lab (J-PAL),
344
JC Penney, 62-63
Jensen, Michael, 51-52, 53,105
and efficient market hypothesis,
205, 207, 208
406 Index
Jevons, William Stanley, 88, 90
Joey (doll), 129
Johnson, Eric, xv, 82, 180n, 299, 300
on default organ donations, 327-28
Johnson, Ron, 62
Johnson, Steven, 39-40
Jolls, Christine, 184, 257, 258, 260,
269
Jordan, Michael, 19
Journal of Economic Behavior and
Organization, 53-54
Journal of Economic Perspectives,
170-75
Journal of Finance, 243
Journal of Financial Economics, 208
judgment, 179n-80n
"Judgment Under Uncertainty:
Heuristics and Biases"
(Kahneman and Tversky), 22-23,
24
just noticeable difference (JND),
32-33
Kahneman, Daniel, 21, 22-23, 24, 29,
36, 103n, 104, 125, 126, 140, 148,
157, 162, 176, 221, 335, 338, 353,
357
and "as if" critique of behavioral
economics, 46
in behavioral economics debate,
159,160
in Behavioral Economics
Roundtable, 181, 183, 185
book edited by, 187
on changes in wealth, 30-31
endowment effect studied by,
149-55
equity premium puzzle studied by,
, 197-98
on extreme forecasts with flimsy
data,218,219,223
framing studied by, 18
hypothetical choices defended by,
38, 82
lack of incentives in experiments
of, 47-48
and "learning" critique of
behavioral economics, 49
on long-shot odds, 80-81
narrow framing work of, 186-87,
191
Sunstein's collaboration with, 258
Thaler's first meeting with, 36-37
Thaler's laziness praised by, xv-xvi
on theory-induced blindness, 93
and Tversky's cancer, xiii-xiv
two-system view of mind, 103, 109
and Ultimatum Game, 140, 141, 267
unambiguous questions studied
by, 295-96
Wanner given advice by, 177
Kan,Raymond,243
Karlan, Dean, 19
Kashyap, Anil, 272, 273
Katrina, Hurricane, 133, 327
Keynes,John Maynard, 94-95, 96
beauty contest analogy of, 210-11,
212,214
and behavioral macroeconomics,
349
\ on conventional wisdom, 210, 292
decline of interest in ideas of, 209
as forerunner of behavioral
finance, 209
as investor, 209, 219
on market anomalies, 209-10, 219
kidneys, auctions for, 130
Kitchen Safe, 107n
Kleidon, Allan, 167-68, 232
KLM,356
"Knee-Deep in the Big Muddy"
(Staw), 65
Knetsch,Jack, 126, 127-28, 140, 148-
49, 267
Kohl's, 62
Kokonas, Nick, 138-39
Korobkin, Russell, 269
Krakauer, Jon, 356-57
Krueger, Alan B., 139n, 359, 372
Kuhn, Thomas, 167-68, 169, 171, 172,
349
Kunreuther, Howard, 25
Index 407
LaboratoryE xperimentationin Economics:
SixPointsofView (Roth), 148
Labor Department, U.S., 316
Laibson, David, 110, 183, 315n, 353
Lamont, Owen, 244, 250
law and economics, 257-69
law of large numbers, 194-95
law of one price, 237-39, 244, 247,
248,250,348
learning critique of behavioral
economics, 49-51, 153
Leclerc, France, 257
Lee, Charles, 239
closed-end fund paper of, 240-43,
244
Leno,Jay, 134
Lester, Richard, 44-45
Letwin, Oliver, 331
Levitt, Steven, 354
Lewin, Kurt, 338, 340
liar loans, 252
Liberal Democrats, U.K., 332
libertarian paternalism, 322, 323-25
"Libertarian Paternalism Is Not
an Oxymoron" (Sunstein and
Thaler), 323-25
Lichtenstein, Sarah, 36, 48
life, value of, see value of a life
life-cycle hypothesis, 95-96, 97, 98,
106,164
"Life You Save May Be Your Own,
The" (Schelling), 12-13, 14
limits of arbitrage, 249, 288, 349
Lintner,John, 166,226, 229
Liquid Assets (Ashenfelter), 68
List, The, 10, 20-21, 24, 25, 31, 33, 36,
39,43,58,68,303,347
List,John, 354
lives, statistical vs. identified, 13
loans, for automobiles, 121-23
Loewenstein, George, 88, 111, 176,
180-81, 362
in Behavioral Economics
Roundtable, 181
effort project of, 199-201
paternalism and, 323
London, 248
Long Term Capital Management
(LTCM), 249,251
loss aversion, 33-34, 52, 58-59, 154,
261
dividends and, 166
of managers, 187-89, 190
myopic, 195, 198
Lott, John, 265-66
Lovallo, Dan, 186, 187
Lowenstein, Roger, xv-xvi, 12
LSV Asset Management, 228
Lucas, Robert, 159
Luck, Andrew, 289
MacArthur Foundation, 184
Machiguenga people, 364
Machlup, Fritz, 45
macroeconomics:
behavioral, 349-52
rational expectations in, 209
Macy's, 62, 63
Madrian, Brigitte, 315-17
Magliozzi, Ray, 32
Magliozzi, Tom, 32-33
Major League Baseball, 282
"make it easy" mantra, 337-38,
339-40
Malkiel, Burton, 242
managers:
growth, 214-15
gut instinct and, 293
loss aversion of, 187-89, 190
risk aversion of, 190-91
value, 214-15
mandated choice, 328-29
marginal, definition of, 27
marginal analysis, 44
marginal propensity to consume
(MPC), 94-95, 98
markets, in equilibrium, 44, 131, 150,
207
Markowitz, Harry, 208
marshmallow experiment, 100-101,
102n, 178, 314
Marwell, Gerald, 145
408 Index
Mas, Alexandre, 372
Massey, Cade, 194, 278-79, 282, 289
Matthew effect, 296n
McCoy, Mike, 281-82
McDonald's, 312
McIntosh, Donald, 103
mean reversion, 222-23
Mechanical Turk (Amazon), 127
Meckling, William, 41, 105
Mehra, Raj, 191
mental accounting, 54, 55, 98, 115,
116, 118, 257
bargains and rip-offs, 57-63
budgeting, 74-79
and equity premium puzzle, 198
on game show, 296-301, 297
getting behind in, 80-84
house money effect, 81-82, 83-84,
193n
of savings, 310
sunk costs, 21, 52, 64-73
"two-pocket," 81-82
Merton, Robert K., 296n
"Methodology of Positive Economics,
The" (Friedman), 45-46
Atif, 78
Miijoenenjacht, see Deal or No Deal
Miller, Merton, 159, 167-68, 206, 208
annoyed at closed-end fund paper,
242-43, 244, 259
irrelevance theorem of, 164-65,
166-67
Nobel Prize won by, 164
Thaler's appointment at University
of Chicago, reaction to, 255, 256
Minnesota, 335
Mischel, Walter, 100-101, 102,103,
178,314
mi.spricing, 225
models:
beta-delta, 110
of homo econbmicus, 4-5, 6-7,
8-9, 23-24, 180
imprecision 23-24
optimization-based, 5-6, 8, 27, 43,
207
Modigliani, Franco:
consumption function of, 94,
95-96, 97, 98, 309
irrelevance theorem of, 164-65
Nobel Prize won by, 163-64
.Moore, Michael, 122
More Guns, Less Crime (Lott), 265
Morgenstern, Oskar, 29
mortgage brokers, 77-78
mortgages, 7, 77-79, 252,345
mugs, 153, 155, 263, 264-66, 264
Mullainathan, Sendhil, 58n, 183-84,
366
Mulligan, Casey, 321-22
Murray, Bill, 49-50
mutual fund portfolios, 84
mutual funds, 242
myopicJoss aversion, 195, 198
Nagel, Rosemarie, 212
nai:ve agents, 110-11
Nalebuff, Barry, 170
narrow framing, 185-91
and effort project, 201
NASDAQ, 250, 252
Nash,John, 212
Nash equilibrium, 212, 213n, 367
National Bureau of Economic
Research (NBER), 35, 236, 244,
349
National Football League, 139n
draft in, 11, 277-91, 281, 283, 285,
286
rookie salaries in, 283
salary cap in, 282-83
surplus value of players in, 285-86,
285, 286, 288
National Public Radio, 32, 305
naturally occurring experiments, 8
NESTA, 343
Net Asset Value (NAV) fund, 238-39,
241
Netherlands, 248, 296-301
neuro-economics, 177, 182
New Contrarian Investment Strategy,
The (Dreman), 221-22
Index 409
New Orleans Saints, 279
New 137
New Yorl~er, 90-91, 91, 92
New York Stock Exchange, 223, 226,
232,248
New York Times, 292, 327, 328
New York Times Magazine, xv-xvi, 12
Next Restaurant, 138-39
NFL draft, 11, 277-91, 281, 283, 285,
286,295
Nick (game show contestant), 304-5
Nielsen SoundScan, 135
Nixon, Richard, 363
Nobel, Alfred, 23n
Nobel Prize, 23, 40, 207
no free lunch principle, 206, 207, 222,
225, 226n, 227, 230, 233-36, 234,
236, 251, 255
noise traders, 240-42, 247, 251
nomenclature, importance
328-29
Norman, Don, 326
normative theories, 25-27
"Note on the Measurement of Utility,
A" (Samuelson), 89-94
no trade theorem, 217
Nudge (Thaler and Sunstein), 325-26,
330,331-32,333,335,345
nudges, nudging, 325-29, 359
number game, 211-14, 213
Obama, Barack, 22
occupations, dangerous, 14-15
Odean, Terry, 184
O'Donnell, Gus, 332-33
O'Donoghue, Ted, 110, 323
Odysseus, 99-100, 101
Office of Information and Regulatory
Affairs 343-44
Office of Management and Budget,
343
offices, 270-76, 278
"one-click" interventions, 341-42
open-end funds, 238
opportunity costs, 17, 18, 57-58, 59, 73
of poor people, 58n
optimal paternalism, 323
optimization, 5-6, 8, 27, 43, 161, 207,
365
Oreo experiment, 100-101, 102n, 178,
314
organizations, theory of, 105, 109
organs:
donations 327-28
markets for, 130
Osborne, George, 331
Oullier, Olivier, 333
outside view, inside view vs., 186-87
overconfidence, 6, 52, 124, 355
and high trading volume in
finance markets, 217-18
in NFL draft, 280, 295
overreaction:
in financial markets, 219-20, 222-
24, 225-29
generalized, 223-24
to sense of humor, 218, 219, 223
value stocks and, 225-29
Oxford Handbook of Behavioral
Economics and the Law, 269
Palm and 3Com, 244-49, 246, 250,
348
paradigms, 167-68, 169-70
Pareto, Vilfredo, 93
parking tickets, 260
passions, 7, 88, 103
paternalism, 269, 322
dislike of term, 324
libertarian, 322, 323-25
path dependence, 298-300
"pay as you earn" system, 335
payment depreciation, 67
Pearl Harbor, Japanese bombing of,
232
P/E effect, 219-20, 222-23, 233, 235
pensions, 9, 198, 241, 320, 357-58
permanent income hypothesis, 95
Peter Principle, 293
pharmaceutical companies, 189-90
Pigou, Arthur, 88, 90
plane tickets, 138
410 Index
planner-doer model, 104-10
Plott, Charlie, 40, 41, 48, 49, 148, 149,
177, 181
poker, 80, 81-82, 99
poor, 58n
Posner, Richard, 259-61, 266
Post, Thierry, 296
poverty, decision making and, 371
Power, Samantha, 330
"Power of Suggestion, The" (Madrian
and Shea), 315
practice, 50
predictable errors, 23-24
preferences:
changein,102-3
revealed, 86
well-defined, 48-49
pregnancy, teenage, 342
Prelec, Drazen, 179
Prescott, Edward, 191, 192
present bias (hyperbolic
discounting), 91-92, 110, 227n
and NFL draft, 280, 287
savings and, 314
presumed consent, in organ
donations, 328-29
price controls, 363
price/earnings ratio (P/E), 219-20,
222-23,233,235
prices:
buying vs. selling, 17, 18-19, 20, 21
rationality of, 206, 222, 230-33,
231,237, 251-52
variability of stock, 230-33, 231,
367
price-to-rental ratios, 252
principal-agent model, 105-9, 291
Prisoner's Dilemma, 143-44, 145,
301-5, 302
"Problem of Social Cost, The"
(Coase), 263-64
profit maximization, 27, 30
promotional pricing strategy, 62n
prompted choice (in organ donation),
327-29
prospect theory, 25-28, 295, 353
acceptance of, 38-39
and "as if" critique of behavioral
economics, 46
and consumer choice, 55
and equity premium puzzle, 198
expected utility theory vs., 29
surveys used in experiments of,
38
psychological accounting, see mental
accounting
"Psychology and Economics
Conference Handbook," 163
"Psychology and Savings Policies"
(Thaler), 310-13
Ptolemaic astronomy, 169-70
public goods, 144-45
Public Goods Game, 144-46
Punishment Game, 141-43, 146
Pythagorean theorem, 2S-27
qualified default investment
alternatives, 316
quantitative analysis, 293
Quarterly Journal of Economics; 1?7, 201
quasi-hyperbolic discounting, 91-92
quilt, 57, 59, 61, 65
Rabin, Matthew, 110, 181-83, 353
paternalism and, 323
racetracks, 80-81, 174-75
Radiolab, 305
randomized control trials (RCTs), 8,
338-43, 344, 371
in education, 353-54
Random Walk Down Walk Street, A
(Malkiel), 242
rational expectations, 98, 191
in macroeconomics, 209
rational forecasts, 230-31
rationality:
bounded, 23-24, 29, 162
Chicago debate on, 159-63, 167-68,
169, 170, 205
READY4K!, 343
real business cycle, 191
real estate speculation, 372
Index 411
rebates,121-22,363
recessions, 131-32
fiscal policy in, 209 .
reciprocity, 182
Reder, Mel, 159
Reeves, Richard, 330, 332
reference price, 59, 61-62
regression toward the mean, 222-23
research and qevelopment, 189
reservation price, 150
retirement, savings for, see savings,
for retirement
return, risk vs., 225-29
returns, discounts and, 242
revealed preferences, 86
"right to carry" law, 265n
risk:
measurement of, 225-29
return vs., 225-29
"Risk and Uncertainty: A Fallacy of
Large Numbers" (Samuelson),
194
risk aversion, 28-29, 33, 83, 84
crowds and, 301, 369
on Deal or No Deal, 298-99
equity premium and, 191-92
of managers, 190-91
moderate vs. extreme, 298-99
risk premium, 14-16, 226
irrationality of, 16-17
risk-seeking behavior, 81, 83
roadside stands, 146-47
Robie House, 270
Rochester, University of, 41, 51, 205,
216
Roger and Me (film), 122
rogue traders, 84
Roll, Richard, 167, 208
Romer, David, 292
Rosen, Sherwin, 12, 15, 17, 21, 35, 42,
321
at behavioral economics debate, 159
Rosett, Richard, 17, 34, 46, 68, 73
Ross, Lee, 181
Ross, Steve, 167
Roth, Alvin, 130, 148
Royal Dutch Shell, 248, 249, 251
rules (in self-control), 106-9, 111
Russell, Thomas, 18, 203
Russell Sage Foundation, 177-78, 179,
181,185
Russell Sage summer camps, 181-84,
199
Russian roulette, 13-14
Russo,Jay, 122
S&P 500, 232, 233
Sadoff, Sally, 354
safety, paying for, 13-14
St. Louis Rams, 290
St. Petersburg paradox, 27
sales, 61-62
Samuelson, Paul, 159
economics formalized by, 44, 94
financial economics work of, 208
"public goods" formalized by,
144-46
on rationality of repeat betting,
192-95, 197
time inconsistency and, 92
utility measured by, 89-90, 92, 99
Save More Tomorrow, 314-22, 318,
341
lack of randomized control trial
test of, 338n
savings, 54
after-tax financial return on,
309-13
standard theories of, 309
savings, for retirement, 7, 9, 50, 52,
80,345,370
automatic enrollment, 313-22, 318
inertia in, 313
loss aversion in, 313-14
and marginal propensity to
consume, 98
narrow framing of, 195-98, 196
nest egg amount and, 309-10
and present bias, 314
self-control and, 314
Scarcity (Mullainathan and Shafir),
58n, 366
412 Index
Schachter, Stanley, 180
Schelling, Thomas, 12-13, 14, 37n,
100, 104n, 178
in Behavioral Economics
Roundtable, 181
Schiphol International Airport, 326
Scholes, Myron, 208
Schwartz, Alan, 197
Science, 22, 319
scientific revolutions, 167-68, 169-70
secret sales, 119-20
Security Analysis (Graham and Dodd),
219-20
Seeger, Pete, 65
self-control, 54, 85-86, 99-111, 115
as about conflict, 103
retirement savings and, 314
and savings for retirement, 309
two selves in, 103-5
willpower and, 87-99, 363
self-interest, bounded, 258
selfishness, 145-46
Sen, Amartya, 145
sense of humor, 218, 219, 223
Shafir, Eldar, 58n, 67-68, 69, 71, 179,
257,366
Shankar, Maya, 344
Shapiro, Jesse, 75-76, 357
Sharpe, William, 208, 226, 229
Shaton, Maya, 198
Shea, Dennis, 315-17
Shefrin, Hersh, 98, 104, 164-66, 167,
223-24
Shiller, Robert, Sn, 176, 242
in behavioral economics debate,
159, 167-68
in Behavioral Economics
Roundtable, 181
behavioral finance workshop
organized by, 236
and behavioral macroeconomics,
349
housing prices studied by, 235, 252
as president of AEA, 347
on variability of stock prices, 230-
33, 231
Shleifer, Andrei, 175, 178
closed-end fund paper of, 240-43,
244
on limits of arbitrage, 249
Signal and the Noise, The (Silver), 292
Silva, Rohan, 330-33, 334
Silver, Nate, 47, 292
Simon, Herbert, 23, 29
in behavioral economics debate,
159, 162
Sinden, John, 148-49
skiing, 115-20, 138
Slovic, Paul, 21, 36, 48
slow hunch, 39-40
Small Business Administration, 351,
352n
Smith, Adam, 7, 51-52, 58, 87-88, 89,
103
Smith, Cliff, 206
Smith, Roger, 123
Smith, Vernon, 40, 41, 148, 149
"learning" critique of
experimental economics, 153
snow shovels, 20, 64-65, 127--;29, 133,
136,137
Snyder, Daniel, 288-89, 290n
Social Security, 322
Society for Judgment and Decision
Making, 180n
Society of Actuaries, 14
Soll, Jack, 75
Solow, Robert, 259
Soman, Dilip, 66-67
Sony, 135-36
sophisticated agents, 110-11
sporting events, tickets for, 18-19,
57-58
spreadsheets, 214n
Stanford Law Review, 258-59
Stanford University, 35-41, 125, 126,
185
statistical lives, 13
Statman, Meir, 104, 164-66, 167
status quo, 131
bias, 154
and Weber-Fechner law, 32
Index 413
Staw, Barry, 65
Steinberg, Saul, 91
Stewart, Jon, 352
sticky wages, 131-32
Stigler, George, 37n, 87, 162-63
Stigler, Stephen, 296n
Stigler's Law, 296n
Stiglitz, Joseph, 170
stock market, stocks, 7
beating, 206, 207
bonds vs., 191-92, 195-98, 196
calendar effects in, 174
cheap, 219-21
growth, 28, 214-15, 222, 227
October 1987 crash of, 7, 232
regression toward the mean,
222-23
value, 214-15, 220-21, 222, 227-28
variability of prices of, 230-33,
231,367
"Stock Prices and Social Dynamics"
(Shiller), 233
strikes, 372
Strotz, Robert, 99-100, 102, 108
Structure of Scientific Revolutions, The
(Kuhn), 169
Stubhub.com, 18-19
stub value, 246, 246
Stulz, Rene, 243
Sufi, Amir, 78
suggested retail price, 61-63
Summers, Larry, 178, 239-40, 247
sunk costs, 21, 52, 64-73, 118, 180, 261
and revised Ultimatum Game,
266-67
Sunstein, Cass, 258, 260, 269, 322,
323-25,330,333,343,345
on ethics of nudging, 337n
Super Bowl, 139n, 359
supermarkets, 62n
supposedly irrelevant factors (SIFs),
9, 24,315
budgets and, 74
luck on Deal or No Deal, 298
noise traders' use of, 240
purchase location as, 61
in retirement savings, 310-11, 312,
315
and returns on investments, 196
sunk costs as, 267
tax cuts as, 350
surcharge, discount vs., 18
surge pricing, 136-38, 200n
surplus value, 285-86, 285, 286, 288
Susanne (game show contestant),
299-300
Sydney, Australia, 138n
Tarbox, Brian, 317-19, 321
tax cuts, 350-51
taxes, 165
compliance with, 334-36
and savings, 309-13
taxi drivers, hours worked by, 11,
199-201, 295
Taylor, Tim, 173n
technology bubble, 7, 78, 220, 234,
250,252
teenage pregnancy, 342
Teichman, Daron, 269
10% club, 277-78, 293-94
test periods, 227
texting, 190n, 342
Thaler, Alan, 14
Thaler, Jessie, 129
Thaler, Maggie, 118n
theories, normative vs. descriptive, 25
theory-induced blindness, 93-94, 128
Theory of Games and Economic
Behavior, The (von Neumann and
Morgenstern), 29
Theory of Interest, The (fisher), 88-89
Theory of Moral Sentiments, The
(Smith), 87-88
"THERE ARE IDIOTS" paper
(Summers), 240-41
Thinking, Fast and Slow (Kahneman),
38, 103n, 109, 186
Thompson, Rex, 242
Tierney,John, 327
time, value of, 21
time-inconsistency, 92-93, 99
414 Index
time-shares, 71
Tirole,Jean, 307
Tobin, James, financial economics
work of, 208
tokens, 149-53, 151, 263, 264-65
Tories, see Conservative Party, U.K.
"Toward a Positive Theory of
Consumer Choice" (Thaler),
46-47, 53-54, 104
transaction costs, 261, 262-63, 265,
266
endowment effect as, 266
transaction utility, 59-63, 66, 118
transparency, 337
Treasury Department, U.S., 311,
314-15, 343
Treisman, Anne, 36, 185
Tversky, Amos, 21, 22-23, 24, 29,
103n, 104, 105n, 125, 157, 162, 176,
201,221,261,353,357
and "as if" critique of behavioral
economics, 46
in behavioral economics debate,
159-60
in Behavioral Economics
Roundtable, 181
on changes in wealth, 30-31
equity premium puzzle studied by,
197-98
on extreme forecasts with flimsy
data,218,219,223
hypothetical choices defended by,
38, 82
illness and death of, xiii-xv, 187
on importance of stories, xiv-xv, 10
and "invisible handwave"
argument, 51
lack of incentives in experiments
of, 47-48
and "learning" critique of
behavioral economics, 49
on long-shot odds, 80-81
Thaler's first meeting with, 36-37
unambiguous questions studied
by, 295-96
Wanner given advice by, 177
Tversky, Barbara, 36
Tversky, Oren, xiv-xv
Tversky, Tal, xv
Twain, Mark, 355
"two-pocket" mental accounting,
81-82
two-system view of mind, 103, 109
Uber, 136-38, 200n
Ultimatum Game, 140-41, 142, 160,
182, 261, 301
revised version of, 266-67
unemployment rate, 47
United Kingdom, 10, ll, 330-45
tax revenue in, 334-35
university endowment, 197-98
urinals, 326
USA Today, 328
utility, 28-29, 28
acquisition, 59-63, 66
transaction, 59-63, 66, 118
utility functions, 161
value function, 30-32, 31, 34, 58-59, 85
value managers, value investing,
214-15, i20-21, 222, 227-28
"Value of a Life, The" (Thaler), 12,
14-15
value of a life, 12-15, 21, 35
"Value of Saving a Life, The" (Thaler
and Rosen), 15, 42
van den Assem, Martijn, 296, 300,
301
van Dolder, Dennie, 300, 301
variability of stock prices, 230-33,
231,367
Varian, Hal, 170
Vifi.oly, Rafael, 270, 276
Vishny, Robert, on limits of
arbitrage, 249
von Neumann,John, 29
wages, sticky, 131-32
Waldmann, Robert, 240
Wall Street]ournal, 121-22, 135, 232
Walmart, 62n, 63
Wanner, Eric, 177-78, 181, 184
as founding funder of behavioral
economics, 184
Washington Redskins, 279, 288-90
Washington Wizards, 19
Wason problem, 171-72
"Watching Scotty Die" (song), 177
wealth:
fungibility of, 98, 193n
levels of vs. changes in, 30-31
mental accounting of, 76-79
Wealth of Nations, The (Smith), 7, 87
Weber-Fechner Law, 32-33
Weil, Roman, 70
well-defined preferences, 48-49
What Works Network, 341
White,Jesse, 328-29
White House Social and Behavioral
Sciences Team (SBST), 344
Williams, Ricky, 279, 280, 282..:.83
Index 415
willow tree, and Coase theorem, 268
willpower, 87-99, 258, 363
effort required by, 108
Wilson, Russell, 290
windfalls, 311
wine, 17, 34, 46, 68-71, 72-73, 257
winner's curse, in NFL draft, 280,
295
Winner's Curse, The (Thaler), 175
World Cup, 326
Wright, Frank Lloyd, 270
Yahoo,248n
Yao Ming, 271n
Zamir, Eyal, 269
Zeckhauser, Richard, 13-14, 178
in behavioral economics debate,
159
Zingales, Luigi, 274
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